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OMV: Performance impacted by challenging environment

  • Challenging environment weighs on Q2/09 results: Clean CCS EBIT decreased by 83% to EUR 151 mn; Clean CCS net income after minorities was EUR 94 mn influenced by a financial result significantly below Q2/08
  • Continued focus on cash flow preservation: OMV is securing its strong liquidity position by extending oil price hedging strategy into 2010 and continuing cost-cutting effort
  • Outlook for 2009: We expect the main market drivers to remain highly volatile; in E&P production should be supported by new field developments; after signing of the intergovernmental agreement in July, an open season process is planned for the Nabucco gas pipeline project; in Petrom the planned refining investment is currently under review

Wolfgang Ruttenstorfer, CEO of OMV:
“E&P’s performance improved as a result of higher oil prices and new oil and gas fields coming on stream, notably Komsomolskoe in Kazakhstan, and the further ramp-up of Maari (New Zealand). In refining, however, we faced an adverse environment with middle distillate spreads falling to their lowest level for many years. Higher crude prices further burdened refining margins, particularly in Romania, due to the higher costs for own crude consumption. We are particularly pleased that the Nabucco gas pipeline project passed a significant milestone with the signing of the intergovernmental agreement in July. This paves the way for further important steps such as the open season tendering process and project financing negotiations. While continuing to navigate in a challenging economic environment, OMV remains committed to its financial discipline and cost cutting efforts to maximise operational efficiency and earnings strength.”

Further Information please find in the attached report regarding the half year 2009 results:

Report January - June and Q2 2009,  (PDF, 257,1 KB)

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