OMV Group Report January – March 2017

Source Press Release
Company OMV 
Tags Financial & Operating Data
Date May 11, 2017

OMV  has announced its first quarter 2017 results. The Group generated EUR 805 mn in Operating Results, which were supported by a strong contribution from both Upstream and Downstream.

  • Clean CCS Operating Result at EUR 805 mn
  • Clean CCS net income attributable to stockholders at EUR 502 mn,
  • clean CCS Earnings Per Share of EUR 1.54
  • Strong free cash flow after dividends of EUR 1.3 bn
  • Production cost decreased to below USD 9/boe

Rainer Seele, CEO and Chairman of the OMV Executive Board:

'OMV had a successful start to 2017 with very good operational and financial performance.

In Q1/17, the Group generated EUR 805 mn in Operating Results, which were supported by a strong contribution from both Upstream and Downstream. In Upstream, we reached a ten-year-high quarterly production of 335 kboe/d and decreased the production cost further to below USD 9/boe. In Downstream, we captured the benefits of a strong market environment along the entire value chain. The refinery utilization rate reached a high of 96%, and the OMV indicator refining margin remained strong at USD 5.4/bbl. The petrochemical business and Borealis strongly contributed to this favorable result. Free cash flow after dividends marked a record high of EUR 1.3 bn in a USD 54/bbl oil price environment.

OMV continued on its path of value-added growth and signed an agreement to acquire a 24.99% interest in the Yuzhno Russkoye gas field at the beginning of March, 2017. At the same time,  OMV signed the sale of its Turkish subsidiary,  OMV Petrol Ofisi, to the  Vitol Group. On April 24,  OMV and four other European energy companies signed financing agreements for the Nord Stream 2 pipeline project.'

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