OMV 1Q Net Profit Was Hit By Libya Unrest

   By Cristina Roca

Austria's OMV AG (OMV.VI) said Friday that net profit fell in the first quarter as the unrest in Libya negatively affected its result.

The oil-and-gas company made a quarterly net profit of 354 million euros ($396.2 million), down 13% from EUR406 million for the same period the previous year.

Adjusted net profit fell 8.2% to EUR346 million from EUR377 million, missing analysts' expectations of EUR373 million, according to a consensus estimate provided by FactSet. OMV said this mostly reflected the missing sales contribution from Libya, where production was interrupted at Sharara between December and March.

Sales rose 8.4% to EUR5.4 billion from EUR4.98 billion for the same period the year before.

The energy company said last month that, in the first quarter, total hydrocarbon production rose to 474,000 barrels a day from 437,000 barrels a day for the same period last year.

For 2019, the company said it expects its organic capital expenditure to be about EUR2.3 billion, up from EUR1.9 billion in 2018. It expects total upstream production to be around 500,000 barrels of oil a day depending on the situation in Libya, it said.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

May 03, 2019 01:37 ET (05:37 GMT)

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