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.
 

 

Copyright (c) 2012 Dow Jones & Company, Inc.

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