Earnings release
Page 1
OMV Q4/24 Trading Update – January 14, 2025 1 OMV Q4/24 Trading Update This trading update provides provisional basic information on the economic environment as well as OMV’s key performance indicators for the quarter ended December 31, 2024. The Q4/24 results will be published on February 4, 2025. The information contained in this trading update may be subject to change and may differ from the numbers of the quarterly report. Economic environment Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Average Brent price in USD/bbl 84.34 83.16 84.97 80.34 74.73 Average EUR-USD exchange rate 1.075 1.086 1.077 1.098 1.068 Average THE natural gas price in EUR/MWh 40.89 27.73 31.48 35.29 43.69 Average CEGH natural gas price in EUR/MWh 40.02 28.34 32.36 37.09 44.15 Source: Reuters/Platts, Trading Hub Europe (THE), Central European Gas Hub (CEGH) Chemicals Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Ethylene indicator margin Europe1 in EUR/t 527 475 512 522 510 Propylene indicator margin Europe2 in EUR/t 390 348 397 406 383 Polyethylene indicator margin Europe3 in EUR/t 312 403 438 447 440 Polypropylene indicator margin Europe4 in EUR/t 323 395 405 407 402 Utilization rate steam crackers Europe in % 77 87 83 83 84 Polyolefin sales volumes in mn t 1.45 1.45 1.54 1.60 1.68 thereof polyethylene sales volumes excl. JVs in mn t 0.38 0.44 0.44 0.46 0.48 thereof polypropylene sales volumes excl. JVs in mn t 0.47 0.50 0.51 0.49 0.53 thereof polyethylene sales volumes JVs5 in mn t 0.36 0.33 0.38 0.40 0.41 thereof polypropylene sales volumes JVs5 in mn t 0.24 0.18 0.21 0.24 0.25 1 Ethylene CP WE (ICIS) - 1.18 * Naphtha FOB Rotterdam 2 Propylene CP WE (ICIS) - 1.18 * Naphtha FOB Rotterdam 3 HD BM FD EU Domestic EOM (ICIS low) - Ethylene CP WE (ICIS) 4 PP Homo FD EU Domestic EOM (ICIS low) - Propylene CP WE (ICIS) 5 Pro-rata volumes of at-equity consolidated companies Fuels & Feedstock Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 OMV refining indicator margin Europe based on Brent1 in USD/bbl 9.92 10.76 7.00 5.00 5.90 Utilization rate refineries Europe in % 89 85 89 84 90 Fuels and other sales volumes Europe in mn t 4.28 3.57 4.19 4.35 4.10 1 Actual refining margins realized by OMV may vary from the OMV refining indicator margin due to factors including different crude oil slate, product yield, and operating conditions. Energy Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Total hydrocarbon production in kboe/d 364 352 338 332 337 thereof crude oil and NGL production in kboe/d 193 187 183 172 182 thereof natural gas production in kboe/d 171 165 156 160 156 Total hydrocarbon sales volumes in kboe/d 356 322 321 300 354 thereof crude oil and NGL sales volumes in kboe/d 202 176 184 160 215 thereof natural gas sales volumes1 in kboe/d 154 146 137 140 138 Average realized crude oil price2 in USD/bbl 82.3 79.5 81.5 78.4 72.6 Average realized natural gas price1, 2, 3 in EUR/MWh 26.8 21.9 23.2 24.9 30.6 Note: Crude oil, NGL (Natural Gas Liquids), and natural gas figures may not add up due to rounding differences. 1 Does not consider Gas Marketing & Power 2 Average realized prices include hedging effects 3 The average realized natural gas price is converted to MWh using a standardized calorific value across the portfolio of 10.8 MWh for 1,000 cubic meters of natural gas
Page 2
OMV Q4/24 Trading Update – January 14, 2025 2 Additional Information Chemicals In Q4/24, Chemicals was impacted by a softening olefin margin environment compared to Q3/24. In addition, significantly higher fixed costs mostly driven by seasonal impacts, lower light feedstock advantage and other one- off effects, are expected to negatively impact the clean Operating Result in Q4/24 in a mid-double-digit million euro range compared to Q3/24. The Baystar result is also expected to decrease due to a weaker market environment compared to Q3/24. Fuels & Feedstock Fuels & Feedstock was impacted by a significantly lessened marketing result, compared to the seasonally high result in Q3/24, due to lower fuels sales volumes and decreased retail and commercial margins. In addition, higher fixed costs are expected to impact the clean CCS Operating Result in Q4/24 in a low double-digit million euro range compared to Q3/24. Moreover, the result at ADNOC Refining & Trading is expected to decline compared to Q3/24 as a result of one-off effects and a weaker operational performance. Energy In Q4/24, Energy was substantially positively impacted by higher sales volumes in Libya, mainly a result of a catch- up effect of nearly EUR 300 mn compared to Q3/24. On the other hand, a write-off of an exploration well is expected to lower the clean Operating Result by a mid-double-digit million euro amount. Following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export under ICC rules in November 2024, OMV received an arbitral award which was set off against payments under the Austrian gas supply contract. After consideration of related hedging losses, the positive net impact of the arbitral award on the clean Operating Result of the Gas, Marketing & Power business in Q4/24 is expected to be around EUR 210 mn. Other In Q4/24, net working capital is expected to have a negative impact on the cash flow from operating activities, and is amongst others influenced by an increase of around EUR 200 mn in net working capital due to one-off effects in the Gas, Marketing & Power business, mainly attributable to buy-back of gas contract related hedges via exchanges, but also higher gas prices. Consensus The collection of the analysts’ consensus on the quarterly result estimates, managed by Vara Research, is scheduled to open for submission on January 14, 2025, and will close on January 28, 2025, at 7:30 am CET. The consensus will be made public on January 28, 2025. