OREANDA-NEWS. Austrian oil and gas company OMV's production dipped by 5pc in the first quarter. But the company's refining margins more than quadrupled on the year.

Production fell compared with both the previous quarter and the year-earlier period as a result of Libyan output shut-ins and a one-month shutdown at the Gudrun field offshore Norway in February.

Oil and gas production was 303,000 b/d of oil equivalent (boe/d) in the first quarter, according to preliminary figures, down from 311,000 boe/d in the first quarter last year and 318,000 boe/d in the previous quarter.

OMV's preliminary refining margin indicator increased compared with the fourth quarter as a result of lower oil prices and stronger naphtha, gasoline and middle distillate spreads. OMV's refining margin reached \$7.45/bl in January-March, compared with \$5.19/bl in the previous quarter and just \$1.63/bl a year earlier.

The first quarter utilisation rate was 92pc, a six percentage point increase on the fourth quarter last year and a three percentage point increase on the year, although a six-week planned shutdown at the 68,000 b/d Burghausen refinery that ended in December hit fourth-quarter refinery run rates.

The company reports its first-quarter results on 18 May.