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The drop in oil prices caused by the crown crisis is making it difficult for the Austrian oil and gas company.
The crown crisis hit the Austrian oil and gas group OMV hard: in the third quarter, sales plunged 38 percent year-on-year to € 3.7 billion, and the group’s operating profit was in the red to € 607 million euros. CCS ‘net income adjusted for inventory effects before special items collapsed 83 percent to 80 million euros, as OMV announced on Thursday.
Seen over nine months, the drop in CCS’s net income was 65 percent (to € 460 million), the operating group’s result was negative at € 463 million, and loss per share was € 1.90 ( after a profit of 4.05 euros before). one year). The end result was that the first three quarters recorded a loss for the period of 468 million euros, after a surplus of 1,689 million euros in the same period of the previous year.
The drop in oil prices caused by the crisis in the crown is making the OMV difficult. For this year, an average price of Brent crude oil of $ 40 per barrel is expected, in 2019 it was still $ 64. The average realized price of gas is expected to be less than 10 euros per megawatt hour (MWh) in 2020 (2019 : 11.9 euros / MWh).
This year’s total production is expected to be between 450,000 and 470,000 barrels (boe) per day, after an average of 487,000 barrels per day in the previous year, depending on the security situation in Libya.
OMV is responding to this by cutting organic investments from EUR 2.3 billion in the previous year to EUR 1.7 billion this year.
The forecast for OMV’s benchmark refining margin has been lowered from around $ 3 a barrel to around $ 2.5. Last year it was $ 4.4. Petrochemical margins are likely to be slightly below the level of the previous year (2019: 433 euros / t). The total sales volume of refined products in 2020 is also forecast below that of 2019 (2019: 20.9 million tonnes).
(WHAT)
