OMV published its trading update. Production came down by more than expected in my view at 292kbpd (-5%) due to planned workover in Norway. The company said that Q3 15 was difficult with lower oil prices (nothing new, oil prices were $50/bbl on average) and decided to sell its oil price hedges for the period Q4 15 and Q2 16. Refining margins were not bad at $7.93/bbl vs. $8.11/bbl in Q2 15, but were decreasing a lot by the end of the quarter. The group has decided to review its oil price assu
19 Oct 2015
Hedging sold, impairment of €1bn on new oil price assumptions
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Hedging sold, impairment of €1bn on new oil price assumptions
OMV AG (OMV:WBO) | 0 0 1.2% | Mkt Cap: 15,591m
- Published:
19 Oct 2015 -
Author:
Alexandre Andlauer -
Pages:
2
OMV published its trading update. Production came down by more than expected in my view at 292kbpd (-5%) due to planned workover in Norway. The company said that Q3 15 was difficult with lower oil prices (nothing new, oil prices were $50/bbl on average) and decided to sell its oil price hedges for the period Q4 15 and Q2 16. Refining margins were not bad at $7.93/bbl vs. $8.11/bbl in Q2 15, but were decreasing a lot by the end of the quarter. The group has decided to review its oil price assu