Austrian oil and gas group OMV said its first quarter profit slipped 7 per cent as the company’s upstream operations were hit mainly by a force majeure in Libya’s largest oil field.
The company made a net profit of €496 million, down from €531 million in the year-earlier period, OMV’s financial statement showed.
The clean CCS Operating Result (Clean current cost of supplies operating earnings without one-off special effects) decreased by 7 per cent from €818 million to €759 million, mainly due to a lower upstream €393 million (Q1/18: €438 million), OMV said.
Higher oil and gas prices resulted in an increase of €98 million, but this was more than offset by operational performance and higher depreciation as OMV made acquisitions in New Zealand, UAE and Malaysia.
A negative operational performance amounted to €56 million, mainly caused by the missing sales contribution from Libya in the first quarter this year, OMV said.
Elsewhere, OMV enjoyed higher sales in the United Arab Emirates and Yemen, OMV said.
Consolidated sales increased by 9 per cent to €5.403 billion, primarily as a result of higher realised oil and gas prices.