EU groups report strong figures

ISTANBUL, May 11, 2017 – Maersk Group of Denmark and Austria’s energy giant OMV on Thursday reported increases in quarterly earnings as higher oil prices billowed the sails of their respective upstream divisions.

OMV almost doubled its operating result sequentially to EUR 805 million for the first quarter of 2017, driven by 10-year-high production levels of 335,000 boepd.

The Austrian group registered EUR 5.5 billion in sales over the first three months of the year, compared with EUR 3.99 billion during the same period last year.

Maersk Oil bolstered the performance of its parent by recovering from a first-quarter 2016 loss to achieving an underlying quarterly profit of USD 292 million for the past quarter.

The division’s revenue was also up to USD 1.375 billion.

The same cannot be said for hydrocarbons production, with entitlement output falling from 350,000 boepd to 275,000 boepd.

Maersk Drilling saw its earnings fall from USD 223 million in underlying earnings to USD 48 million.

The Danish company’s energy division as a whole, also comprising Maersk Supply Service and Maersk Tankers, saw its underlying quarterly results improve to USD 329 million, in increase of USD 93 million.

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