The partially state-owned oil, gas and chemical group OMV earned significantly less in the first quarter of 2024 than in the same quarter of the previous year, due to sharply lower gas prices, lower refinery utilization and a small contribution from gas station activities.
Turnover fell by a quarter to 8.17 billion euros and profit for the period before exceptional items fell by a third to 696 million euros.
“Robust start”
“OMV has made a robust start to 2024, in an environment where gas prices are at levels last seen before the outbreak of war in Ukraine,” said OMV CEO Alfred Stern.
The temporary recovery in the Chemicals & Materials division is encouraging, even though there is probably no fundamental improvement in demand in Europe yet. “Despite the difficult geopolitical situation, disrupted global supply chains and weak consumer demand in Europe, OMV is on track to achieve the objectives of its Strategy 2030.”
For the entire fiscal year 2024, OMV expects an average Brent oil price of around $85 per barrel – the last forecast was $80. Expected oil and gas production remains between 330,000 and 350,000 barrels per day.
The average realized natural gas price is expected to be between 20 and 25 euros per MWh, compared to the previous forecast of around 25/MWh.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
