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”.