OMVKY Omv Ag Bearer (PK)

   By Giulia Petroni 
 

OMV AG said Wednesday that net profit and sales dropped in the second quarter due to a challenging market environment and extremely volatile prices.

The Austrian oil-and-gas company reported quarterly profit of 24 million euros ($28.1 million) compared with EUR543 million for the year-earlier period. On an adjusted basis, net profit came in at EUR65 million.

Sales almost halved to EUR3.14 billion from EUR6.04 billion, the company said.

OMV said total upstream production in the quarter fell to 464,000 barrels of oil equivalent a day from 490,000 BOE a day the previous year. Production is expected at between 450,000 and 470,000 BOE a day in 2020.

Looking at the full year, the company said it expects Brent crude to average $40 a barrel in 2020.

In downstream, the indicator refining margin is projected at around $3 a barrel compared with a previous forecast of around $4 a barrel.

The company said it expects total refined product sales to be lower than in 2019, while retail margins are forecasted to be higher.

Organic capital expenditure is expected at around EUR1.7 billion.

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

(END) Dow Jones Newswires

July 29, 2020 01:50 ET (05:50 GMT)

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