OMV Global

OMV achieves robust Q1 results amid lower gas prices; Chemicals & Materials temporarily recovers

  • Q1 sales exceeds EUR 8 bn, Clean CCS Operating Result of nearly EUR 1.5 bn
  • Operating Cash Flow generation remains strong at EUR 1.8 bn
  • Results in Energy business impacted by significantly declining gas prices 
  • Results in Fuels & Feedstock driven by drop in refining indicator margin in Europe1
  • Results in Chemicals & Materials positively impacted due to inventory effects
  • Transformational journey continues across all three business segments 

OMV achieved sales of more than EUR 8 billion, a Clean CCS Operating Result of nearly EUR 1.5 billion and a Clean CCS net income attributable to stockholders of close to EUR 700 million in the first quarter of the business year 2024. Significant declines in market indicators year-on-year resulted in a fall in operating profit in the Energy and Fuels & Feedstock (F&F) business segments.

The profit in the Energy business segment fell as European gas prices dropped by almost 50 percent, as a result of the mild winter in Europe leading to reduced demand and high gas storage levels. The F&F business also saw a notable drop in operating profit due to a decline in the refining indicator margin from exceptionally high levels last year. A lower utilization rate at the European and Middle East refineries and a lower sales contribution from filling stations also impacted this quarter’s result. 

The Chemicals & Materials (C&M) business segment reported an upturn in operating profit year-on-year due to positive inventory effects amid rising prices. There was also an improvement at Borealis as European products were in greater demand due to fewer imports from Asia and the Middle East following the Red Sea and Panama Canal bottlenecks.

Cash flow from operating activities remained strong at approximately EUR 1.8 billion in the first quarter. The balance sheet remained very strong, with net debt amounting to EUR 1.2 billion at the end of March 2024. OMV had a cash position of EUR 7.9 billion and EUR 5.3 billion in undrawn committed credit facilities at the end of March 2024. 

Alfred Stern, Chairman of the Executive Board and CEO of OMV AG: “OMV has made a robust start to 2024, while operating in an environment of gas price levels last seen before the start of the war in Ukraine. The temporary recovery in our C&M business is welcome, although there is most likely not a fundamental improvement in demand in Europe yet. Against the backdrop of geopolitical instability, disruptions to global supply chains and weak consumer demand in Europe, OMV continues to navigate successfully and steadfastly toward its Strategy 2030 goals. Another key proof point is last week’s announcement about securing long-term agreements with TOMRA to supply recycling feedstock produced from mixed waste for our ReOil® plant.”

Transformation projects in Q1 2024

Chemicals & Materials: Borealis received Letters of No Objection (LNOs) from the US Food & Drug Administration (FDA) concerning the use of specific grades of its Borcycle™ M post-consumer recycled plastics (PCR) in food-grade packaging. This major achievement confirms Borealis’ position as a market leader in value-added solutions for the circular economy.
Borealis closed the acquisition of Integra Plastics, a Bulgarian advanced mechanical recycling player, adding more than 20,000 tons of recycling capacity per year.

Fuels & Feedstock: OMV and Ryanair renewed their offtake agreement for 500 tons of Sustainable Aviation Fuel (SAF) in 2024. In addition, Microsoft agreed to procure Sustainable Aviation Fuel certificates (SAFc) from OMV to reach its decarbonization targets (Scope 3) and establish a credible, sustainable corporate air travel and supply chain logistics. 

OMV agreed to acquire 30 additional filling stations in Austria and Slovakia to strengthen its integrated supply chain around its Burghausen, Germany, and Schwechat, Austria, refineries. The new stations will also act as a catalyst for the company’s sustainable mobility strategy, helping customers to reduce emissions through second-generation biofuels and ultra-fast chargers for e-mobility.

Energy: OMV Petrom agreed to acquire a 50 percent stake in a Romanian company. The company holds approximately 1 GW capacity of renewable projects, out of which 950 MW renewable power is generated from wind and 50 MW from photovoltaic. Furthermore, OMV Petrom signed the acquisition of Romania’s leading EV charging network, with more than 400 EV charging points and plans to increase to approximately 650 by 2026. 

