OMV results Q1/15 and Upstream update May 18, 2015 OMV Aktiengesellschaft
Results Q1/15 David C. Davies, Deputy Chairman of the Executive Board and CFO OMV Aktiengesellschaft
Q1/15 Highlights Clean CCS EBIT Q1/15 vs. Q1/14 in EUR mn 668 Average Brent price down by 50% to USD 54/bbl Production at 303 kboe/d, down by 3% Lower oil sales volumes in Upstream, mainly due to Norway and Libya 603 333 Higher…
Results in Q1/15 Clean CCS net income attributable in EUR mn Q1/15 Q1/14 to stockholders 1 EBIT 228 675 (66)% in EUR mn Financial result (23) (63) (63)% Profit from ordinary activities 206 613 (66)% Taxes 16 (175) n.m. 302 Effective…
Special items and CCS effect Q1/15 in EUR mn Q1/15 Q1/14 in EUR mn Clean CCS EBIT 333 668 333 CCS gains/(losses) (109) (19) Clean EBIT 224 649 (109) 228 Personnel related costs (4) (4) (4) (1) 0 9 Unscheduled depreciation (1) (1)…
Cash flow Q1/15 in EUR mn Q1/15 Q1/14 in EUR mn Net income 221 438 (49)% (67) Depreciation and 526 543 (3)% amortization (274) 526 Other (67) 35 n.m. 221 Sources of funds 680 1,015 (33)% Change in net working (274) (108) 154%…
CAPEX and EBITD Q1/15 in EUR mn Key investments in Q1/15 754 707 Field developments and redevelopments in Norway: Gullfaks, Aasta Hansteen, Edvard Grieg and Gudrun 384 Romania: drilling, workovers and field redevelopments 609…
Upstream Clean EBIT in EUR mn Q1/15 vs. Q4/14 Q1/15 vs. Q1/14 603 (426) 262 (185) (124) 33 15 (6) (30) 33 (146) 39 61 2 Q1/14 Realization Volume Exploration DD&A Other Q1/15 expenses Q4/14 Realization Volume Exploration…
Upstream Key Performance Indicators Hydrocarbon production (kboe/d) Q1/15 vs. Q4/14 318 Production down by 5% 311 297 311 303 Norway production decreased due to 162 145 163 164 150 the shut-in of Gudrun (approx. 1 month) Libya:…
Upstream OMV Petrom group Hydrocarbon production (kboe/d) Q1/15 vs. Q4/14 Clean EBIT at EUR 39 mn (down by 69%) 182 180 178 182 184 higher production volume 87 84 84 84 85 more than offset by lower oil prices 95 95 95 97 98…
Downstream Key Performance Indicators Refining utilization rate in % 1 Q1/15 vs. Q1/14 103 101 88 92 95 94 90 82 86 Overall refining utilization rate at 92%, 59 up by 3% Marketing sales volumes slightly down by 3% Q1/14 Q2/14…
Strict CAPEX and cost management Group CAPEX reduced in EUR bn Group CAPEX reduced by EUR 1.1 bn 1 3.8 E&A budget cut by up to EUR 200 mn 1 2.7 Reduction of annual operating cost and 3.0 overhead cost by EUR 150 mn 2 2.0…
Financial priorities 2015 to 2017 Cash Mid-term goal: broadly neutral free cash flow after dividends 2014 dividend proposal EUR 1.25 per share 1 Dividend Maintain dividend policy of long-term payout ratio of 30% of net…
Outlook 2015 Oil price Annual average between USD 50 and 60/bbl expected Gas markets Remain challenging portfolio under review Refining margins Expected to come down from recent highs Marketing volumes Lower product prices…
Upstream update Jaap Huijskes, Executive Board member responsible for Upstream OMV Aktiengesellschaft
Operational highlights Projects update Edvard Grieg, Norway Nawara, Tunisia Gudrun (Norway): production resumed after shutdown in February Edvard Grieg (Norway): project execution according to plan Aasta Hansteen (Norway):…
Operational highlights Exploration update Exploration only Exploration and production North Sea Wisting Successful wells in Norway and Romania Hagar Region onshore Black High impact drilling in Romania and Norway Stripfing T1…
Yemen situation update Production in Q1/15: 7 kboe/d Deteriorating security situation; all project activities were suspended in February 2015 Sanaa office closed since last week of March 2015 Production operations continued with…
Committed to CAPEX reduction plan by leveraging our portfolio mix CAPEX 1 adjustments 2015 CAPEX expected at EUR 2 bn in EUR bn Project prioritization; manage growth pace in Previous guidance: portfolio 3.1 Exploration Re-phased…
Cost savings initiatives under way to capture industry deflation opportunity OPEX evolution 2015: up to USD 1/boe OPEX reduction in USD/boe enabled by intrinsic business effort Production costs estimated to remain 16.6 broadly at…
Romania manage decline rates within operational and cash constraints Manage decline rate Production increased in Q1/15 but 2015 Production in Romania, outlook assumes a decline in production in kboe/d, CAGR 2015 production decline…
Upstream priorities 2015+ Gudrun, Norway Safety and Safe operations performance Increase operational efficiency Flexibility and Managing expenditures and optionality Manage investment level cash Adjust further if…
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