OMV: quarterly earnings up on prices, production, costs
(CercleFinance.com) - Austrian oil and gas group OMV on Wednesday reported a 31% increase in clean operating earnings for the third quarter, on higher crude prices, improved production and lower costs.
The clean CCS operating result was up by 31% to 1.05 billion euros in the three months to September, 9% above the consensus of 960 million euros.
Consolidated sales increased by 21% to 5.6 billion euros, primarily driven by higher prices in downstream, while upstream production rose by 65,000 barrels of oil equivalent per day (boe/d) to 406,000 barrels of oil equivalent per day (boe/d).
OMV also said that its production cost decreased by 22%.
The group confirmed its guidance, expecting total production to be above 420,000 boe/d in 2018.
For the year, OMV expects the average Brent oil price to be at 74 dollars per barrel, compared to a previous forecast of 70 dollars.
The OMV stock was trading up 5.6% after these results in Vienna.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The clean CCS operating result was up by 31% to 1.05 billion euros in the three months to September, 9% above the consensus of 960 million euros.
Consolidated sales increased by 21% to 5.6 billion euros, primarily driven by higher prices in downstream, while upstream production rose by 65,000 barrels of oil equivalent per day (boe/d) to 406,000 barrels of oil equivalent per day (boe/d).
OMV also said that its production cost decreased by 22%.
The group confirmed its guidance, expecting total production to be above 420,000 boe/d in 2018.
For the year, OMV expects the average Brent oil price to be at 74 dollars per barrel, compared to a previous forecast of 70 dollars.
The OMV stock was trading up 5.6% after these results in Vienna.
Copyright (c) 2018 CercleFinance.com. All rights reserved.