OMV's earnings rise, sees Libya output steady

VIENNA (Reuters) - Austrian energy group OMV posted a 34 percent increase in quarterly operating profit on Wednesday, narrowly lagging market forecasts, and said it expected output from Libya to remain steady for now.

OMV said its clean CCS earnings before interest and tax (EBIT), which exclude special items and inventory holding effects, were 786 million euros in the third quarter versus a Reuters poll average of 794 million euros.

OMV's clean CCS net income also rose 34 percent to 317 million euros, lagging the Reuters poll average of 345 million euros.

It cited special items primarily related to a legal case in Kazakhstan and an impairment for exploration and production in Turkey.

"In Libya, production is expected to stay at current levels for the time being," it said. Overall production in the fourth quarter was seen "broadly similar" to that of the third quarter.

Libya accounted for 10 percent of OMV's output before the civil war which toppled Muammar Gaddafi. Chief Executive Gerhard Roiss said last month production in Libya was steady, after reaching about 90 percent of pre-crisis levels in the second quarter.

OMV said on Wednesday it expected the average Brent oil price to remain above $100 per barrel for the rest of the year.

"The recovery in refining and marketing margins in Q2/12 and Q3/12 has broadly continued into the early part of Q4/12, however, the outlook remains uncertain," it added. Petrochemical margins and volumes would stay under pressure.

OMV said last month its production rose in the third quarter thanks mainly to a recovery in Yemen after repairs to its oilfields and pipelines from rebel attacks.

OMV, whose activities range from exploration to filling stations, had said total production edged up 1 percent to 309,000 barrels of oil equivalent per day.

Sales volumes were down, however, as OMV shipped no oil from Yemen and less of its output in Tunisia and Libya, which have been rocked by the Arab Spring uprisings and their aftermath.

Source: http://news.yahoo.com/omvs-earnings-rise-sees-libya-output-steady-072254451--finance.html

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