OMV Q2 Hydrocarbon Output, Sales Volumes Decline; Higher Prices Lift Outlook

OMV reported Q2 trading update Thursday, showing total hydrocarbon production of 291,000 barrels of oil equivalent per day, compared with 304,000 boe/d a year earlier. Crude oil and natural gas liquids production declined to 170,000 boe/d for the quarter ended June 30, compared with 179,000 boe/d a year earlier. Natural gas production declined to 121,000 boe/d in Q2, from 125,000 boe/d in the year-ago quarter. Total hydrocarbon sales volumes fell to 242,000 boe/d in the quarter, from 276,000 boe/d for the same quarter last year. Within total sales, crude oil and natural gas liquids sales volumes declined to 140,000 boe/d from 169,000 boe/d a year earlier. While natural gas sales volumes slipped to 102,000 boe/d from 107,000 boe/d. OMV expects its exploration and production business to deliver a higher clean operating result in Q2 than in Q1, supported by stronger oil and gas prices, although lower sales volumes from the Middle East conflict and higher taxes in Romania will partly offset the benefit, the company said. It expects its fuels business to improve over the quarter as stronger refining margins, higher refinery utilization and a better production mix offset.