Austria's OMV changes tack after oil price slump
Austrian oil and gas group OMV said on Thursday it aimed to focus more on Iran, Russia and the United Arab Emirates after the oil price slump pushed it to a hefty annual loss.
The shift to these more profitable regions will be accompanied by slashing investment and spending, with new chief executive Rainer Seele saying cuts to the 24,100-strong workforce "cannot be ruled out".
The 2015 oil price collapse pushed OMV to an operating loss of €2.0 billion ($2.2 billion) and a net loss of €1.3 billion. It cut its dividend 20 percent. OMV shares were down 0.14 percent by late morning on Thursday.