OMV Q1 Profit Drops

Austrian company OMV AG (ADR) OMVKY reported a drop in its net income for the first quarter. OMV's quarterly net income slipped around 46 percent year-over-year to EUR163 million, compared to EUR301 million, in the year-ago period. Its sales shrank 41 percent to EUR5.83 billion from EUR9.83 billion. The company's clean current cost of supply net income declined 22 percent to 237 million euros ($271.2 million) from EUR302 million. Its realized crude price dropped 53 percent in the quarter. For 2015, the company projects capital expenditure of about EUR2.7 billion. OMV also projects production, excluding Libya and Yemen, of about 300,000 barrels of oil equivalent. OMV shares closed at $34.68 on Friday.