OMV Petrom (SNP) CMD 2026 summary

Strategic Direction and Transformation

• Strategy 2030 targets 50% EBIT growth by 2030, driven by integration of traditional energy, regional gas, power, and sustainable transportation, with a focus on Black Sea gas projects like Neptun Deep.

• 25% of CAPEX is allocated to low and zero-carbon projects, emphasizing strong returns and disciplined capital allocation.

• Three strategic growth areas: Black Sea gas (notably Neptun Deep), integrated power (renewables, storage, flexible gas), and sustainable transportation (SAF, HVO, e-mobility).

• Transformation is anchored in a strong traditional business, supporting cash flow for future investments, with innovation, digitalization, and responsible operations as key enablers.

• Strategy execution is halfway, with tangible delivery since 2021 and a reconfirmed investment proposition.

Financial Framework and Shareholder Returns

• Total investment of EUR 11 billion for 2022–2030 is maintained, with EUR 2.7 billion for low and zero-carbon projects.

• Clean CCS EBIT targeted above EUR 1.5 billion and ROACE around 15% by 2030, supported by Neptun Deep, renewables, SAF HVO, and resilient traditional business.

• Dividend policy targets 5–10% annual growth in base dividend, complemented by special dividends, with a payout ratio averaging 40–70% of annual operating cash flow.

• Over EUR 150 million in cost savings targeted by 2027, with 70% already achieved by mid-2026.

• By 2030, operating cash flow is expected to exceed EUR 2 billion, translating into over EUR 0.8 billion in total dividend distribution.

Black Sea Gas and Exploration

• Neptun Deep project is over 85% complete, targeting first gas in H1 2027 and plateau production by Q3 2027, with EUR 4 billion CAPEX and expected 140,000 boe/d at plateau.

• Neptun Deep expected to contribute around EUR 500 million to 2030 EBIT and generate an IRR above 12%.

• Project to deliver EUR 20 billion in budget revenues and create/maintain 9,000 jobs in Romania.

• EUR 100 million allocated to new offshore exploration in Romania and Bulgaria by 2030, with additional wells planned.

• Regional gas marketing expands to six countries by 2030, leveraging existing infrastructure.