Report January - September and Q3 2011
Good operational performance continues to be impacted by Libyan production shortfalls
November 9, 2011 - 07:30 am (CET)
- EBIT up 43% vs. Q3/10 while clean CCS EBIT was down: Clean CCS EBIT decreased by 8% to EUR 581 mn mainly burdened by the loss of production in Libya; considerably lower special charges in E&P supported EBIT in Q3/11; clean CCS net income attributable to stockholders is down 20% to EUR 233 mn
- Libyan production still shut in: The continuing political turmoil in Q3/11 led to the second consecutive quarter of zero reported production from Libya. Production in Yemen was partly re-established and contributed to the production increase vs. Q2/11
- Outlook for 2011: In E&P, production will be below the level of 2010 due to the production disruptions in North Africa and the Middle East; in R&M, the full consolidation of Petrol Ofisi will support the results; in G&P, the power plant in Brazi is expected to be available for commercial operations in the end of Q4/11
Gerhard Roiss, OMV Generaldirektor:
“The first nine months of this year have been dominated by the consequences of the political turmoil in North Africa and the Middle East, which have led to major production shortages from Libya and Yemen. In spite of these developments we managed to deliver a favorable set of results driven mainly by the high oil price, which has helped to counterbalance the aforementioned missing production, but has also added to the difficult margin environment in G&P and R&M. In September, I was delighted to present the reviewed strategy of the OMV Group for the upcoming years. We aim to be a focused, integrated oil and gas company with improved overall profitability and strong growth in upstream. We have set ambitious targets and are now in the process of executing our strategy in a rigorous and
consistent manner.”
Further information please find in the attached report January - September and Q3 2011:
Report January – September and Q3 2011 (PDF, 239,4 KB)