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OMV to make value adjustments of about 1.7 billion euros in Q4

OMV to make value adjustments of about 1.7 billion euros in Q4 1

BERLIN (Reuters) – Vienna-based oil and gas group OMV said on Thursday it would have to make cash-neutral write-downs and value adjustments of around 1.7 billion euros ($1.95 billion) in the fourth quarter.

OMV said the adjustments would relate to its exploration and production segment, the fertiliser business of its subsidiary Borealis and fixed assets of Abu Dhabi National Oil Company’s refining unit, in which the group has a 15% stake.

OMV will publish final fourth-quarter results including the adjustments, classified as special effects, on Feb. 3.

According to a trading update from Thursday, the group produced slightly less oil but increased gas production by around 10% to 298,000 barrels a day in the fourth quarter.

Total production rose to 491,000 barrels per day after 470,000 barrels in the third quarter and the average realised upstream crude oil price increased to $79.76 per barrel from $44.16 compared to the final quarter of 2020, OMV said.

($1 = 0.8722 euros)

(Reporting by Zuzanna Szymanska; Editing by Madeline Chambers)

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