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OMV Q4 output rises from previous quarter

OMV AG, Central Europe's biggest oil company, said Q4 oil and gas output rose 6.1% from the previous quarter to 329,000 barrels of oil equivalent a day, buoyed by production in New Zealand, Romania and Libya.

The company's benchmark refining margin, or the difference between crude-oil costs and prices for refined products, fell to $3.76 a barrel in the Q4 from $4.52 in the third quarter, OMV AG said on its Web site today.
Its refineries sold 5.91 million metric tons of products in the Q4, compared with 5.87 million tons in the previous quarter. Production at Petrom, OMV's Romanian unit, rose to 205,000 barrels a day in the Q4 from 197,000 in the third quarter as falling temperatures boosted demand for gas.
Compared with the year-earlier period, output at Petrom fell 6.8%. „The colder weather is helping production in Romania,” Thomas Huemer, a spokesman for Vienna-based OMV, said by phone today. „Later this year, production will also gain because of the measures we're taking to reverse the natural decline.” OMV has set aside €140 million ($181 million) for workforce reductions at Petrom. The company will report Q4 earnings on March 6. (Bloomberg)