Report January – March 2015
including interim financial statements as of March 31, 2015
- Brent oil price down by 50% vs. Q1/14 to USD 54/bbl impacting Group results
- Q1/15: Clean CCS EBIT at EUR 333 mn, clean CCS net income attributable to stockholders at EUR 237 mn
- Downstream clean CCS EBIT increased to EUR 260 mn in Q1/15 from EUR 85 mn in Q1/14
- Production at 303 kboe/d in Q1/15; production in Romania increased by approx. 2% vs. Q1/14
- Capital expenditure at EUR 707 mn in Q1/15 down by 5% vs. Q1/14
Gerhard Roiss, CEO of OMV:
"In the first quarter of 2015, we benefited from our integrated business model as Downstream delivered a very strong result. This was driven by the optimized refining business which was able to fully benefit from the favorable margin environment. The Group’s performance, however, was weighed down by the substantial decrease in oil prices and the ongoing security issues in Libya and Yemen. Upstream focused on reducing investments and continued to concentrate on delivering projects in execution. Efforts on reducing operating costs in Upstream already showed the first results in Q1/15. In Exploration, we remain committed to our activities at our prospects in the Black Sea and in Norway. The first restructuring steps have been taken after merging Gas and Power and Refining and Marketing into a combined Business Segment Downstream. The introduction of a program called Fit4Fifty aims to make OMV fit for a potentially prolonged low oil price environment. The key points of this program involve cost as well as capital expenditure reductions."
Further information please find in the attached report January – March 2015: