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OMV swung to a profit in the Q2 on the back of higher sales

OMV reported Q2 net profit of $237 million.

OMV swung to a profit in the Q2 on the back of higher sales

Vienna, August 3 - Neftegaz.RU. OMV reported Q2 net profit of $237 million, compared to a net loss of $1.2 billion during the same period last year.

Looking ahead, OMV said it expects the average Brent oil price to be at $70 a barrel in 2018, from a previous forecast of $68. In the 1st 6 months of the year, the average Brent price reached $71 per barrel, an increase of 36 %, predominantly due to higher geopolitical risk, the company's statement read.

The company also expects average European gas spot prices this year to be higher than in 2017. It had previously forecast that prices would remain at a similar level. Earnings per share increased significantly, from a loss of $3.60 per share to a gain of $0.72.

In March 2018 Rainer Seele, CEO of OMV, presented in London its 2025 Strategy. For the period 2018 to 2025, OMV plans to make annual investments averaging 2.0 to 2.5 billion Euros in addition to an acquisition budget of 10 billion Euros to 2025.

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