OMV's net income was down 48% yoy to €180m, 20% above expectations. The group had a €62m loss in the upstream division while refining was €247m. The group presented its new strategy to make OMV fit for the future. Three main decisions: 1) The group has cut its dividend by 25% to €1/share, in line with our expectations. 2) A 60% reduction in capex in 2017 compared to 2014. 3) Further cost cutting: €300m by 2017.
18 Feb 2016
First view: better results, cut in dividend, worries on Russia
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First view: better results, cut in dividend, worries on Russia
OMV AG (OMV:WBO) | 0 0 1.2% | Mkt Cap: 15,591m
- Published:
18 Feb 2016 -
Author:
Alexandre Andlauer -
Pages:
2
OMV's net income was down 48% yoy to €180m, 20% above expectations. The group had a €62m loss in the upstream division while refining was €247m. The group presented its new strategy to make OMV fit for the future. Three main decisions: 1) The group has cut its dividend by 25% to €1/share, in line with our expectations. 2) A 60% reduction in capex in 2017 compared to 2014. 3) Further cost cutting: €300m by 2017.