Business | Oil & Gas

OMV's first-quarter refining margins decline

Austrian oil and gas group OMV said on Friday first-quarter refining margins fell from the previous quarter, weighed down by lower gasoline and fuel oil spreads while production was broadly steady.

  • Reuters
  • Published: 00:33 April 19, 2008
  • Gulf News

Vienna: Austrian oil and gas group OMV said on Friday first-quarter refining margins fell from the previous quarter, weighed down by lower gasoline and fuel oil spreads while production was broadly steady.

OMV said in a trading update that the reference refining margin was $4.24 per barrel in the first quarter compared with $4.34 in the fourth quarter of 2007.

"Despite higher diesel spreads, refining margins declined compared to fourth quarter 2007 because of lower gasoline and fuel oil spreads," OMV said in its trading statement yesterday.

First-quarter production stood at 322,000 barrels of oil equivalent per day (boe/d) from 323,000 boe/d the previous quarter, as higher gas volumes in Romania offset a lower production following a planned shutdown in New Zealand.

OMV sold 5.36 million tonnes of refined products compared to 5.39 million tonnes in the previous quarter. "The weakening of the US dollar against the euro continued and thus negatively impacted revenues," said OMV, though it added the effect was partly offset by the weakening of the leu against the euro, favouring euro costs.

Exploration expenses were below the high fourth quarter level and the tax rate was expected to be broadly in line with the full-year outlook, so higher than last year's, OMV added.

OMV shares closed at 46.93 euros on Thursday. The stock has lost more than 15 per cent so far this year, while the Austrian blue chip index ATX has fallen nearly 12 per cent over the same period.

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