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OMV AG (Baa2/BBB) Trading Update; Slight Credit Negative

ENERGY SECTOR


  • OMV equity lower on their trading update this morning though spreads are muted and mixed; SXEP is also broadly lower on the BP impairment and lower oil prices.

  • Q2 hydrocarbon production came below expectations at -4% QoQ and YoY at 338kboe/d vs. BBG consensus of 349kboe/d; equity analyst takes imply that maintenance activity in Norway was the likely driver though this wasn’t outright stated in the report. The Spring maintenance period is substantially over for now but should pick up again up again in late-August.
  • Report indicates that Gas & Power Eastern Europe has been hit by legislative changes on Romanian power pricing and the Brazi plant outage which will have a negative impact on the Q2 operating result.
  • The chemicals segment, already facing sectoral weakness, will also see a “mid double-digit” adverse impact from inventory effects.
  • Also noting headlines earlier that the Austrian energy ministry is to appoint a commission to review OMV’s gas contract with Gazprom.
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