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OMV 2Q Profit Rose

By Giulia Petroni

 

OMV AG on Thursday said that profit rose in the second quarter while total production fell, and raised its Brent crude assumptions for the full year.

The Austrian oil-and-gas company reported quarterly net profit of 1.95 billion euros ($1.99 billion), compared with EUR622 million a year earlier. On an adjusted basis, net profit came in at EUR1.42 billion.

Sales were EUR14.79 billion from EUR7.27 billion in the previous-year period.

OMV said total hydrocarbon production in the quarter decreased to 345,000 barrels of oil equivalent a day from 490,000 BOE a day.

Production is expected to be around 390,000 BOE a day in 2022, according to the company. Russian volumes are no longer included in the total production as of March 1.

Looking at the full year, the company said it expects the average Brent crude oil price to be above $100 a barrel from previously around $95/bbl.

Organic capital expenditure is projected at around EUR3.7 billion from a previous forecast of EUR3.5 billion.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

July 28, 2022 01:40 ET (05:40 GMT)

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