Low gas prices

OMV increases profit to 846 million euros

In its outlook for the full year 2024, OMV expects an average Brent price of around 85 dollars per barrel.

(Bild: APA/ROBERT JAEGER)

The partly state-owned oil, gas and chemicals group OMV generated a net profit for the period attributable to shareholders of 378 million euros in the second quarter of 2024 - compared to 380 million euros in the same period of the previous year. 

For the half-year as a whole, it increased by ten percent to 846 million euros. The CCS operating result before special items (adjusted for inventory effects) rose by four percent to 1.23 billion euros.

Group sales fell by four percent to 8.6 billion euros in the second quarter, mainly due to lower natural gas prices, and by 16 percent to 16.8 billion euros in the first half of the year.

Graphic: Review of the 2023 financial year

While the Chemicals and Fuels & Feedstock divisions recorded growth in the second quarter, the contribution from the largest division, Energy, shrank by 9% to EUR 817 million.

"Sustained solid" cash flows
OMV CEO Stern referred to "consistently solid" cash flows: Cash flows from operating activities increased to 1.2 billion euros compared to the second quarter of 2023.

In its outlook for the full year 2024, OMV expects an average Brent price of around 85 dollars per barrel. The average realized natural gas price is expected to be around EUR 25 per megawatt hour, compared to the previous forecast of EUR 20 to 25.

Oil and gas production is expected to be between 330,000 and 350,000 barrels per day. The expected capacity utilization rate of European refineries has been lowered from the previous forecast of 95% to 90%.