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OMV: Q3 retail and commercial margins increased q/q
Global Banking & Finance Review®
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BERLIN (Reuters) -Austrian oil and gas group OMV said on Monday its retail and commercial margins increased in the third quarter from the second.
BERLIN (Reuters) -Austrian oil and gas group OMV said on Monday its retail and commercial margins increased in the third quarter from the second.
OMV also said a mechanical incident at its Schwechat refinery would have a negative impact on its third quarter result “as we expect payments from the business interruption insurance at a later point in time.”
Full operations at the refinery resumed on Oct. 7.
On June 3, two people were injured when a part at a crude oil distillation unit exploded at the refinery towards the end of a planned turnaround that put a stop to output at the site.
OMV said in July it expected to take a financial hit of some 200 million euros ($194.40 million) from the incident at the Schwechat refinery.
In a third quarter trading update, OMV added: “Positive cash flow effects stemming from our natural gas exchange trading activity are expected to offset to a large extent the outflows coming from the injection of natural gas into the storages.”
In July, OMV reported figures showing it more than doubled second-quarter core operating profit on the back of soaring gas prices fuelled by the war in Ukraine.
($1 = 1.0288 euros)
(Reporting by Paul Carrel, editing by Kirsti Knolle)
A refinery is an industrial facility where crude oil is processed and transformed into useful products such as gasoline, diesel, and other petrochemicals.
Business interruption insurance is a type of coverage that protects businesses against loss of income due to unforeseen events that disrupt operations.
Core operating profits are the earnings generated from a company's primary business operations, excluding any income from non-operational activities.
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