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OMV posts record earnings thanks to higher energy prices

The sharp rise in oil and gas prices ensure record profits for OMV. The operating profit adjusted for special effects increased to 2.94 billion euros in the second quarter, as the Austrian oil, gas and chemical company announced on Thursday. In the previous year there was a profit of 1.29 billion euros. OMV also exceeded the expectations of analysts, who had expected an average of EUR 2.79 billion. Higher oil and gas prices offset significantly lower production due to unplanned outages at several sites, deduction of Russian volumes and increased fuel margins.

The bottom line is that the Profit more than doubled to 1.42 billion euros from 643 million. Of the Group sales doubled to EUR 14.79 billion due to the sharp rise in energy prices. For 2022, OMV continues to expect total production of around 390,000 barrels per day. The group now expects the refinery reference margin, which is crucial for the profitability of the refinery division, to rise to around 15 dollars per barrel. So far he had spoken of a margin well above the previous year’s level of $3.70 per barrel.


source site-13