OMV Petrom: Operating results 21% lower in Q1, investments down by 30%

OMV Petrom had a 21% reduction in operating income to 975 million lei in the first quarter of this year. In the Upstream segment (exploration and exploitation of oil and gas) the quarterly decline was 81%, mainly under the influence of declining oil and gas prices. In response to the current context – depressed international prices and the decline in demand due to the Covid-19 pandemic, OMV Petrom estimates a 30% reduction in investment spending ...

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