BERLIN: Oil and gas group OMV’s third-quarter operating profit fell by two-thirds as lower crude prices and the pandemic-induced global economic crisis bite.
Clean current cost of supplies (CCS) earnings before interest and tax (EBIT), which exclude special items and inventory gains or losses, came in at 317 million euros ($375 million), beating an average analyst forecast of 245 million, the group said.
The net result fell to 80 million euros from 457 million euros the previous year, hit by write-downs of 594 million euros that resulted from a revision in OMV’s Brent oil price planning.
The upstream unit, which explores and produces the crude, reported a higher than expected quarterly loss of 24 million euros, while the refining unit’s operating profit of 335 million beat expectations.
As production at Libya’s Sharara oilfield is back, OMV lifted its full-year production target to 450,000-470,000 barrels of oil equivalent per day (boed) from its April forecast of 440,000 boed.
($1 = 0.8461 euros)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Read all the Latest News and Breaking News here
Comments
0 comment