Austria's OMV changes tack after oil price slump
The Local/AFP · 18 Feb 2016, 11:54
Published: 18 Feb 2016 11:54 GMT+01:00
- Low oil price pushes Austria's OMV into red (05 Nov 15)
- OMV gives up Adriatic oil and gas project (30 Jul 15)
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.