The domestic OMV group, which benefited from very high oil and especially gas prices last year, was able to realize significantly lower prices in the first quarter of the current financial year. Group turnover fell by 31 percent to 10.9 billion euros. Net profit fell from 855 to 592 million euros.
OMV announced on Friday that CCS’s operating profit (adjusted for warehousing effects) before exceptional items fell by EUR 542 million to almost EUR 2.1 billion.
Average Brent crude price above $80
For this year, OMV expects an average price for Brent crude oil of over USD 80 (EUR 72.45) per barrel (2022: USD 101). The average realized gas price is expected to be around 35 euros per megawatt hour (2022: 54 euros per MWh). The THE price forecast (for the virtual trading place in the Netherlands) is between 60 and 70 euros per MWh. For 2023, the OMV reference margin for refining in Europe is expected to be between $10 and $15 per barrel (2022: $14.7).
Total production reduced to about 360,000 barrels per day
OMV plans organic investments of approximately EUR 3.8 billion for this year, compared to EUR 3.7 billion last year. Total OMV production is expected to fall to about 360,000 barrels per day this year, mainly because Russian production is no longer reported as domestic production. In addition, there are of course production decreases in Norway and Romania.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
