Solid results in improving environment
August 4, 2010 - 7:30 am (CET)
- Oil price and improved refining environment support results: The average Brent price increased by 32% vs. Q2/09; production increased to 318,000 boe/d; middle distillate and petrochemical margins showed signs of improvement
- Cost control remains a key focus: Clean CCS EBIT increased to EUR 623 mn from EUR 151 mn in Q2/09; clean CCS net income after minorities was up more than threefold to EUR 314 mn; realization of group-wide cost reduction program well on track
- Outlook for 2010: In E&P, we expect production to continue to increase; in R&M, the sustainability of higher refining margins remains to be seen; in G&P, the margin situation is expected to stay challenging, while the major projects are progressing
Wolfgang Ruttenstorfer, CEO of OMV:
“In Q2/10 we managed to deliver a set of results well above the level a year ago and continued our solid performance from Q1/10. This is reflective of both an increase in production as well as a business environment which saw rising oil prices, a strengthened USD and an improvement in middle distillate and petrochemical margins. The latter proved to be an important driver that enabled the R&M business to return to a robust results contribution. As reinforced in our recent strategy update we will put further emphasis on our 3plus strategy and its three strategic thrusts which are regional focus, portfolio adaptation as well as integration and cost control in order to continue on a path of sustainable growth. I would also like to use the opportunity to welcome our new Board Member Jaap Huijskes who took over responsibility for the E&P business segment from my commendable colleague Helmut Langanger in July."