Austria's OMV Ramps up Output in Q4
Austria’s OMV saw a bump in oil and gas production in the fourth quarter but the average sales prices for both were down on the same period last year, according to a trading update published on January 14.
Total hydrocarbon output averaged 505,000 barrels of oil equivalent/day in October through December, up 5.2% quarter on quarter and 13% year on year.
The growth was largely driven by higher gas extraction, which averaged 291,000 boe/day, marking a 8.2% increase quarter on quarter and a 17.3% climb year on year. Oil and natural gas liquids production came to 214,000 boe/day, up 1.4% and 7.5% respectively.
OMV realised an average gas price of €11.3 ($12.6)/MWh in October through December, up 5.6% versus the previous three months but down 17.5% year on year. It sold its oil at $61/barrel, up 3.4% on the quarter but down 2% on the year.
The company is due to publish its fourth-quarter financial results on February 6.