By Nicole Lundeen
VIENNA--Austrian oil and gas company OMV AG (OMV.VI) hydrocarbon
output rose during the third quarter as production increased in
Norway and returned partially to Libya, it said Monday.
Total hydrocarbon production in the third quarter totaled
311,000 barrels of oil equivalent a day, a rise of 13% from 275,000
barrels of oil equivalent a day in the year-earlier period up 4.7%
from 297,000 barrels of oil equivalent a day in the second quarter
of this year.
The increase was partially offset by lower output volumes in
Austria and Romania, it said.
Libyan output had accounted for around 10% of OMV's production,
but the security situation in the North African country has had a
negative impact. OMV, looking for more stable production, has
turned its focus to countries such as Norway and Romania. Last
year, it made its largest-ever acquisition when it bought assets in
Norway for 2.65 billion euros ($3.38 billion).
And while the company's gas and power business faced an ongoing
challenging market environment, gas sales and trading volumes rose
37% on an annual basis because of higher trading volumes, the
company said. In the third quarter, gas sales and trading volumes
were 117.92 terrawatt hours, up from 85.94 terrawatt hours the
previous year.
Renegotiated gas-supply contracts with OAO Gazprom (GAZP.RS) and
Statoil ASA (STO) helped to improve the performance of OMV's
supply, marketing and trading business.
OMV's refining margin, a benchmark indicator for global
processing profits, rose in the third quarter to $4.90 a barrel
from $1.92 a barrel in the second quarter and up from $1.17 a
barrel a year ago.
OMV said it had net special charges of EUR20 million in the
third quarter, without giving details.
OMV will release final third-quarter earning figures Nov. 6.
Write to Nicole Lundeen at Nicole.Lundeen@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires