OMV: posts lower second-quarter output

(CercleFinance.com) - Austrian oil and gas group OMV has said that production fell by 5% in the second quarter in a depressed market following the global coronavirus pandemic.


OMV said on Wednesday that production was 464,000 barrels of oil equivalent per day (boe/d) in the past quarter, down from 472,000 in the first quarter of the year and 490,000 a year earlier.

Retail and commercial volumes were badly hit by Covid-19 related lockdown measures, the group said.

Its refining margin fell to 2.26 dollars per barrel from 4.93 dollars in the first quarter. The utilisation rate of its refineries dropped from 94% to 79% on a quarterly basis.

OMV said it will publish its second-quarter results on 29 July.

The shares were down 1.5% on the Vienna Stock Exchange after this trading update.

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