OMV Output Slides in Q2

Oil and gas output at Austrian oil firm OMV fell by 5.3% year on year to 464,000 barrels of oil equivalent/day in the second quarter, and by 1.7% from the level in the first quarter.

Hydrocarbon sales were down 10.3% yr/yr and 2.7% quarter on quarter, at 434,000 b/d. OMV's refining margins fell to $2.26/b from $4.93/b in the first quarter, because of weaker demand. Retail and commercial volumes were "substantially" hurt by Covid-19 lockdown measures," it said.

The group said it had record a positive contribution from refining margin hedges of mid-double digit millions of euros, however, adding that it had locked in a positive effect of similar magnitude for the remaining quarters of the year.

Upstream gas sales came to 261,000 boe/d in the three months, down from 264,000 boe/d in the first quarter. Their average realised price dropped to €8.2/MWh, from €11.0. Downstream gas sales were harder hit, falling to 32.32 TWh from 48 TWh in January to March. OMV will publish its full second-quarter results on July 29.