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OMV's Q1 core profit falls due to production disruptions in Libya

Christian Fernsby ▼ | May 3, 2019
OMV saw a 7 percent decline in its core profit in the first quarter as it was not able to lift any oil from Libya.
OMV
Europe   Clean current cost of supplies came in at 759 million euros
Clean current cost of supplies (CCS) earnings before interest and tax, which exclude special items and inventory gains or losses, came in at 759 million euros ($847.65 million), the group said on Friday. Analysts had expected a clean CCS operating profit of 790 million euros in the January-March period.

OMV’s upstream oil production slipped in the first quarter as it was hit by disruptions at Libya’s Sharara field, which resumed output in early-March. It said it had not loaded any Libyan crude during the quarter.

The group spent 44 million euros on the largely disputed Nord Stream 2 pipeline project, in which it is one of five western finance partners. The project still misses a permit from Denmark.

OMV said it will continue to finance the Nord Stream 2 pipeline.


 

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