OMV 1Q Profit Fell, Sees Lower Production in Full Year
28 April 2023 - 3:50PM
Dow Jones News
By Giulia Petroni
OMV AG on Friday reported a fall in net profit for the first
quarter and said it expects lower production in the full year.
The Austrian oil-and-gas company posted a quarterly net profit
of 390 million euros ($430.3 million) compared with EUR546 million
a year earlier. On an adjusted basis, net profit came in at EUR1.03
billion from EUR1.07 billion.
Quarterly sales fell to EUR10.96 billion from EUR15.83 billion
the previous year, mainly due to a decrease in natural-gas
prices.
OMV said total upstream production for the quarter was 376,000
barrels of oil equivalent a day, down from 457,000 boe/d a year
earlier, mainly due to the change in the consolidation method of
Russian operations.
The company expects total production to be around 360,000 boe/d
in the current year due to the exclusion of the Russian volumes and
natural decline, particularly in Norway and Romania.
The company said it expects the average Brent crude oil price to
be above $80 a barrel in 2023 and the average realized gas price at
around EUR35 a megawatt hour.
Organic capital expenditure is projected at approximately EUR3.8
billion in the full year, from a previous forecast of EUR3.7
billion.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
April 28, 2023 01:35 ET (05:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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