Austria's OMV profits up amid soaring energy prices

AFP
AFP - [email protected] • 28 Oct, 2022 Updated Fri 28 Oct 2022 14:40 CEST
image alt text
Picture taken on March 27, 2022 shows a general view of the largest Austrian refinery OMV at Schwechat near Vienna, Austria. (Photo by JOE KLAMAR / AFP)

Austrian oil and gas group OMV said Friday it recorded a high third quarter profit due to soaring energy prices.

For the period from July to September, OMV recorded a net profit of 3.3 billion euros ($3.3 billion), compared to 279 million euros for the same quarter last year.

Revenue doubled year-on-year to 17.2 billion euros thanks to "significantly higher market prices", the company said in a press release.

OMV -- which worked closely with Russian giant Gazprom until the invasion of Ukraine -- said "the drop in production" linked to the war's consequences "has been more than offset by the rise in oil and gas prices".

READ ALSO: ENERGY CRISIS: Will Austria have enough gas for winter?

In the third quarter, OMV reported an average oil price increase of 42 percent year-on-year, while the price of natural gas has also "significantly increased" to a "historically high level".

Following European sanctions on Moscow, OMV froze its investments in Russia and has withdrawn from the Nord Stream 2 gas pipeline project.

The Austrian flagship company said its strong performance prompted it to propose a special dividend of 2.25 euros per share.

Greenpeace and other activists have called for a protest outside the company's headquarters in Vienna, decrying the "immorally" high profits.

READ ALSO: Reader question: Is travelling to Austria this winter worth it?

More

Comments

AFP 2022/10/28 14:40

Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also