OMV's Q1 Operating Profit Exceeds Forecasts Due to Strong Energy Division
OMV's Financial Performance and Market Outlook
Q1 Operating Profit Results
April 30 (Reuters) - Austrian oil, gas and chemicals firm OMV slightly beat adjusted operating profit expectations on Thursday, helped by a better-than-expected performance at its energy division.
The Vienna-based company reported an operating profit of 1.03 billion euros ($1.19 billion), above analysts expectations of 1 billion euros according to a company-provided poll.
Clean Result Explanation
A clean result is based on the current cost of supply and excludes one-off items and short-term gains and losses from energy inventory holdings.
Market Outlook and Oil Price Forecast
Brent Price Expectations
OMV also said it expected the average Brent price to be between $85 and $95 a barrel in 2026, as it expects the Strait of Hormuz to reopen by the end of the first half of the year.
Impact of Geopolitical Events
The U.S-Israeli war against Iran and subsequent closure of the Strait of Hormuz have caused oil prices to skyrocket past the $110 threshold as supply chains faced disruption.
Additional Information
($1 = 0.8578 euros)
(Reporting by Tristan Veyet and Danny Callaghan in Gdansk, editing by Milla Nissi-Prussak)
