OMV: output, margins drop in third quarter
(CercleFinance.com) - Austrian oil and gas group OMV said hydrocarbon output decreased in the third quarter, reaching 444,000 barrels of oil equivalents per day from 464,000 barrels per day in the second quarter.
The company's third-quarter refining margin also dropped, to just 0.87 dollar per barrel from 2.26 dollars in the second quarter and 5.46 dollars one year ago.
"OMV did not benefit as much as we expected from the recovery in crude prices as the realised crude price of 37.3 dollars per barrel was 8% below (our) estimate of 40.5 dollars a barrel," analysts at UBS pointed out in a note.
The OMV stock traded in Vienna, Austria, was still up 2.4% after this trading update.
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The company's third-quarter refining margin also dropped, to just 0.87 dollar per barrel from 2.26 dollars in the second quarter and 5.46 dollars one year ago.
"OMV did not benefit as much as we expected from the recovery in crude prices as the realised crude price of 37.3 dollars per barrel was 8% below (our) estimate of 40.5 dollars a barrel," analysts at UBS pointed out in a note.
The OMV stock traded in Vienna, Austria, was still up 2.4% after this trading update.
Copyright (c) 2020 CercleFinance.com. All rights reserved.