OMVKY Omv Ag Bearer (PK)

By Giulia Petroni

OMV AG said Thursday that net profit rose in the fourth quarter, while upstream was significantly affected by a slump in oil and gas prices.

The Austrian oil-and-gas company reported a quarterly profit of 1.88 billion euros ($2.26 billion) from EUR355 million in the year-earlier period. On an adjusted basis, net profit was EUR219 million compared with EUR310 million the previous year.

Sales fell to EUR4.96 billion from EUR6.07 billion due to a lower commodity price environment, the company said.

OMV said total upstream production in the quarter fell to 472,000 barrels of oil equivalent a day from 505,000 boe/d the previous year.

Looking ahead, the company said it expects production to be around 480,000 barrels of oil equivalent a day in 2021, depending on the situation in Libya and imposed production cuts by governments.

OMV said it expects the average Brent crude oil price to be in the range of between $50/bbl and $55/bbl in 2021.

The company added that it proposed a dividend of EUR1.85 per share, a 6% increase compared with the previous year.

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

(END) Dow Jones Newswires

February 04, 2021 01:46 ET (06:46 GMT)

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