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Report January – September and Q3 2010

Strong operating performance compared to previous year continues

November 10, 2010 - 7:30 am (CET)

  • Clean results up vs. last year: Clean CCS EBIT increased by 23% to EUR 632 mn; clean CCS net income after minorities is up 12% to EUR 290 mn. Reported EBIT was impacted by impairments in E&P
  • Environment improving but still challenging: Higher oil prices and refining margins vs. Q3/09 support results. Cost reduction efforts continue and positively impact performance
  • Outlook for 2010: In E&P, Q4/10 production is expected to be above the level of the first three quarters; in R&M, stringent cost management, together with the streamlining of the organization will further support profitability; in G&P, the margin situation is expected to stay challenging, while the major projects are progressing

Wolfgang Ruttenstorfer, CEO of OMV:
“In the past quarter, we continued our solid operational performance across the business segments helped by higher oil prices and refining margins and we are on track to deliver substantially higher earnings vs. 2009 for the full year. In our efforts to further implement OMV’s growth strategy, I’m delighted that we have made major progress in recent weeks. In September, we have purchased the oil and gas exploration and production interests in Pakistan from PETRONAS, which is a step towards reaching a critical mass in production in Pakistan and an example for the kind of bolt-on acquisitions we are pursuing in E&P to enable future production growth. In October, we have reached an agreement to increase our share in Petrol Ofisi, Turkey's leading refined oil products marketing company, to 95.75%. This strengthens our position in Turkey and serves as a strong basis for further developing our integrated business model, thereby providing growth opportunities for all OMV business segments.”

Further information please find in the attached report January - September and Q3 2010:

Report January – September and Q3 2010, (PDF, 893,7 KB)

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