OMV 3Q Profit, Sales Jumped, Boosted by Higher Prices
October 28 2022 - 1:07AM
Dow Jones News
By Giulia Petroni
OMV AG on Friday said profit and sales jumped in the third
quarter as performance was boosted by significantly higher
prices.
The Austrian oil-and-gas company posted a quarterly net profit
of 833 million euros ($830.1 million) compared with EUR279 million
a year earlier. On an adjusted basis, profit was EUR1.21
billion.
Total hydrocarbon production in the quarter fell to 381,000
barrels of oil equivalent a day from 470,000 boe/d in the
year-earlier period, mainly due to the change in the consolidation
method of Russian operations. The company confirmed it expects
production at 390,000 boe/d in the full year.
Quarterly sales doubled to EUR17.17 billion from EUR8.51 billion
in the previous-year period.
In the full year, OMV said it expects the average Brent crude
oil price to be above $100 a barrel and the average realized gas
price in the range of between EUR55/MWh and EUR60/MWh.
Organic capital expenditure is confirmed at around EUR3.7
billion.
Late Thursday, OMV said it will propose a special dividend of
EUR2.25 a share for 2022, which will be distributed in addition to
and at the same time as the regular dividend. The company also aims
to amend the existing dividend policy so that special dividends can
be considered in the future.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 28, 2022 01:52 ET (05:52 GMT)
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