OMV Takes $2.18 Billion Hit in 1Q From Russia Business

By Giulia Petroni

OMV AG said Friday that it would take a 2-billion euro ($2.18 billion) hit in the first quarter from its business in Russia after distancing itself from the country following its invasion of Ukraine.

The Austrian oil-and-gas company said in its trading update that adjustments to the consolidation method of Russian entities through which it holds a 24.99% interest in the Yuzhno Russkoye gas field will lead to a loss of around EUR1 billion in the quarter.

As of March 1, Russian operations are no longer included in the group's operational key performance indicators, operating result or cash flows.

OMV also said it impaired EUR1 billion in March related to the Nord Stream 2 gas pipeline. The company was one of the financiers of the project.

Last month, the group said it would no longer consider Russia one of the core regions of its exploration and production portfolio, and that it won't pursue future investments in the country.

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

(END) Dow Jones Newswires

April 08, 2022 06:25 ET (10:25 GMT)

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