OMV Q3 Working Revenue Down 66%, Manufacturing Goal Lifted

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BERLIN: Oil and gasoline group OMV’s third-quarter working revenue fell by two-thirds as decrease crude costs and the pandemic-induced world financial disaster chew.

Clear present price of provides (CCS) earnings earlier than curiosity and tax (EBIT), which exclude particular objects and stock positive factors or losses, got here in at 317 million euros ($375 million), beating a mean analyst forecast of 245 million, the group mentioned.

The web outcome fell to 80 million euros from 457 million euros the earlier yr, hit by write-downs of 594 million euros that resulted from a revision in OMV’s Brent oil worth planning.

The upstream unit, which explores and produces the crude, reported a better than anticipated quarterly lack of 24 million euros, whereas the refining unit’s working revenue of 335 million beat expectations.

As manufacturing at Libya’s Sharara oilfield is again, OMV lifted its full-year manufacturing goal to 450,000-470,000 barrels of oil equal per day (boed) from its April forecast of 440,000 boed.

($1 = 0.8461 euros)

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