Austrian oil and gas company OMV said Thursday it posted a net fourth quarter loss in part because of low oil prices and Libyan and Yemeni security issues.
The company's net fourth quarter loss was $351 million. Full-year 2014 net profit of $406 million was off 69 percent from 2013 figures. Fourth quarter production, however, was up 15 percent from the previous quarter to 318,000 barrels of oil equivalent per day.
"We delivered a solid operating result in 2014 despite a turbulent year for the industry, with oil prices falling by roughly 50 percent in the second half of the year and security issues in Libya and Yemen," Chief Executive Officer Gerhard Roiss said in a statement.
British energy company BP said in a much-watched annual report published this week that long-term production issues may result from lingering violence in Libya and Yemen. Disputes between rival Libya governments, coupled with increased violence attributed to Islamic State militants, has spilled over into the oil sector. Yemen's government, meanwhile, was seized by members of the Houthi rebel group.
OMV said in its quarterly report production interruptions in both countries impacted overall production for the company.
"In order to reflect the significant decline of the oil price together with the unpredictability of our Libyan production, we have scaled back our investment program," the company added.
Despite the weak figures, Roiss said the company was prepared for a growth adjustment, but remained committed to its focus on exploration and production.
