Lower capacity utilization

OMV sales slump by 25% in the 1st quarter

The partly state-owned oil, gas and chemicals group OMV earned significantly less in the first quarter of 2024 than in the same quarter of the previous year due to a sharp drop in gas prices, lower capacity utilization at the refineries and a low contribution from the filling station business.

Sales fell by a quarter to 8.17 billion euros, while the profit for the period before special items plummeted by a third to 696 million euros.

"Robust start"
 "OMV has made a robust start to 2024 in an environment in which gas prices are at a level last seen before the outbreak of war in Ukraine," said OMV CEO Alfred Stern.

The temporary recovery of the Chemicals & Materials division is encouraging, even if there is probably still no fundamental improvement in demand in Europe. "Despite the difficult geopolitical situation, disrupted global supply chains and weak consumer demand in Europe, OMV is on track to achieve the goals of its Strategy 2030."

For the full financial year 2024, OMV expects an average Brent oil price of around 85 dollars per barrel - the last forecast was 80 dollars. 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.