The presentation by
was broadcast as a live webcast at 11.30 am (CET).
A replay of the presentation is available here.
Gerhard Roiss, CEO of OMV:
"We delivered a solid operating result in 2014 despite a turbulent year for the industry, with oil prices falling by roughly 50% in the second half of the year and security issues in Libya and Yemen. In 2014, we managed to increase our production by 8% to an average of 309 kboe/d, mainly as a result of the strong contribution of our assets in Norway. These assets have become the second biggest contributor to OMV’s production, supporting the decision to increase our exposure in stable EU/OECD countries. Our integrated business model allows us to profit from the positive development in the downstream business in this challenging environment. The strong refining result in 2014 reflects the benefits of the optimized asset base after the sale of the 45% stake in Bayernoil and the finalization of the modernization program in the Petrobrazi refinery. In addition, we managed to renegotiate our long-term gas supply contract with Gazprom which now reflects the changed market conditions. We have acted decisively to maintain our profitability as well as the strong balance sheet and started a program to ensure OMV’s fitness for a potentially prolonged low oil price environment. Prudently adjusting our investment program and further cost cutting are at the heart of the measures. We remain committed to our strategy with the goal of positioning OMV as an integrated oil and gas company with a focus on Upstream but with adjusted growth to reflect a more challenging environment. Our key focus for the future is to deliver a neutral free cash flow after dividends over the medium term and to bring on stream our upstream projects currently in execution."
* Subject to approval by the Supervisory Board and the Annual General Meeting 2015.