OMV Petrom is also set to receive funding of EUR 50 million from the European Union for the construction of two production facilities for green hydrogen with a total capacity of 55 MW at its Petrobrazi refinery. 

Key Performance Indicators January–March 2024


  • Sales of EUR 8,172 mn, down 25% 
  • Clean CCS Operating Result of EUR 1,483 mn, down 29% 
  • Clean CCS Net income attributable to stockholders at EUR 696 mn, down 32% 
  • Clean CCS Earnings per share of EUR 2.13, down 32% 
  • Cash flow from operating activities of EUR 1,823 mn, down 32% 

Chemicals & Materials

  • Ethylene indicator margin Europe EUR 475/t, down 2% 
  • Propylene indicator margin Europe EUR 348/t, down 9% 
  • Polyethylene indicator margin Europe EUR 403/t, up 16% 
  • Polypropylene indicator margin Europe EUR 395/t, flat 
  • OMV steam crackers utilization rate 87%, down 5 percentage points
  • Clean Operating Result EUR 129 mn, up 37% 

Fuels & Feedstock

  • OMV refining indicator margin Europe USD 10.76/bbl, down 27%
  • OMV refinery utilization rate Europe 85%, down 8 percentage points 
  • Fuels and other sales volumes Europe 3.57 mn t, down 4% 
  • Clean CCS Operating Result EUR 303 mn, down 48% 


  • Average Brent price USD/bbl 83.16, up 2% 
  • Average THE gas price EUR/MWh 27.73 down 49% 
  • Production 352.5 kboe/d, down 6% 
  • Production cost USD 9.56/boe, up 3% 
  • Clean Operating Result EUR 1,050 mn, down 29% 

Outlook 2024 

  • Organic CAPEX remains around EUR 3.8bn
  • Average Brent price to be around USD 85/bbl vs. previous forecast of around USD 80/bbl
  • OMV total hydrocarbon production forecast maintained between 330 kboe/d and 350 kboe/d
  • Average realized natural gas price EUR 20-25/MWh vs. previous forecast of around EUR 25/MWh, with THE price forecast slightly below EUR 30/MWh vs. previous forecast of between EUR 30-35/MWh 
  • OMV refining indicator margin Europe maintained around USD 8/bbl
  • Utilization rate of European refineries maintained around 95%
  • Steam cracker utilization rate in Europe maintained around 85%

Business Segment Quarterly Performance

Chemicals & Materials
The clean Operating Result increased to EUR 129 mn mainly due to a positive impact from inventory effects, and a better result from the Borealis joint ventures Borouge and Baystar. It was partly offset by the less favorable market environment for olefins, a weaker polyolefin business and the absent contribution from the nitrogen business.

Fuels & Feedstock
The clean CCS Operating Result decreased markedly to EUR 303 mn mainly as a result of lower refining indicator margins and refinery utilization rates in Europe and the Middle East. In addition, it was impacted by lower retail and commercial margins, the missing contribution from the divested Slovenian retail and wholesale business. The result was partly compensated by the reduced utility costs and a better non-fuel business performance.

In the first quarter, the clean Operating Result significantly declined to EUR 1,050 mn, primarily due to the substantial decline in natural gas prices as well as reduced hydrocarbon sales volumes. Total hydrocarbon production volumes decreased to 352 kboe/d. This was mainly a consequence of lower production in New Zealand due to unplanned outages and lower well productivity, natural decline in Norway and Romania, as well as Force Majeure in Libya in January 2024. Increased output in the United Arab Emirates following revised OPEC quota restrictions was the main offsetting factor.

1 Refining indicator margin sets product prices of the standard production of a refinery in relation to the crude input price
2 The figures stated relate to first quarter 2024; unless otherwise stated, the comparison is to the previous year.
3 Depending on the timing of the divestment of the assets in Malaysia, the situation in Libya, and also due to natural decline.

OMV Aktiengesellschaft

At OMV, we are re-inventing essentials for sustainable living. OMV is transitioning to become a leading sustainable fuels, chemicals and materials company with a focus on circular economy solutions, while operating today across three integrated business segments of Energy, Fuels & Feedstock, and Chemicals & Materials. 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