OMV 2Q Profit Rose

   By Giulia Petroni

OMV AG said Wednesday that net profit rose in the second quarter, and raised its Brent crude assumptions for the full year.

The Austrian oil-and-gas company reported quarterly profit of 622 million euros ($734.4 million), compared with EUR24 million a year earlier. On an adjusted basis, net profit came in at EUR643 million.

Sales were EUR7.27 billion, compared with EUR3.14 billion, partly supported by additional revenue coming from the full consolidation of Borealis, the company said.

OMV said total hydrocarbon production in the quarter increased to 490,000 barrels of oil equivalent a day from 464,000 BOE a day, it said. Production is expected to be around 480,000 BOE a day in 2021, depending on the situation in Libya and production cuts imposed by governments, the company said.

Looking at the full year, the company said it expects the average Brent crude oil price to be in the range of $65 to $70 a barrel, from a previous forecast of between $60/Bbl-$65/Bbl.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 28, 2021 01:45 ET (05:45 GMT)

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