Austria's OMV makes €1bn writedown on low oil prices

Austria's OMV announced €1.031bn ($1.1bn) of upstream impairment charges in its third quarter results

As a result, OMV posted a €472m loss in its 3Q earnings on 5 November, contrasting with a €232m net profit in third quarter 2014. Current cost earnings of €495m were 25% lower than a year before, hobbled by continuing shut-ins in Libya and Yemen that contributed to a 6% fall in production to 292,000 barrels of oil equivalent (boe/d). Full year production guidance is maintained at some 300,000 boe/d -- two thirds alone from Austria and Romania - while Libya and Yemen are "expected to be affected for the rest of the year due to the critical security situation." Finance chief David Davies says OMV earlier this year had expected a return to $100/b, but had now reduced its price assumptions and c