Austrian Times RSS FeedsLike the Austrian Times Facebook page!Follow us on Twitter!


Events for April
M T W T F S S
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 1 2 3 4
Add your event FREE

Today

Videos



BurgKino

Pub Quiz everyTuesday at Johnny's Pub

Popular in Austria

Cosmo&Nanu

Cosmo&Nanu

Libya and Yeman boost OMV profits

Libya and Yeman boost OMV profits

Energy group OMV said underlying quarterly profit rose a third after Libya and Yemen helped boost production and refining margins stayed strong.

OMV also said it would take time to restore full output in Libya - now around 90 percent of levels before the civil war that toppled Muammar Gaddafi, adding refining margins would have to fall given overcapacity in the market.

"To go back to 100 percent (in Libya) or above 100 percent compared to pre-crisis level would take some time. It is too early to say," chief executive Gerhard Roiss said.

Libya accounted for a tenth of OMV output before the war. It has 12 exploration and production licences there, with petroleum contracts running to 2032.

OMV had already reported that its refining margin rose 27 percent in the third quarter to $5.28 per barrel as crude oil prices eased and gasoline and middle distillate spreads rose.

It had said after the second quarter that refining margins had spiked and were expected to deteriorate as crude oil prices recovered. In the event, the margin recovery continued into the fourth quarter, it said, adding the outlook was uncertain.

"The industry worldwide and in Europe in particular still has the fundamental challenge of too much capacity, so to imagine that the margins that were are currently experiencing represent a return to ... normalcy would be a little bit optimistic," finance chief David Davies said.

OMV's clean CCS (current cost of supply) earnings before interest and tax (EBIT), which exclude special items and inventory holding effects, rose 34 percent to 786 million euros ($1.0 billion), compared with a forecast for 794 million in a Reuters poll.

OMV, whose activities range from exploration to filling stations, saw total production rise 1 percent to 309,000 barrels of oil equivalent per day in the quarter and said it should be broadly steady in the current quarter.

Davies said seismic testing for a big Black Sea gas find that could be OMV's biggest ever was to start soon and it expected a drilling programme to start by the end of next year, adding it was too early to say when production will start.

The offshore well, jointly owned by Exxon Mobil and OMV's Romanian unit Petrom, has discovered what could be up to 84 billion cubic metres of gas, OMV said in February.

OMV shares were down 1.4 percent to 27.91 euros by 1235 GMT, underperforming a 0.4 percent lower European oil and gas sector index.

The stock trades at around 6.3 times 12-month forward earnings, according to Thomson Reuters StarMine, which weights earnings estimates by analysts' track records. That marks a discount to European rivals Repsol on a multiple of 9.1, Eni on 8.5, and Total on 7.3.

Austrian Times


Are you on Facebook? Like the Austrian Times on Facebook and win great prizes!




Tag cloud:
production  Europe  percent  billion  rose  Davies  margins  refining  prices  earnings  quarterly  barrel  recovered  crude  exploration  profits  Libya  boost  euros  Reuters


Latest News

 

Faymann warns against further Russia sanctions
Chancellor Werner Faymann has spoken out in support of moving away from additional sanctions on Russia.

What is on at Haydn Kino this week? (24 April - 30 April)
The following films are on at the English language cinema Haydn Kino on Mariahilfestrasse between 24 April and 30 April:

Gazprom to explore expanding pipeline in Austria
Russia could soon begin constructing their South Stream gas pipeline in Austria after meetings were held this week with Gazprom.

Poacher in Vienna shoots five deer with bow and arrow
A poacher is suspected to have killed five animals in Vienna using a bow and arrow, a hunting weapon that is forbidden throughout Austria.

Czech firm in the proverbial over dung parcel terror alert in Austria
A Czech mail order company that sends elephant poo around the EU could be faced with a hefty bill after a package of dung sparked a terror alert at an Austrian town hall.

Model helicopter chops up owner
Austrian model aircraft enthusiast Uwe E., 50, is in intensive care after he tried to catch his expensive model helicopter when it suddenly dropped out of the sky in the town of Krenglbach in Upper Austria, and he was badly chopped up by the rotor blades.

ORF Watch To Probe State Broadcaster
Nine Austrian journalists, including the author of this article which is one of many published on my Tagebuch (diary), have got together to create a new website www.ORF-Watch.at.

Julius Meinl expands to UK
Austria's prestigious coffee brand Julius Meinl is launching its famous product in the UK, with the hope of challenging the British culture of taking coffee to go.

Indestructible Armoured Police Tank Damaged By Eggs And Tennis Balls
An Austrian manufacturer of a high-tech anti-riot water cannon costing almost 1 million EUR is facing some tough questions after one of the vehicles was badly damaged during a demonstration that involved eggs and tennis balls.

Wiener Linien grinds to a temporary halt Wednesday morning
Vienna's public transport will grind to a halt between 4 am and 6.30am on Wednesday morning as unions hold an emergency meetings to discuss the safety of Wiener Linien staff.

 


Mala Vrata

The most popular stories –
last 7 days



Don't moan alone, the Ombudsman Investigates.

Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.

Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.


Austrian Zimmers