Political unrest in North Africa took its toll on OMV AG's (OMV.VI) hydrocarbon production levels in the third quarter, the Austrian oil and gas company said Friday.
Political unrest in
North Africa
took
its toll on OMV AG's (OMV.VI) hydrocarbon production levels in the third
quarter, the Austrian oil and gas company said Friday.
Hydrocarbon production totaled 275,000 barrels of oil equivalent per day in the
third quarter of 2013, down from 309,000 in the same quarter a year earlier. On
top of security issues and strikes in
Libya
and
Yemen
, the
company's Maari field in
New
Zealand
experienced shut-ins due to
maintenance work and the need to replace key equipment, OMV said.
Before unrest broke out in the country, production in
Libya
accounted for around 10% of OMV's production.
The company said that while the weakened U.S. dollar against the euro had a
negative impact on its third-quarter performance, higher oil prices compensated
for the negative effects.
OMV's said that its refining market margin, a benchmark indicator for global
processing profits, fell significantly to $1.17, from $5.28 a year earlier and
$2.48 in the previous quarter, amid weaker gasoline spreads and higher crude
prices.
OMV said negotiations with major gas supply partners over pricing continue.
The company said it recorded special charges of approximately 100 million euros
($136.04 million) in the third quarter, due to write-downs of exploration and
production assets in the
Kurdistan
region of
Iraq
and
some Austrian retail assets.
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