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    Romgaz income more than doubles in Q1 on high prices

Summary

EBITDA was up 76% year/year at 1.27bn leu, on the back of a near-tripling on revenue to 3.93bn leu.

by: NGW

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Romgaz income more than doubles in Q1 on high prices

Net income at Romgaz more than doubled in the first quarter of 2022 to 980mn leu ($206mn), from 464mn leu a year earlier, on the back of soaring gas and power prices.

EBITDA was up 76% year/year at 1.27bn leu, on the back of a near-tripling on revenue to 3.93bn leu. While gas production was stable at 1.31bn m3, the amount of gas that Romgaz sold was down 16.7% yr/yr. Revenues from these sales nevertheless surged threefold, because of higher prices.

Revenues from electricity sales were up nearly fourfold, thanks both to higher prices and a 71% growth in volumes.

Romgaz reached a deal to acquire ExxonMobil's 50% stake in the Neptun Deep gas project in the Romanian Black Sea in early May, for over $1bn. With the transaction's closure, partner OMV Petrom will assume operatorship of the project.