1Q results – fortune favours the brave

We see OMV’s quarterly results as supporting our investment thesis: that this is a company reducing its costs, while increasing production and sales volumes, and is well-placed to benefit from improving market conditions. CCS EBITDA was up 81% yoy, and 31% qoq. Each segment of the business performed well, with Upstream EBITDA up 46%, downstream oil up 32% and downstream gas up 122% on the previous quarter. Given our expectations of flat oil and gas prices, and strong refining and petrochemical...