OMVKY Omv Ag Bearer (PK)

By Giulia Petroni

OMV AG's shares jumped on Friday after third-quarter earnings beat expectations and the company unveiled a boost to shareholders' distributions for next year.

At 0757 GMT, the stock trades 7.3% higher at EUR44.71.

The Austrian oil-and-gas company's quarterly operating result of EUR3.5 billion ($3.49 billion) came in 9% ahead consensus. Growth was driven by the upstream segment, which benefited from a quarter-on-quarter increase in production and strong gas price realizations, as well as the refining and marketing business thanks to strong gas and power trading, Citi analysts said in a note.

OMV also said it will propose a special dividend of EUR2.25 a share at the next annual shareholders meeting, effectively doubling the payout and helping to bridge the distribution gap with peers, analysts said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 28, 2022 04:23 ET (08:23 GMT)

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