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The Schwechat refinery, which was shut down for a long time after a June accident, has been in full operation since October 7, but for now, the alternative procurement system must remain operational to replenish stocks quickly. The incident will impact earnings in the third quarter because the insurance company will only pay for the business stoppage afterwards, OMV announced in its business statement on Monday.
In July, OMV estimated the financial impact of the accident at a total of EUR 200 million.
OMV’s refining margin increased to $ 14.38 (EUR 14.68) per barrel in the third quarter from $ 4.21 in the same quarter last year. Since the second quarter, OMV’s Romanian subsidiary Petrom has changed the reference price of crude oil from the Russian Urals variety to the North Sea Brent variety – the values for all periods have been adjusted to the new calculation method.
Following the Schwechat refinery accident, the utilization rate of the refineries dropped from 91 to 44 percent and the quantities of fuel sold dropped from 4.66 million to 3.69 million tons.
OMV’s total oil and gas production in the period from July to September 2022 was 381,000 barrels of oil equivalent per day (boe / d) significantly lower than in the same quarter of 2021 (470,000 boe / d), however, OMV calculates production due to the war in Ukraine no longer in Russia. The second quarter of 2022 comparable to the current data was 345,000 barrels per day.
The average price of oil realized by OMV went from 69.6 to 98.7 dollars per barrel. The price of natural gas reached quintupled from € 15.7 to € 82.4 per megawatt hour (MWh).
The group intends to publish its third quarter results on October 28th.
ivn / itz
ISIN AT0000743059 WEB http://www.omv.com
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