Strong oil price compensates impact of political instability
- EBIT up vs. Q1/10: Clean CCS EBIT increased by 12% to EUR 726 mn supported by the higher crude price and an improved performance of the petrochemical business; clean CCS net income after minorities is down 9% to EUR 272 mn
- Strong operating cash flow: Up by 19%, driven by the oil price development
- Outlook for 2011: In E&P, production is expected to be below the level of 2010 due to the production disruptions in North Africa/Middle East; in R&M, the inclusion of Petrol Ofisi should support the results; in G&P, the start of commercial operation of the first power projects is expected in H2/11
Gerhard Roiss, CEO of OMV:
“The first quarter of 2011 proved to be a very difficult one where a strong operating performance was overshadowed by political turmoil in North Africa and the Middle East, which did not leave our production unscathed. However, the high oil price, alongside solid contributions by our business segments, has led to an operating result well above the
previous quarters. As of April 1, I took over as CEO of OMV. One of my key tasks in the coming months will be to thoroughly review OMV's strategy and to make sure that we are set up in a way that facilitates the extraction of maximum value from the Group's operations. We will focus particularly on how to allocate capital most efficiently among the business segments to successfully fund profitable growth. I am looking forward to presenting the outcome of this review during a Media Summit and Capital Markets Day in Istanbul in September.”
Further information please find in the attached report January - March 2011 in the sidebar.