By Giulia Petroni 
 

OMV AG said it swung to a loss in the third quarter as results were hit by weaker global commodity prices.

The Austrian oil-and-gas company Thursday posted a quarterly net loss of 487 million euros ($572.5 million) from a net profit of EUR425 million a year earlier.

On an adjusted basis, net profit dropped to EUR80 million from EUR457 million.

Upstream production in the quarter decreased to 444,000 barrels of oil equivalent a day from 480,000 boe/d in the year-earlier period. Production is expected to be between 450,000 boe/d and 470,000 boe/d in the full year, depending on the situation in Libya and imposed production cuts.

Sales fell to EUR3.70 billion from EUR5.95 billion a year earlier. The group's effective tax rate was 31%.

Looking at the full year, OMV said it sees the average Brent crude-oil price at $40 a barrel.

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

 

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

 

(END) Dow Jones Newswires

October 29, 2020 02:45 ET (06:45 GMT)

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