OMV Petrom S.A. Announces Unaudited Consolidated Financial Statements for the Fourth Quarter and Year Ended December 31, 2017; Provides Capex and Production Guidance for the Year 2018
For the year, the company reported Clean CCS operating result of RON 3,273 million against RON 1,700 million a year ago. Operating result was RON 3,270 million against RON 1,476 million a year ago. Clean CCS net income attributable to stockholders was RON 2,488 million against RON 1,162 million a year ago. Net income attributable to stockholders was RON 2,491 million against RON 1,043 million a year ago. Clean CCS EPS was RON 0.0439 against RON 0.0205 a year ago. Earnings per share were RON 0.0440 against RON 0.0184 a year ago. Cash flow from operating activities was RON 5,954 million against RON 4,454 million a year ago. Free cash flow after dividends was RON 2,666 million against RON 1,558 million a year ago.
For 2018, the company plans capex at RON 3.7 billion, mainly for ramping up drilling activity, the Neptun project, the scheduled full-site refinery turnaround and the Polyfuel project. While the company focus remains on extracting the highest value from the existing Upstream portfolio, the company estimates the daily average production decline to reach 4% year over year, excluding divestments.