Austrian oil and gas group OMV reported a sharp profit drop in the second quarter of 2020 due to the coronavirus pandemic. Profit during the quarter plunged from €543 million a year ago to €24 million ($28.1 million). On an adjusted basis, net profit stood at €65 million ($76.4 million). Meanwhile, sales tumbled to €3.14 billion ($3.69 billion) from €6.04 billion over the same period.
The company said upstream production in the quarter totalled 464,000 boepd, compared to 490,000 boepd in the corresponding period last year. OMV projects total upstream production to average between 450,000 and 470,000 boepd in full-year 2020. It also expects Brent crude prices to average $40/barrel this year.
