The Austrian oil and gas group OMV profited last year primarily from the recovery of production in Libya, which led to a 24 percent increase in its operating profit.
The Austrian company achieved earnings before interest and taxes (EBIT) of 3.104 billion euros in 2012, of which 1.273 billion euros is attributed to the Romanian group Petrom. The adjusted net EBIT for inventory value increased by 35 percent, amounting to 3.41 billion euros. Revenues rose by 25 percent to 42.6 billion euros.
In the fourth quarter, EBIT jumped by as much as 47 percent to 791 million euros. The adjusted net EBIT for inventory value increased by 30 percent, amounting to 956 million euros. Revenues increased by 22 percent, totaling 11.390 billion euros.
Oil and gas production increased by five percent last year, thanks to the increased production in Libya, which more than compensated for the decline in production in Romania and New Zealand.
OMV’s production in Libya fell after the uprising against former leader Muammar Gaddafi in February 2011.
Regarding the current business year, OMV assumes that the average price of a barrel of crude oil on the London market will continue to exceed 100 dollars. Gas prices in Europe will increasingly be influenced by prices in the American market (the so-called hub prices) and less by those related to oil prices, the Austrian company predicts. In Romania, gas prices for industrial consumers will rise three times this year as part of the planned liberalization of gas prices, they emphasize in their forecast.
