OMV reported its Q4 trading statement today. The Q4/12 results contain net special charges of approx. -120 mn euros, due to provisions for onerous contracts booked in Q4/12, primarily related to contracted long-term transport and LNG capacity bookings of EconGas. Other special charges in Q4/12 were compensated by the gain from the divestments in the UK North Sea. For the year 2012, OMV entered into oil price swaps, locking in a Brent price of approx. USD 101.5/bbl for a production volume of 50,000 bbl/d (thereof 30,000 bbl/d at Petrom level), and into EUR-USD average rate forwards (at USD 1.36) that cover an exposure of approx. 750 mn dollars. In Q4/12, the net result of these hedges, which expired at the end of 2012, adversely impacted EBIT by -36 mn.
Overall production (301,000 boe/d) decreased compared with the previous quarter (309,000) mainly as a consequence of temporary production interruptions in Libya due to local protests, a sabotaged export pipeline in Yemen and workover activities as well as planned maintenance in New Zealand.