Strong fourth quarter concludes a challenging year
- Clean CCS EBIT up 29% vs. Q4/10: In spite of the missing volumes from Libya and Yemen, clean CCS EBIT increased driven by the higher oil price; clean CCS net income attributable to stockholders is up 51% to EUR 326 mn
- Libyan production restarted: Production restarted at approx. 30% of pre-war level in November 2011 and reached approx. 50% by year-end
- Outlook for 2012: E&P will focus on raising overall production volumes. G&P will continue the expansion of its integrated gas position. R&M will concentrate on cost management and further executing the already communicated divestment program
Gerhard Roiss, CEO of OMV:
“2011 was a successful year for OMV Group. The year was dominated by the Arab spring which led to high oil prices on the one side but missing volumes from Libya and Yemen on the other. Despite this challenging environment we achieved a strong operating result above last year’s level and strengthened our company’s financial position to make it fit for the years to come. We have taken the first steps to deliver on the targets we have set in our new strategy presented in September. The divestment program in R&M has been kicked off and our exploration activities are showing an increasingly large impact. We will show our ability to execute and will roll out a group-wide performance improvement program which aims to increase ROACE by 2% points by 2014. I am proud of the Group’s achievements in 2011 and look forward to further delivering our strategy in 2012.”
Further information please find in the attached report January - December and Q4 2011 in the sidebar.