- Clean CCS Operating Result at EUR 5.1 bn due to a lower contribution from Fuels & Feedstock and Energy, partially offset by considerably higher results in Chemicals
- Cash Flow from Operating Activities excluding net working capital effects strong at EUR 5.3 bn, an increase of 14% compared to 2023
- Robust balance sheet with a low leverage ratio of 12%
- Chemicals results positively impacted by a more favorable market environment and a higher contribution from Borealis
- Fuels & Feedstock results lower due to decrease in refining indicator margins
- Energy results lower due to decline in natural gas and oil prices and weaker production
- Termination of the gas supply contract with Gazprom Export ends business relations with Russia
OMV today announced its results for the 2024 financial year1, with sales of EUR 34 billion, a Clean CCS Operating Result of EUR 5.1 billion, and Clean CCS Net Income attributable to stockholders of EUR 2.1 billion. Cash flow from operating activities excluding net working capital effects rose by 14 percent to around EUR 5.3 billion, an increase of EUR 670 million compared to the previous year. The Clean Operating Result of the Chemicals segment increased to EUR 459 million. The contribution of the Fuels & Feedstock segment stood at EUR 927 million, while the Energy segment came in at EUR 3.8 billion. The Clean CCS Earnings per share were EUR 6.39. OMV’s balance sheet remains solid, with net debt amounting to EUR 3.2 billion and a low leverage ratio of 12 percent at the end of 2024.
The damages awarded to OMV in an arbitration ruling against Gazprom Export in November 2024 provided a positive net effect in the fourth quarter of 2024 and led to the Gas Marketing & Power Clean Operating Result increasing by around EUR 210 million. Following the termination of the long-term gas supply contract with Gazprom Export in December 2024 due to fundamental breach of contract, OMV no longer has supply agreements or business activities in Russia.
Alfred Stern, Chairman of the Executive Board and CEO of OMV: “OMV was profitable and generated a good result in 2024 amid a challenging environment. Our cash flow increased substantially, underscoring our financial strength. This forms the foundation for our attractive dividend policy and OMV’s future investments. By ending the long-term gas supply contract with Gazprom Export, we are opening a new chapter in our company’s history. Thanks to our diversified gas portfolio today, we are in a better position than ever before. With our broad range of supply sources, we are meeting our responsibility to ensure security of supply for our customers. As a result, we are making an important contribution to providing reliable and affordable energy in Europe. A stable energy supply fosters economic growth and strengthens society.”
The Clean Operating Result of the Chemicals segment rose substantially to EUR 459 million. This was primarily due to a considerably higher contribution from Borealis in light of a markedly stronger polyolefin business, an improved base chemicals business, and a higher contribution from the Borealis joint ventures. The utilization rate of the European steam crackers operated by OMV and Borealis increased in 2024 by 5 percentage points to 84 percent. Polyolefin sales volumes rose by 10 percent. The contribution of OMV base chemicals declined slightly, mainly due to marginally lower olefin indicator margins.
The Clean CCS Operating Result of the Fuels & Feedstock segment decreased to EUR 927 million. This was largely the result of lower refinery indicator margins, a weaker ADNOC Refining result, and a decline in the contribution from the retail and commercial business, although lower energy costs and an improved refinery utilization rate had a partially offsetting effect. The utilization rate of the European refineries rose by another 2 percentage points in 2024 to 87 percent.
The Clean Operating Result of the Energy segment amounts to EUR 3.8 billion, primarily due to lower natural gas and oil prices. Weaker operating performance in the Exploration & Production (E&P) business was attributable to lower production and higher depreciation in Romania. The decline in E&P sales volumes continued to reflect lower overall production. The Gas Marketing & Power result increased. A significantly improved contribution from Gas Marketing Western Europe offset a weaker result in Gas & Power Eastern Europe. Total hydrocarbon production dropped to 340 kboe/d. This was largely due to natural decline in Norway, New Zealand, and Romania, and unplanned shutdowns in Libya. Total hydrocarbon sales volumes came in at 324 kboe/d.
Transformation projects in the 2024 financial year
Chemicals:
Borealis announced the construction of a polyolefin compounding plant based on recyclates in Belgium. This semi-commercial demonstration plant will utilize Borcycle™ M technology to produce recyclate-based polyolefins (rPO). At this plant, mechanically recycled post-consumer waste will be processed into high-quality polypropylene and polyethylene products.
In another innovative project, Borealis, Neste, and Covestro have collaborated to enable the recycling of old tires into high-quality plastics for automotive applications. The goal of this collaboration is to promote the circular economy in the plastics value chain and the automotive industry.
