marketwatch
By Nicole Lundeen
VIENNA-- OMV AG, Austria's biggest oil-and-gas company, Wednesday said
production outages in Libya pushed net income lower in 2013, but it
reconfirmed production guidance for 2016.
"We have now built the portfolio to successfully deliver our 2016
targets, enabling us to grow our long-term profitability as the projects
within the portfolio are delivered," Chief Executive Gerhard Roiss
said.
For 2013, OMV's clean current cost of supply net income, which is net
income adjusted for changes in stock levels, fell 28% to 1.11 billion
euros ($1.53 billion) from EUR1.54 billion in 2012.
Production coming online from the company's recent acquisitions in the
North Sea didn't boost earnings, as sales of the new output didn't occur
until the current quarter.
Sales last year were down 1% to EUR42.42 billion from EUR42.65 billion.
OMV said it is still on track to meet 2016 production targets of
producing around 400,000 barrels of oil equivalent a day. Overall
hydrocarbon production in 2013 was down 5% as outages plagued production
in Libya, which at one time was the source of 10% of OMV's production.
After the fall of former leader Moammar Gadhafi in 2011, hundreds of
militia groups have sprung up across Libya, carving out zones of power,
defying state authority and launching attacks. OMV restarted production
there this year and most recently said it is producing at 50% to 75%
capacity in Libya.
In August 2013, the company acquired stakes in oil and gas fields in
Norway and the U.K. from Norwegian energy company Statoil ASA as part of
a focus on production in countries with more political stability
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