Hedging saves a third of Petrom profit in Q1

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Petrom, the largest Romanian company, having the Austrian company OMV as the majority shareholder, recorded a net profit worth 506 million lei in 2009 (118.5 million euros), that is a drop by 48 percent against the same interval in 2008, with almost a third of this amount representing the gain obtained from the oil price hedging as early as from 2008, Ziarul financiar daily reads on Monday.

Without these financial instruments, the Petrom profit would have stood at only 329 million lei (77 million euros) that is a drop by 66 percent on the first quarter in 2008.

‘Such instruments covering the risks generated financial gain as following the fact that the average price of the crude oil in the first quarter of the year stood below the level of 65 dollars per barrel, which generated for Petrom a gain in the first quarter of 2009 of 15 dollars per barrel, for the quantity of 40,000 barrels per day that used the instruments to cover the risks,’ the Petrom representatives said.

Thus, Petrom gained only from financial instruments some 54 million dollars (177 million lei).

The drop in the results compared with the first quarter of 2008 was due to the unfavourable evolution of the price on the crude oil market and also due to the the bad economic situation. The company’s turnover recorded a drop by 18 percent in the first months in 2009 against the similar months in 2008, from 3.7 billion lei (one billion euros) down to 3 billion lei (711 million euros), because of the drop in the sales price of the fuels.

The Petrom shares have drooped on Friday, May 8, by 3.8 percent, down to 0.201 lei (some 0.047 euros), with the capitalization of the company being of 2.75 billion euros.

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