Austrian Producer Sees Positive Results

Energy group OMV of Austria saw profits rise during the third quarter of the year. Increased output helped improve performance of the exploration and production segment.

Sales revenue for the quarter was up by 26% to €10.9 billion , compared to just under €8.7 bn for the same period in 2011.

Net income for the third quarter of 2012 was €401 million ($516 million), up 11% on the €362 m profit booked during the same period last year. The rise in profits came as sales revenue climbed 26% to 10.9 billion euro, compared to just under 8.7 billion euro a year ago.

Good oil figures helped offset a fall in gas production due to lower contributions from Pakistan and Austria, as well as a 1% dip in the average realised crude price to $96 (€75) per barrel.

OMV said it expected production during the fourth quarter of the year to be similar to the previous period. The company expects total capital expenditure for 2012 to be about €2.1 billion euro, before acquisitions.