OMV 1Q 20 - 1Q earnings beat overshadowed by bleaker 2020 outlook
OMV reported a clean CCS operating result of almost EUR 700 mn, which is 22% above consensus. Despite lower than expected upstream earnings (-25% vs. consensus), the downstream segment has more than offset the drop of the upstream earnings, beating consensus by more than 30%. The reported operating result, however, was negatively impacted by special items (EUR 160 mn, mainly impairments of upstream assets) and CCS effect (inventory revaluation resulted in a non-cash loss of EUR 504 mn).OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).
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