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OMV: Mixed Results in First Quarter 2011
“Strong oil price compensates impact of political instability”, the company states. Net Income declines, cashflows grow by 9%.
OMV: Mixed Results in First Quarter 2011 / Picture: © Wikimedia Commons / Waerfelu [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)]
Clean CCS EBIT increased by 12% to € 726m against Q1 2010, which is supported by the higher crude price and an improved performance of the petrochemical business; clean CCS net income after minorities is down 9% to € 272m. Operating cash flow is up by 19%, driven by the oil price development.
In E&P, production is expected to be below the level of 2010 due to the…
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