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OMV Group Report Q1 2018: Profit Down 43%, Production Up 30%
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Adjusted operating profit amounted to EUR 818 million, up 2% year-on-year. Net income was also in line with forecasts, although net income for the period fell by 43% year-on-year. One of two key events was the signing of a concession agreement for the acquisition of a 20% stake in two fields offshore Abu Dhabi from ADNOC, as well as two satellite fields. The agreed participation fee amounts to USD 1.5 bn and the duration of the contract is 40 years.
With the purchase of the oil fields OMV received political support from the Austrian government / Picture: © Wikimedia Commons / DanielZanetti [CC BY 3.0 (https://creativecommons.org/licenses/by/3.0)]
OMV has presented its report on the first quarter of 2018.
Adjusted operating profit amounted to EUR 818 million, up 2% year-on-year. This increase exceeded market expectations.
Net income was also in line with forecasts, although net income for the period fell by 43% year-on-year.
The decline in adjusted net income was lower at -25% due to major…
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