11.13 a.m., February 4th, 2021
The listed oil and gas company OMV suffered a sharp slump in both sales and profits in the Corona year 2020: Sales fell by 29 percent to 16.55 billion euros, the CCS operating result adjusted for inventory effects before special items halved to 1.686 billion euros and the bottom line was a net profit of 1.478 billion euros (-31 percent), announced the OMV on Thursday morning.
While upstream (oil and gas production) was substantially affected by the massive drop in oil and gas prices, the downstream business has proven to be much more resistant, the statement said. Downstream increased profits in gas trading and retail business, but the overall result in Downstream fell slightly.
The OMV chemical subsidiary Borealis achieved one in the previous year Net profit of 589 million euros, after 872 million euros in the previous year.
In 2020, total OMV production fell by 5 percent to 463,000 barrels per day. An increase to 480,000 barrels of oil equivalent is expected for this year, “depending on the security situation in Libya and production cuts imposed by governments”. The group’s operating profit fell 71 percent to EUR 1.05 billion in 2020.