In 2025, OMV Petrom, a leading Romanian oil and gas entity, announced a net profit of approximately €620 million. This figure represents a 27% decline compared to the previous year, primarily attributed to €440 million in impairment charges related to decommissioning obligations with the Romanian government and upstream asset write-downs.
Despite the downturn in profits, OMV Petrom has intensified its commitment to its Strategy 2030, achieving total investments of around €1.57 billion. Notably, organic investments surged by 23% to reach a record €1.55 billion, driven predominantly by expenditures on the Neptun Deep offshore gas project.
The operational landscape for the company has been challenging, with lower oil prices and production volumes impacting performance. The CCA operating result, excluding special items, decreased by 10% to €1.05 billion. Hydrocarbon production fell by 4% to an average of 104,500 barrels of oil equivalent per day, marking the second-best output in eight years. Additionally, production costs rose by 9% to $17.8 per barrel of oil equivalent due to currency fluctuations and increased construction taxes.
Downstream operations provided some relief from upstream pressures. Refining margins increased significantly by 35% to $12.4 per barrel; however, refinery utilization dipped to 93% due to planned maintenance and crude supply challenges. Refined product sales declined by 5% to 5.5 million tons, while retail volumes remained steady at 3.2 million tons. The downstream operating result, excluding special items, remained stable at approximately €72 million.
In the gas and electricity sector, OMV Petrom reported a 12% increase in natural gas sales, totaling 48.3 TWh—the highest level since 2021. Electricity generation from the Brazi power plant reached 4.7 TWh, contributing about 9% to Romania’s overall electricity mix. The CCA operating result for this segment held steady at around €490 million.
The company’s contributions to the state budget remained robust at approximately €3.22 billion through various taxes and dividends. In light of its financial performance, the Management Board has proposed a total dividend of €0.0116 per share, reflecting a reduction of 10%. This includes a base dividend of €0.0094 and a special dividend of €0.0023.
Looking ahead, OMV Petrom anticipates ongoing market volatility alongside sluggish economic growth while planning record investments of around €1.81 billion for 2026 with a focus on stringent cost management. Although the overall investment envelope of €11 billion for the period from 2022 to 2030 remains unchanged, the company has reduced its allocation for low- and zero-carbon projects from 35% to 25%, simultaneously increasing investments in conventional operations and regional gas development. The long-term hydrocarbon production target has been elevated to approximately 170,000 barrels of oil equivalent per day.
Significant projects are advancing as scheduled; development drilling continues at Neptun Deep while exploration drilling has commenced in Bulgaria’s Khan Asparuh block in collaboration with NewMed Energy and Bulgarian Energy Holding. Onshore activities have included license extensions and a new gas discovery near Craiova, along with the commissioning of a sulfur recovery unit at the Petrobrazi refinery.
OMV Petrom is also progressing on transition initiatives such as the construction of sustainable aviation fuel (SAF) and HVO units at Petrobrazi and developing around 900 MW of renewable capacity across Romania—including four solar plants totaling 550 MW in partnership with EC Oltenia. Regionally, the company has acquired a 50% stake in a significant Bulgarian solar project and expanded its electric vehicle charging network to approximately 1,350 points, underscoring its commitment to Romania’s energy transition.
