Petrom Posts Strong Rise in Earnings

EnergyOil & Gas ♦ Published: May 9, 2012; 20:02 ♦ (Vindobona)

The Romanian subsidiary of Austrian OMV could raise its EBIT by 38% compared to the first quarter of 2011.

Petrom Posts Strong Rise in Earnings / Picture: ©

Today, Petrom published its first quarter results. Clean CCS EBIT increased to € 374m, which is an improvement of 38% compared to Q1/11 driven by higher oil price and stronger USD. The operating performance further supported by “strict cost management measures and sustained level of investments”, Petrom said. Capital expenditures reached € 260.9m. Total sales increased by 21% to…