OMV 4Q Profit Fell; Lifts 2020 Upstream Production Guidance

   By Giulia Petroni

OMV AG (OMV.VI) said Thursday that net profit for the fourth quarter of 2019 fell, and raised its upstream production guidance.

The Austrian oil-and-gas company reported quarterly profit of 355 million euros ($392.3 million) down from EUR608 million in the year-earlier period.

On an adjusted basis, net profit fell to EUR310 million from EUR490 million for the same period a year earlier. A FactSet-compiled consensus had OMV's adjusted net profit at EUR380 million.

Sales decreased to EUR6.07 billion from EUR6.64 billion, the company said. A FactSet-compiled consensus had sales at EUR6.14 billion.

OMV said total upstream production in the quarter rose to 505,000 barrels of oil equivalent a day from 447,000 barrels of oil equivalent a day the previous year.

Looking ahead, the company said it expects production to be around 500,000 barrels of oil equivalent a day in 2020, depending on the security situation in Libya.

OMV said it expects its organic capital expenditure, which excludes acquisitions, to be about EUR2.4 billion in the full-year, up from EUR2.3 billion in 2019.

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

(END) Dow Jones Newswires

February 06, 2020 01:51 ET (06:51 GMT)

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