July 28, 2020 / 11:59 AM / 11 days ago

OMV trims dividend proposal amid slump in oil and gas consumption

FILE PHOTO: The logo of Austrian oil and gas group OMV is pictured at the rooftop of its headquarters in Vienna, Austria May 12, 2020. Picture taken May 12, 2020. REUTERS/Leonhard Foeger

VIENNA (Reuters) - Austrian oil and gas group OMV (OMVV.VI) trimmed its 2019 dividend proposal by 0.25 euros (0.22 pounds) to 1.75 euros per share on Tuesday in response to a slump in consumption.

Like its rivals, OMV has had to react to a collapse in oil and gas prices and falling margins as demand for refined oil products such as gasoline, diesel and jet fuel has dropped due to global travel restrictions and business disruptions.

OMV will report second-quarter results on Wednesday and 15 analysts on average forecast a fall in core profit (clean CCS EBIT) to 52 million euros from 1.05 billion euros a year earlier.

Shareholders will decide on the dividend, which would be unchanged versus last year, at OMV’s annual meeting on September 29.

Reporting by Kirsti Knolle; editing by Jason Neely

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