OMV: oil output slightly up, downstream disappoints
(CercleFinance.com) - Austrian oil and energy group OMV reported a 3% quarter-on-quarter rise in second-quarter oil and gas production on Tuesday.
The group's total hydrocarbon production rose to 490,000 barrels of oil equivalent per day (boe/d) in the past three months, from 474,000 barrels in the previous quarter, it said.
This strong upstream performance was, however, offset by weak downstream numbers, analysts noted.
OMV's refining margin fell to 3.18 dollars per barrel, a significant drop over the first quarter's 4.04 dollars and well below the 5.23 dollars of a year earlier.
The shares, listed on the Vienna Stock Exchange (VSE) ATX index, fell 1.8% on the news.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The group's total hydrocarbon production rose to 490,000 barrels of oil equivalent per day (boe/d) in the past three months, from 474,000 barrels in the previous quarter, it said.
This strong upstream performance was, however, offset by weak downstream numbers, analysts noted.
OMV's refining margin fell to 3.18 dollars per barrel, a significant drop over the first quarter's 4.04 dollars and well below the 5.23 dollars of a year earlier.
The shares, listed on the Vienna Stock Exchange (VSE) ATX index, fell 1.8% on the news.
Copyright (c) 2019 CercleFinance.com. All rights reserved.