Austria's OMV production rises in third quarter

10/19/2012

Austria's OMV production rises in third quarter

BY NICKY REDL

AUSTRIA -- Austrian oil and gas company OMV 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 boepd, compared with 305,000 barrels in the second quarter. In the third quarter of 2011, production was 283,000 boepd.

The rise was, however, partly offset by lower production primarily in the United Kingdom, the company said.

Supported by higher gasoline and middle distillate spreads, OMV's indicator refining margin increased to $5.28 boepd, 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 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 dollar terms.

Third-quarter results contain net special charges of around $50 million, primarily related to a legal case in Kazakhstan.

Dow Jones Newswires

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