OMV Petrom announced a net profit of 854 million lei, in the first quarter of this year, up 38% compared to the first quarter of 2017. The operating result increased to almost one billion lei (958 million lei) with a contribution of the Upstream segment of about two-thirds in the total.

The Upstream segment benefited from rising prices for crude oil and natural gas, which counterbalanced the decline in production and the negative effects of exchange rate developments, OMV Petrom explains.

The operating result on the Downstream segment decreased by 13% compared to the first quarter of 2017 as a result of the decrease in refining margins by about one dollar per barrel, partly counterbalanced by higher sales in the retail segment.

During the first quarter, OMV Petrom invested 843 million lei, up 139% over the previous year. “The increase in investments was mainly driven by the intensification of the drilling activity and the preparations for the planned general revision at the refinery,” the company’s report said.