Report January – March 2010
Cost focus and improved environment lift performance
May 7, 2010 - 7:30 am (CET)
- Oil price increase drives improved results: The average Brent price increased by 72% vs. Q1/09; production was in line with the 2009 level at 317,000 boe/d; refining margins recovered to a certain extent in Q1/10 but middle distillate spreads remained at low levels
- Cost management further enhances performance: Clean CCS EBIT increased by 90% to EUR 647 mn; clean CCS net income after minorities was up 136% at EUR 297 mn driven by a stronger contribution from associates and a lower tax rate
- Outlook for 2010: In E&P, we expect production to increase; in R&M, Q1/10 saw tentative signs of improvement in the margin environment, however, uncertainty remains going forward; in G&P, the various projects are progressing steadily and help to strengthen our growing gas and power operation
Wolfgang Ruttenstorfer, CEO of OMV:
“In Q1/10, we saw a continuing rise in crude oil prices and a further reduction in operating costs which led to a strong set of results in our E&P segment. We are particularly pleased to have achieved a considerable advancement in the R&M result, where a somewhat improved OMV indicator refining margin compared to Q4/09 was further supported by cost reductions and a better petrochemicals result. The G&P business contributed an encouraging result driven by harsh weather conditions, while continuing its internationalization strategy of supply, marketing and trading. The expansion along the gas value chain into power is on track. The Company continues to focus its investments on the physical integration of all three
business segments in order to extract the highest possible value for our shareholders.”