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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

OMV Q3 net profit at $3.28bn amid high energy prices

OMV has withdrawn from the Nord Stream 2 gas pipeline project. (AFP)
  • OMV has worked closely with Russian giant Gazprom until the invasion of Ukraine.
  • Following European sanctions on Moscow, OMV froze its investments in Russia.

VIENNA, AUSTRIA – Austrian oil and gas group OMV said Friday it recorded a high third quarter profit due to soaring energy prices.

For the period from July to September, OMV recorded a net profit of US$3.28 billion (3.3 billion euros) compared to US$277 million (279 million euros) for the same quarter last year.

Revenue doubled year-on-year to US$17.1 billion (17.2 billion euros) thanks to “significantly higher market prices”, the company said in a press release.

OMV – which worked closely with Russian giant Gazprom until the invasion of Ukraine – said “the drop in production” linked to the war’s consequences “has been more than offset by the rise in oil and gas prices”.

In the third quarter, OMV reported an average oil price increase of 42 percent year-on-year, while the price of natural gas has also “significantly increased” to a “historically high level”.

Following European sanctions on Moscow, OMV froze its investments in Russia and has withdrawn from the Nord Stream 2 gas pipeline project.

The Austrian flagship company said its strong performance prompted it to propose a special dividend of US$2.24 (2.25 euros) per share.

Greenpeace and other activists have called for a protest outside the company’s headquarters in Vienna, decrying the “immorally” high profits.