OMV lowers full-year production outlook amid Middle East conflict

11 articles · Updated · The Wall Street Journal · Apr 30

The Austrian group now expects 280,000-290,000 barrels of oil equivalent a day, after first-quarter output fell 7% to 288,000 and revenue dropped 6% to 5.855 billion euros.
OMV said lower gas prices early in the quarter and weaker crude sales hurt results, while a temporary shut-in linked to the conflict reduced production.
Current-cost-of-supplies net profit fell to 323 million euros from 413 million, though OMV raised its Brent price forecast to $85-$95 a barrel, saying stronger prices should offset supply disruptions.

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