Decent set of results, especially in downstream, which partly mitigates the lower oil price. Gearing is down by 300bp thanks to €1.1bn of CFO. The production guidance is down 10%, as the OPEC+ cut adds to Libya. Longer term, the lower spending will impact Romanian production (c. 150kboed), which is encountering a higher natural decline, and also compromises the 600kbpd 2025 target lying on the Achimov transaction and the Neptun FID.
29 Apr 2020
Q1: Downstream mitigates part of the decline
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Q1: Downstream mitigates part of the decline
Decent set of results, especially in downstream, which partly mitigates the lower oil price. Gearing is down by 300bp thanks to €1.1bn of CFO. The production guidance is down 10%, as the OPEC+ cut adds to Libya. Longer term, the lower spending will impact Romanian production (c. 150kboed), which is encountering a higher natural decline, and also compromises the 600kbpd 2025 target lying on the Achimov transaction and the Neptun FID.