Austria's OMV Saw Production Rise in 3Q 2012
Austrian oil and gas company OMV Friday said third-quarter production rose on the quarter and on the year, mainly due to a recovery of production in Yemen as well as a stronger contribution from Austria and Tunisia.
Third-quarter hydrocarbon production reached 309,000 barrels of oil equivalent a day, compared with 305,000 barrels in the second quarter. In the third quarter of 2011, production was 283,000 barrels of oil equivalent a day.
The rise was, however, partly offset by lower production primarily in the UK, the company said.
Supported by higher gasoline and middle distillate spreads, OMV's indicator refining margin increased to $5.28 barrels of oil equivalent, up from $4.15 in the second quarter and compared with $1.74 in the comparable quarter in the previous year.
The strengthening of the U.S. dollar against the euro had a positive effect on results, the company said, as the increase in the oil price in euro terms was greater than in U.S. dollar terms.
Third-quarter results contain net special charges of around 38 million euro ($50 million), primarily related to a legal case in Kazakhstan.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- OMV Flags Higher 3Q Margins, Kurdistan Windfall (Oct 13)
- Gas Pipeline Through Central Europe to Go Ahead As Planned -Romania (Sep 28)
- Austria's OMV Moves Workers In Tunisia Over Gas Field Protests (May 04)