OMV 2Q 20 Earnings Preview - One of the most challenging quarters
OMV has faced an extremely challenging market environment in 2Q 20 which put pressure on its earnings generation across all segments. Besides a significant drop of demand for motor fuels due to lockdowns introduced in all markets, both crude oil and gas prices remained under pressure. Moreover, OMV saw a 3.3% qoq drop of oil production partially due to the OPEC+ deal, which has limited the output not only in UAE (OPEC member), but also in Norway, which has voluntarily imposed a 10-15% cuts of oil output. Consequently, we expect OMV to report a negative clean CCS operating result (EUR -47 mn) mainly due to the operating losses estimated in the upstream segment. Bottom line should be further burdened by negative CCS effect and is seen staying in the red for the second quarter in a row.OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).
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