Total production fell by 5 percent to 463,000 barrels per day, an increase to 480,000 barrels expected this year.
The listed oil and gas group OMV suffered a sharp slump in both sales and profits in the Corona year 2020: Sales fell by 29 percent to 16.55 billion euros, the CCS operating profit before special effects halved to 1.686 billion euros and the bottom line was a net profit of 1.478 billion euros (-31 percent), announced the OMV on Thursday morning.
While upstream (oil and gas production) was substantially affected by the massive drop in oil and gas prices, the downstream business has proven to be much more resistant, the press release said. Downstream increased profits in the gas trading and retail business, but the overall result in Downstream fell slightly.
Total production with minus five percent
The OMV chemical subsidiary Borealis achieved a net profit of EUR 589 million in the previous year, after EUR 872 million in the previous year.
In 2020, total OMV production fell by 5 percent to 463,000 barrels per day. An increase to 480,000 barrels of oil equivalent is expected for this year, “depending on the security situation in Libya and production cuts imposed by governments”. The Group's operating profit fell 71 percent in 2020 to EUR 1.05 billion.
