Rompetrol Well Services S.A. (PTR) is one of the most important well services companies in Romania. It provides a wide range of services for oil and gas wells in Romania and Eastern Europe (cementing, stimulation, miscellaneous pumping, pressure testing, equipment rental, tubular casing, etc.).
In the first six months of this year, the Company managed to successfully adapt to the conditions of a volatile upstream market, maintaining its position on the specific market of well-related services. Through these elements, the volume of operations performed for our clients recorded an increase by 18% compared to the level recorded in the similar period of 2022.
Although the specific predictions for 2023 showed that the market will be still volatile, with a low level of new investments from main clients, the Company estimates that its flexibility in terms of the type of services provided, together with a strong financial position, including cash and cash equivalents, will allow the operational activity to register a profitability level similar to one estimated in the approved budget.
The Company continued to manage all its commitments in conditions of financial equilibrium, ensuring all cash availabilities for full and timely payment of commercial commitments, salaries and state budget obligations.
| RON | Q2 2023 | Q2 2022 | Q1 2023 | H1 2023 | H1 2022 |
| Operating income, of which: | 19,035,698 | 11,888,255 | 18,300,319 | 37,336,017 | 23,291,382 |
| Rendered services | 18,907,790 | 11,679,189 | 18,035,424 | 36,943,214 | 22,967,704 |
| Operating expenses | (15,129,568) | (11,885,744) | (16,035,925) | (31,165,493) | (24,794,748) |
| Operating result | 3,906,130 | 2,511 | 2,264,395 | 6,170,525 | (1,503,366) |
| EBITDA *) | 5,539,815 | 789,803 | 3,962,423 | 9,502,238 | 346,039 |
| Net financial income | 722,320 | 301,760 | 797,105 | 1,519,425 | 938,659 |
| NET RESULT | 3,932,771 | 304,271 | 2,515,073 | 6,447,844 | (564,707) |
*) EBITDA = Operating result – value adjustments on fixed assets and current assets – adjustments on provisions
Rompetrol Well Services S.A. informs the investors in respect to the availability of H1 2023. The report prepared in accordance with the applicable legislation will be made available starting with August 10, 2023, 18.00 hours, in written form, by request, as well as in electronic format on the Company’s website rompetrolwellservices.com/ Investor relations / Financial results and reports / Half Yearly Interim Reports.
Rompetrol Well Services S.A was established in 1951 as a state owned company, subordinated to the Ministry of Oil and Chemistry, under the name “ICOTS” (Întreprinderea de Cimentări, Operaţiuni si Transporturi Speciale – Enterprise for cementing, Operations and Special Transports). Since 1990, the Company became Petros Ploiesti and in 1998 it was listed at the Bucharest Stock Exchange. In 2000 “The Rompetrol Group” (now KMG International) has taken over the majority stake, now holding a participation share of 73%.
GENERAL MANAGER,
