OMV 3Q Profit, Sales Jumped, Boosted by Higher Prices

By Giulia Petroni

OMV AG on Friday said profit and sales jumped in the third quarter as performance was boosted by significantly higher prices.

The Austrian oil-and-gas company posted a quarterly net profit of 833 million euros ($830.1 million) compared with EUR279 million a year earlier. On an adjusted basis, profit was EUR1.21 billion.

Total hydrocarbon production in the quarter fell to 381,000 barrels of oil equivalent a day from 470,000 boe/d in the year-earlier period, mainly due to the change in the consolidation method of Russian operations. The company confirmed it expects production at 390,000 boe/d in the full year.

Quarterly sales doubled to EUR17.17 billion from EUR8.51 billion in the previous-year period.

In the full year, OMV said it expects the average Brent crude oil price to be above $100 a barrel and the average realized gas price in the range of between EUR55/MWh and EUR60/MWh.

Organic capital expenditure is confirmed at around EUR3.7 billion.

Late Thursday, OMV said it will propose a special dividend of EUR2.25 a share for 2022, which will be distributed in addition to and at the same time as the regular dividend. The company also aims to amend the existing dividend policy so that special dividends can be considered in the future.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

October 28, 2022 01:52 ET (05:52 GMT)

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