- Clean CCS Operating Result at RON 958 mn, up 25% yoy
- EPS at RON 0.0151, 38% higher yoy
- Free cash flow at RON 729 mn, up 13% yoy
- Clean CCS ROACE at 10.5%
The Q1/18 Clean CCS Operating Result increased to RON 958 mn, with Upstream contributing around two thirds of the total. Upstream benefitted from higher realized oil and gas prices, fully offsetting the production decline and the negative foreign exchange effects. The Downstream Oil Clean CCS Operating Result declined by 13% yoy due to a decrease of around USD 1/bbl of the refining margin, partly offset by higher retail sales. The Downstream Gas Clean Operating Result more than doubled yoy, mainly driven by improved power business.
All the above translated into an operating cash flow of RON 1.8 bn in Q1/18, 42% higher yoy. During the quarter, the investments amounted to RON 843 mn, 139% up yoy. The CAPEX increase was mainly driven by a high level of drilling activity and preparations related to the planned refinery turnaround.