In 2024, Despite lower oil and gas prices, OMV was a profitable year, even if the profit was not as high as in the previous year. In general, the group achieved an annual turnover of 34 billion euros.
“After the exceptional 2022 and 2023, we achieved the fourth best result in the history of the OMV in 2024,” said CEO Alfred Stern on Tuesday at the Balance Sold -press conference in Vienna. “In a difficult environment we have done it very profitably, even if we didn’t really come up with the result of the strong 2023 last year.”
Suns raw material and energy prices
Falling raw material and energy prices In addition to a weak economy, the OMV company had significantly influenced the activities of the OMV last year, Stern reported. At the same time, the chemical division recovered somewhat compared to the very weak year 2023. The average Brent raw oil price of $ 85 (82.73 euros) per barrel was 2 percent under the year before.
Wholesale prices for gas fell by 16 percent to an average of 35 euros per megawatt hours. In the refinery company, the reference margin of OMV refineries in Europe reached $ 7.1 per barrel compared to $ 11.7 in 2023. However, the polyoleefine company recovered with considerably improved margins.
34 billion euros in turnover
In general, the OMV 2024 achieved a cash flow of the business activity of EUR 5.31 billion (plus 14 percent) in a company course of just under 3,4 billion EUR (minus 14 percent). The operational result of CCS before special effects (especially adapted on evaluation effects in the inventory) fell by 15 percent to EUR 5.14 billion. The surplus of the CCS period for shareholders fell by 19 percent to EUR 2.09 billion, the result per share (profit per share) from 4.53 to 4.25 euros. The annual surplus of shareholders fell by 6 percent to EUR 1,389 billion – although this key figure was considerably better in the last quarter with EUR 301 million (plus 28 percent).
Dividend falls to 4.75 euros per share
The board proposes a dividend of 4.75 euros per share, which consists of a regular dividend of 3.05 euros and a special dividend of 1.70 euros. A total dividend of 5.05 euros per share was distributed for 2023.
This year, the OMV is planning investments of EUR 3.6 billion. The overall production of oil and gas must be around 300,000 barrels per day if there are no production disorders in Libya. The production costs at group level must rise from $ 10 to $ 11. The average Brent raw oil price is estimated for $ 75 (73 euros) per barrel this year, the average natural gas price achieved by around 35 euros per megawatt hour. The level of use of the refineries would be 85 to 90 percent.
Falling oil price expected
For this year, the OMV expects a further decrease in the Brent-Oso Prize to an average of $ 75. The average German Gasgupp-by-Kraden price (D) is expected to increase to 40 to 45 euros per MWh. “The average wholesale price was in 2024 compared to 2022 in a third to a quarter, but still higher than before the Russian attack on Ukraine.” In the company history, “Stern said.
It is important to get more gas to Europe to lower prices, Stern said. The price mechanism in Europe has changed. “For that, the pipeline gas from Russia can never flow otherwise, but the LNG ships can go where the best price is paid.”
Drive your own gas production
That is why you have to stimulate your own production in Europe. “Also in Wittau, where we have made the largest gas in Austria for 40 years, we want to fully use the potential of the field.”
The first holes must start in the Neptune Deep project in the Black Sea in Romania in Romania. The reserves that can be promoted are estimated at 100 billion cubic meters. There you will produce for about ten years at a level of 7 to 9 billion cubic meters per year per year. This roughly corresponds to the Austrian annual needs.
With regard to the OMV discussions that have been conducted since mid-2023, with its core shareholder Adnoc (Abu Dhabi National Oil Company) about a joint venture of the OMV chemical daughter Borealis with Borouge in Abu Dhabi, the OMV still reports only the Kale Essusalel . A few days ago it was announced that someone is now also the Emirate Abu Dhabi, such as Adnoc.
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.
