OMV Petrom raises its 2026 budget: what it means for OMV Petrom stock

Published on 10/05/2026 at 04:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The 2026 budget is RON 9.98 billion, 11 percent above April. EUR 0.22 was the October 2, 2026 prior close for OMV Petrom stock.

OMV Petrom, ROSNPPACNOR9, Illustration mit AI erstellt.

OMV Petrom (ISIN ROSNPPACNOR9) is seeking approval for a RON 9.978 billion investment budget for 2026, 11.00 percent above the amount approved in April, according to ZF on September 25, 2026. Shareholders are scheduled to vote on the revised plan on November 6, 2026, with higher capital spending for the Neptun Deep gas project as the central driver.

Neptun Deep lifts planned spending

The proposed increase adds RON 969 million to the April budget. Exploration and Production receives RON 6.706 billion, a 22.00 percent increase, while the Refining and Marketing allocation is set at RON 2.455 billion, according to ZF. The company told the publication that its share of the total Neptun Deep development cost remains estimated at EUR 2.0 billion.

Neptun Deep is scheduled to deliver first gas in 2027. The project therefore links near-term capital intensity with a longer-term expansion of regional gas production, while the revised budget also reflects a change in the leu to euro planning rate from 5.1 to 5.2.

Second-quarter operating result improved

OMV Petrom reported a Clean CCS operating result of RON 1.5 billion in the second quarter of 2026, up 27.00 percent from the second quarter of 2025, while operating cash flow fell 38.00 percent year over year to RON 1.2 billion, according to the Yahoo Finance transcript of the July 31, 2026 earnings call. Net income attributable to stockholders was RON 0.8 billion in the quarter.

Total capital expenditure reached RON 3.7 billion in the first half of 2026, up 13.00 percent year over year. Almost 70.00 percent went to Exploration and Production, including Neptun Deep, drilling and well workovers, while Refining and Marketing investment increased 20.00 percent to RON 887 million.

What the budget means for value

The figures show a clear trade-off: operating performance improved on a Clean CCS basis, but cash generation weakened as investment accelerated. Management also expects full-year 2026 free cash flow before dividends to be negative because of the higher planned investment, according to Yahoo Finance.

For investors, the November vote is the next measurable checkpoint. It will test shareholder support for a RON 9.978 billion capital program whose largest allocation is tied to the 2027 gas project rather than to near-term distributions.

Prior close remains the market reference

The Lang and Schwarz dataset lists a prior close of EUR 0.22 for October 2, 2026. OMV Petrom is listed on the Bucharest Stock Exchange under ticker SNP, as stated on the company's investor relations page.