The domestic oil, gas and chemicals group OMV has benefited greatly from high oil and gas prices. The company more than doubled its turnover and profit in the first half of the year, with consolidated turnover increasing by 124 percent to 30.6 billion euros.
As the company announced Thursday morning, CCS’s operating profit before exceptional items rose from EUR 2.169 billion to EUR 5.558 billion, while net profit attributable to shareholders rose 95 percent to EUR 2.493 billion. Earnings per share also doubled in the first half of the year from EUR 3.90 to EUR 7.63.
In the second quarter, CCS clean operating income (adjusted for inventory effects) increased by €1.64 billion to a record €2.94 billion, driven by better Exploration & Production and Refining & Marketing results. The Clean Operating Income from Chemicals & Materials decreased slightly to 602 million (Q2/21: 647 million euros), while the Clean CCS Operating Income from Refining & Marketing increased significantly to 745 million euros (Q2/21: 166 million euros). In Exploration & Production, operating profit before exceptional items improved significantly to EUR 1.617 billion (Q2/21: EUR 512 million).
Looking forward to the future
OMV expects an average price of Brent crude oil to exceed USD 100 per barrel in 2022, up until now the price was USD 95 and last year it averaged USD 71 per barrel. The average gas price for this year is expected to be around 45 euros per megawatt hour (MWh), compared to 16.5 euros per MWh last year.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
