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.
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
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.