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Report January – September and Q3 2014

  • Production increased to 311 kboe/d in Q3/14, up by 13% vs. Q3/13
  • Clean CCS EBIT at EUR 656 mn in Q3/14, up by 6% vs. Q3/13
  • Production from the Gudrun field in Norway continues to ramp up
  • Despite the difficult security situation, production in Libya partly resumed
  • The Pelican South-1 exploration well started drilling on a new prospect in the Black Sea
  • Strong Refining and Marketing performance supported by optimized asset base
  • The completed refinery modernization in Petrobrazi delivered the planned increase of the Romanian indicator margin of approximately USD 5/bbl

Gerhard Roiss, CEO of OMV:
"In the third quarter of 2014, we increased the clean CCS EBIT versus Q3/13 by 6% to EUR 656 mn and managed to grow our production, despite the instability in Libya and the challenging market environment. The Supervisory Board of OMV reconfirmed our strategy in October, which continues to focus on growth in Upstream. Furthermore, the decision was taken to combine the Gas and Power and Refining and Marketing business segments, thereby creating the new segment Downstream. In order to reflect a more challenging operating environment, especially the softness in the oil price together with the unpredictability of our Libyan production, which is adversely impacting the Group’s cash flow, we have decided to review the pace of our investment program for the next two to three years. At the same time, we remain committed to our long-term gearing ratio target and to our sustainable dividend policy. In Upstream, drilling of the Domino-2 well in the Romanian Black Sea was recently completed, with data being currently evaluated, and a new exploration well is currently drilling. In Norway, production from the Gudrun field is continuously ramping up as planned. The benefits of the optimized refining asset base after the sale of the 45% stake in the Bayernoil refinery and the finalization of the modernization program in Petrobrazi are reflected in the strong refining result of the third quarter. We will continue to deliver on our commitment to profitable growth."