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OMV AG (OMVV.VI)

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Latest Key Developments (Source: Significant Developments)

Romanian OMV Petrom Q2 net profit falls sharply on low oil and gas prices
Wednesday, 10 Aug 2016 12:13am EDT 

Romania's top oil and gas firm OMV Petrom , controlled by Austria's OMV : Posts second-quarter net profit attributable to shareholders of 118 million lei ($29.52 million), sharply lower than the 693 million lei recorded in the same quarter of 2015. . Says group's EBIT stood at 218 million lei in the second quarter, compared with 786 million in the same period of last year, driven by lower sales revenues and lower operating income. . Says lower sales were only partially offset by the decrease in exploration expenses, mostly due to lower expenses in the Neptun off-shore block. . Says capital expenditure decreased to 1.34 billion lei from 2.07 million in the first half of 2015, mainly due to substantially lower CAPEX in Upstream. . Petrom CEO Mariana Gheorghe: "In the first half of 2016, the difficult market environment adversely impacted our financial results, outweighing the effects from improved operational performance as well as strict cost discipline and cash management." ($1 = 3.9968 lei) (Reporting by Luiza Ilie) ((luiza.ilie@thomsonreuters.com;)).  Full Article

OMV says Turkey politics have no impact on Petrol Ofisi sale
Tuesday, 9 Aug 2016 11:09pm EDT 

OMV : OMV CEO says 2017 capex expected to reach 2.4 billion eur . OMV upstream chief says currently producing 70k boe/d in North Sea . Upstream Chief Says Aasta Hansteen Field In North Sea Will Bring Additional 15-20k boe/d by end-2018 . CFO says does not expect further write-downs on north sea assets . OMV downstream chief says political situation in Turkey has no impact on Petrol Ofisi sale Further company coverage: [OMVV.VI] (Reporting By Shadia Nasralla) ((Shadia.Nasralla@thomsonreuters.com;)).  Full Article

OMV says new CFO to start in July
Friday, 13 May 2016 04:05am EDT 

Omv : Says CFO reinhard florey starts on July 1, 2016 . Says current CFO and deputy chairman of the executive board David C. Davies will leave the OMV executive board from July 31, 2016, following a one-month handover period Further company coverage: [OMVV.VI] ((vienna.newsroom@thomsonreuters.com; +43 1 53112 255;)).  Full Article

OMV CFO: Russia fields would go on stream 1 year after investment
Wednesday, 11 May 2016 06:44am EDT 

OMV CFO says: OMV CFO says hopes production of new Russia fields to come onstream one year after investment "executed" . OMV CEO says in Gazprom asset swap we're talking about a stake in a North-Sea subsidiary, Gazprom would be co-owner . OMV CFO says downstream margins have been a little weaker in Q2 versus Q1 . OMV CFO says would be "aggressive" to think Borealis will have better year in 2016 versus 2015 Further company coverage: [OMVV.VI] (Reporting By Shadia Nasralla) ((Shadia.Nasralla@thomsonreuters.com;)).  Full Article

BRIEF-Low oil prices push Romanian OMV Petrom Q1 net profit down to 288 mln lei
Wednesday, 11 May 2016 02:20am EDT 

Corrects net profit figure.Romania's top oil and gas firm OMV Petrom , controlled by Austria's OMV : Posts first-quarter net profit of 288 million lei ($73.13 million) compared with 345 million lei in the same quarter of 2015. An equities analyst at Raiffeisen Bank expected a net profit of 155 million lei. . Says results affected by steep oil price drop, only partly compensated by benefits from integration and lower costs. . Says group cut investment by 28 percent on the year in the first quarter. . Petrom CEO Mariana Gheorghe: "Our investments were prioritized based on long-term value generation and CAPEX was reduced by approximately 28 percent year-on-year. This has naturally impacted the total hydrocarbon production in Upstream. However ... the negative Upstream result for Q1/16 was more than compensated by the positive contribution from both Downstream Oil and Gas. ($1 = 3.9383 lei) (Reporting by Luiza Ilie) ((luiza.ilie@thomsonreuters.com;)) Keywords: (CORRECTED).  Full Article

OMV AG ramps up activities in Iran with MoU
Wednesday, 4 May 2016 06:01am EDT 

OMV AG:Says signed MOU with national Iranian oil company (NIOC) concerning evaluation of various fields in Zagros area in west of Iran, for potential future development.Says MOU with NIOC also covers envisaged cooperation in area of technology research, crude and petroleum product swap business.  Full Article

OMV AG completes drilling and testing of Wisting Central II appraisal well
Tuesday, 5 Apr 2016 08:00pm EDT 

OMV AG:Successful drilling and testing of the Wisting Central II appraisal well.Wisting area potential is reconfirmed at 200-500 mn boe.  Full Article

Gazprom and OMV sign documents to develop strategic cooperation
Thursday, 31 Mar 2016 08:00pm EDT 

OMV AG:Gazprom and OMV sign documents to develop strategic cooperation.Says Gazprom and OMV signed agreement for scientific & technical cooperation and partnership.Says in accordance with the document, Gazprom will sell REBCO grade oil to OMV in the course of 2016 on FOB (free on board) terms.Says in addition, as agreed by the parties, OMV may be supplied with SILCO grade oil.Says additionally, deeper interaction is intended in the field of research and development management.  Full Article

OMV AGsays chairman Peter Oswald to step down
Friday, 4 Mar 2016 02:30am EST 

OMV AG:Says supervisory board chairman Peter Oswald resigns​.Says Oswald will resign as chairman and member of supervisory board on May 18.  Full Article

OMV AG - Bulgaria investigates possible fixing of fuel prices - Reuters
Thursday, 25 Feb 2016 03:49am EST 

OMV AG:Bulgaria's competition watchdog has launched an investigation into the country's only oil refinery and seven fuel retailers over possible petrol and diesel price-fixing - RTRS.The Commission for Protection of Competition said on Thursday that it had begun investigating the Bulgarian operations of Royal Dutch Shell, OMV, Hellenic Petrolleum, Nis Petrol, Lukoil, Rompetrol and Bulgarian Petrol Nis Petrol is majority owned by Gazprom Neft.The Lukoil Neftochim Burgas oil refinery is also under scrutiny over potential breaches of competition rules while selling its fuels on the local market, the watchdog said.The investigation follows complaints by Bulgarians over high fuel costs despite a plunge in global oil prices and a request by Prime Minister Boiko Borisov that the competition authority hastens checks on the fuel sector.A Lukoil Bulgaria spokeswoman said the company would not comment on the matter until it had seen the watchdog's documents, while an OMV spokesman said the Austrian company does not comment on ongoing investigations.The other companies did not respond immediately to requests for comment.The competition authority said it has launched the full investigation after an analysis of the fuel sector in the European Union country between 2013 and 2015 found that the retail price policy of the 7 companies was very similar and too slow to reflect drops in wholesale and production prices.  Full Article

UPDATE 2-Allianz-Snam win bid for 49 pct of OMV's Gas Connect Austria

* OMV in need of cash as oil price bites (Adds detail on GCA dividend, Snam strategy)