OMV Petrom (SNP) Q2 2026 TU earnings summary

Executive summary

• Q2 2026 saw a significant rise in Brent crude prices, reaching $103.85/bbl, up from $81.13/bbl in Q1 2026 and $67.88/bbl in Q2 2025.

• Hydrocarbon production remained stable at 102.3 kboe/d, with a slight decrease in crude oil and NGL output compared to prior quarters.

• Clean Operating Result in Exploration & Production benefited from higher prices but was offset by increased taxes and a new temporary solidarity tax.

• Refining and Marketing margins improved, but domestic margin caps limited upside from higher product cracks.

Financial highlights

• Average realized crude price rose to $92.72/bbl in Q2 2026, up from $70.77/bbl in Q1 2026 and $58.72/bbl in Q2 2025.

• Indicator refining margin surged to $22.67/bbl, compared to $14.31/bbl in Q1 2026 and $10.27/bbl in Q2 2025.

• Total hydrocarbon sales volume was 97.2 kboe/d, slightly down from 99.6 kboe/d in Q1 2026.

• Gas sales volumes to third parties were 8.89 TWh, down from 12.44 TWh in Q1 2026.

Outlook and guidance

• E&P Clean Operating Result expected to benefit from higher prices, but gains are reduced by new taxes and temporary solidarity tax.

• Refining and Marketing margins expected to remain slightly below 2025 average due to margin caps.

• Gas and Power Clean Operating Result anticipated to be slightly negative due to Brazi power plant shutdown and high third-party gas prices.