The increase in the price of oil, higher sales, and hedging operations, through which the company tried to protect itself against unfavourable fluctuations of oil quotations, brought Petrom its best quarterly results this year.
“The results, based on Romanian accounting standards, exceeded both our expectations and the average estimates of other analysts, benefitting mainly from hedging operations on the price of oil, which brought earnings of RON 126 million. Market conditions were characterized by lower oil prices, although in slight rebound, lower refining margins, and lower gas prices,” Philipp Chladek, analyst of Raiffeisen Centrobank, told Business Standard.