Additionally, in 2024 OMV and Borealis have secured long-term raw material supply contracts with TOMRA Feedstock for their recycling plants. This partnership ensures us a continuous supply of sustainable and high-quality raw material for our recycling facilities. OMV will process the raw material supplied by TOMRA in the new ReOil plant at the Schwechat refinery.
Fuels & Feedstock:
The co-processing plant at the Schwechat refinerystarted up in June 2024. Using this technology, biogenic raw materials such as domestic rapeseed oil and fossil fuels can be processed and turned into high-quality, renewable hydrogenated vegetable oil components for fuels.
OMV Petrom took the final investment decision for the construction of a plant for sustainable aviation fuel and HVO diesel, plus two plants for green hydrogen.
OMV has been producing SAF from used cooking oil at the Schwechat refinery since 2022 and supplying major airlines such as Ryanair at the Vienna Airport and other airports in Central and Eastern Europe.
Another major step toward the decarbonization of air travel is OMV SAF Business Solutions. With these SAF certificates, OMV supports companies like Microsoft in achieving their climate targets. In doing so, OMV verifies the environmental benefits of SAF through a certificate and allows companies to directly minimize their carbon footprint.
Energy:
OMV successfully completed the Haydn/Monn deep sea exploration well in the Norwegian Sea. The well encountered gas in three different reservoirs with provisionally estimated recoverable volumes between 30 and 140 million boe in total.
Progress was also made on the Neptun Deep project in Romania. The arrival of the mobile drilling rig in Romania is an important step in getting the first deep offshore gas project in Romania off the ground in partnership with Romgaz and ramping up production by 2027.
OMV completed the sale of its 50% stake in Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies. The total sales price amounted to USD 957 million. OMV is continuously improving its portfolio.
In December 2024, OMV started the first of three deep geothermal drilling holes for a pilot plant in Vienna together with joint venture partner Wien Energie. Commissioning of the deep geothermal plant in Aspern is scheduled for 2028.
Key figures FY 2024 vs. FY 2023
Group:
Sales of EUR 33.98 bn, down 14%
Clean CCS Operating Result of EUR 5.14 bn, down 15%
Clean CCS Net Income attributable to stockholders at EUR 2,09 bn, down 19%
Clean CCS Earnings per share of EUR 6.39, down 19%
Cash flow from operating activities excluding net working capital effects of EUR 5,31 bn, up 14%
Chemicals:
Ethylene indicator margin Europe EUR 505/t, stable
Propylene indicator margin Europe EUR 384/t, down 1%
Polyethylene indicator margin Europe EUR 432/t, up 34%
Polypropylene indicator margin Europe EUR 402/t, up 13%
OMV steam cracker utilization rate 84%, up 5 percentage points
Clean Operating Result of EUR 459 mn, up EUR 365 mn
Fuels & Feedstock:
OMV refining indicator margin Europe USD 7.15/bbl, down 39%
OMV refinery utilization rate 87%, up 2 percentage points
Fuels and other sales volumes Europe 16.21 mn t, stable
Clean CCS Operating Result EUR 927 mn, down 44%
Energy:
Average Brent price USD 80.8/bbl, down 2%
Average realized natural gas price EUR 25.1/MWh, down 14%
Hydrocarbon Production 340 kboe/d, down 7%
Production cost USD 10.0/boe, up 3%
Clean Operating Result EUR 3,810 mn, down 13%
Outlook for 2025
- OMV Group Organic CAPEX projected at around EUR 3.6 bn
- Average Brent price USD 75/bbl expected
- OMV hydrocarbon production around 300 kboe/d expected
- Average realized natural gas price around EUR 35/MWh, with a THE price forecast of EUR 40–45/MWh
- OMV refining indicator margin Europe predicted at around USD 6/bbl
- Refinery utilization rate Europe between 85 and 90%
- Steam cracker utilization rate in Europe expected to be around 90%
1The figures stated relate to the 2024 financial year; unless otherwise stated, the comparison is to the annual figure of the previous year.
About OMV Aktiengesellschaft
At OMV, we are re-inventing essentials for sustainable living. OMV is transitioning to become an integrated sustainable chemicals, fuels and energy company with a focus on circular economy solutions. By gradually switching over to low-carbon businesses, OMV is striving to achieve net zero by latest 2050. The company achieved revenues of EUR 39 billion in 2023 with a diverse and talented workforce of around 20,600 employees worldwide. OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the U.S. Further information at www.omv.com.