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OMV AG First Quarter Results
OMV AG First Quarter Results
Oil price
increase drives improved results: The average Brent
price increased by 72% vs. Q1/09; production
was in line
with the 2009 level at 317,000 boe/d; refining margins
recovered to a certain extent in Q1/10
but middle
distillate spreads remained at low levels
Cost
management further enhances performance: Clean CCS
EBIT increased by 90% to EUR 647 mn; clean
CCS net income
after minorities was up 136% at EUR 297 mn driven by a
stronger contribution from
associates and a lower tax
rate
Outlook for 2010: In E&P, we
expect production to increase; in R&M, Q1/10 saw tentative
signs of
improvement in the margin environment, however,
uncertainty remains going forward; in G&P, the
various
projects are progressing steadily and help to
strengthen our growing gas and power operation
OMV_Q1_2010_Cost_focus_and_improved_environment_lift_performance.pdf
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