Receive our newsletter – data, insights and analysis delivered to you
  1. Uncategorised
April 29, 2020

OMV results show 65% plummet in upstream earnings

By Matt Farmer

Austrian oil and gas company OMV has given its Q1 earnings, showing a 65% decrease in earnings upstream due to lower oil and gas prices.

Actual production levels stayed the same, but falling oil prices meant a decrease in income.

At the same time, the company’s downstream business made 34% more income than the previous quarter. It put this down to hedging, as well as more income from petrochemical, gas, retail and commercial fuels.

Petrochemical income was improved by the low cost of feedstock, while income from gas increased by 26% because of deals in Romania, Netherlands and Belgium.

Overall earnings fell by 8%, which the company’s results video called “a good result, in light of the circumstances”.

Content from our partners
Green investment: What gives Scotland multiple advantages
How the North of Tyne region is leveraging its legacy to define its future
Related Companies

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy