OMV Petrom Boosts Profits
Romania’s largest oil company and OMV subsidiary (OTC: OMVKY), Petrom posted second-quarter profits up 65 percent year over year. Total net income moved up to $319 million despite shrinking crude sales volumes.
This profit increase can has been attributed to stabilized production. Output in the second quarter was 184 thousand barrels of oil equivalent per day, just a 1 percent increase from a year earlier.
Petrom is currently seeking offshore resources in the Black Sea with Exxon Mobil (NYSE: XOM).
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