Austria's OMV quarterly profit soars on price hikes
OMV Reports Strong Second Quarter Results
Profit Surpasses Expectations
July 31 (Reuters) - Austrian oil, gas and chemicals firm OMV slightly beat profit estimates for the second quarter on Friday, as price hikes across the board more than offset the impact of the Middle East conflict on sales.
Market Volatility Drives Gains
Oil companies have benefited from heightened energy-market volatility as the U.S.-Israeli conflict with Iran triggered sharp swings in crude oil and natural gas prices.
Operating Profit and Analyst Consensus
OMV's operating profit jumped 65% year-on-year to €1.71 billion ($1.97 billion), above analysts expectations of €1.66 billion, according to a consensus compiled by Vara.
Outlook and Price Forecasts
The company confirmed its forecast for the full-year Brent price of between $85 and $95 a barrel. Brent futures stood at $87.43 a barrel on Friday.
Crude Oil Price Trends
In early July, the company reported an average crude oil price of $97.80 a barrel for the April-to-June period, up more than 50% on the final quarter of last year.
Exchange Rate Information
($1 = 0.8692 euros)
Reporting and Editing Credits
(Reporting by Danny Callaghan and Tristan Veyet; Editing by Mrigank Dhaniwala)
