OMV’s net profit fell sharply during the third quarter of 2023, driven by its lower-performing energy and chemicals & materials business.
The Austrian gas and chemical player reported a 43% drop in third-quarter net income to 474 million euros ($503.2 million) compared with 833 million euros in the year-earlier quarter.
OMV’s adjusted profit figure fell by 64% to 431 million euros compared with 1.2 billion in the year-earlier quarter.
“There has been a softening in the chemicals sector driven by weaker consumer demand,” said OMV chief executive Alfred Stern.
The company’s energy production fell by 18,000 barrels of oil equivalent per day to 364,000 boepd.
OMV expects its energy segment’s total production to be around 360,000 boepd in 2023, down from 392,000 boepd in 2022, “due to the exclusion of the Russian volumes and natural decline, particularly in Norway and Romania.”
