OMV has today posted its financial results for the second quarter, with a 25% fall in net income attributed to reduced income as a result of the intramural war in Libya.
In a company statement the company says stoppages in Libya would disrupt production for the rest of the year. OMV has a long-term stake in the crisis-hit country with 12 exploration and production licences and Libyan petroleum contracts running up to 2032.
The Vienna-based firm said high exploration expenses, lower refining margins and foreign exchange rates also hurt results as high oil prices failed to offset a slump in total output from 20 February following evacuation from Libya, the source of 10% of the company’s production.
Net profit excluding one-offs and unrealised gains from valuing inventories fell 25% to EURÂ 236 million ($332 million), in line with a Reuters poll of analyst forecasts.
The group has restarted production in Yemen after a pipeline sabotaged by tribesmen disgruntled with the Saleh regime in March reopened, but it said more disruptions were possible due to political instability there.
