VIENNA, April 29 (Reuters) - Austrian energy group OMV on Wednesday posted a first-quarter operating profit above expectations but lowered its production target and crude price forecasts due to tumbling oil demand in the wake of the coronavirus pandemic.
Clean current cost of supplies (CCS) earnings before interest and tax (EBIT), which exclude special items and inventory gains or losses, fell 8% and came in at 699 million euros ($758.21 million) in the three months through March, the company said.
That was above an average forecast of 573 million euros in an OMV poll of 15 analysts, published on the company’s website.
OMV now expects total production to be between 440,000 barrels of oil equivalent per day (boed) instead of its previous target of 500,000 boed.
$1 = 0.9219 euros Reporting by Kirsti Knolle, editing by John Miller