OMV’s Results Impacted by Political Turmoil

EnergyOil & Gas ♦ Published: August 10, 2011; 12:00 ♦ (Vindobona)

The events in North Africa and the Middle East adversely impacted results of the Austrian oil and gas group: clean CCS EBIT and net income were both down 25%.

OMV’s Results Impacted by Political Turmoil / Picture: © Wikimedia Commons / DanielZanetti [CC BY 3.0 (]

Clean CCS EBIT decreased by 25% to € 468m burdened by the loss of production in Libya and Yemen, high exploration expenses as well as lower refining margins; clean CCS net income attributable to stockholders is down 25% to € 236m. After completion of the capital increase and hybrid bond issue in Q2/11, the gearing ratio came down to 34% versus 47% in the end of Q1/11.