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OMV Q2 Hydrocarbon Output Declines Amid Middle East Conflict

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Austrian integrated energy company OMV's hydrocarbon output fell by 4% year-on-year to 291,000 barrels of oil equivalent per day in Q2, compared with around 304,000 boe/d in the corresponding year-ago period, it said on Friday.

"This was mainly due to lower production volumes in the Middle East caused by the conflict in the region. Production was also affected by natural decline in Norway and New Zealand, while output in Libya improved significantly, supported by the increased production from new wells," its earnings statement said.

For the quarter ended June 30, the company reported average crude oil and natural gas liquids production of 170,000 boe/d, down from 179,000 boe/d last year.

Natural gas production for the quarter was reported at 121,000 boe/d, down from 125,000 boe/d in Q2 2025.

Total hydrocarbon sales volumes for Q2 stood at 242,000 boe/d, compared with 276,000 boe/d in the year-ago period.

In Q2, fuels and other sales volumes to Europe dropped to 4.14 million tons versus 4.20 million tons last year, while refinery utilization in the continent rose to 90% from 83% in Q2.

For full year 2026, the company projects total hydrocarbon production in the range of 280,000-290,000 boe/d, depending on how events unfold in the Strait of Hormuz. This compares with total hydrocarbon output of 305,000 boe/d in 2025.

The company projects utilization rate of the European refineries at above 90% in 2026, versus 89% last year.

OMV expects Brent crude to average between $85-$95 a barrel this year versus $69 in 2025. Average realized gas price for the year is anticipated around 40 euros per megawatt-hour, which compares with the company's previous forecast range of between 35-40 euros/MWh and 30 euros/MWh in 2025.

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