OMVKY Omv Ag Bearer (PK)

By Giulia Petroni

OMV AG on Friday reported a fall in net profit for the first quarter and said it expects lower production in the full year.

The Austrian oil-and-gas company posted a quarterly net profit of 390 million euros ($430.3 million) compared with EUR546 million a year earlier. On an adjusted basis, net profit came in at EUR1.03 billion from EUR1.07 billion.

Quarterly sales fell to EUR10.96 billion from EUR15.83 billion the previous year, mainly due to a decrease in natural-gas prices.

OMV said total upstream production for the quarter was 376,000 barrels of oil equivalent a day, down from 457,000 boe/d a year earlier, mainly due to the change in the consolidation method of Russian operations.

The company expects total production to be around 360,000 boe/d in the current year due to the exclusion of the Russian volumes and natural decline, particularly in Norway and Romania.

The company said it expects the average Brent crude oil price to be above $80 a barrel in 2023 and the average realized gas price at around EUR35 a megawatt hour.

Organic capital expenditure is projected at approximately EUR3.8 billion in the full year, from a previous forecast of EUR3.7 billion.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 28, 2023 01:35 ET (05:35 GMT)

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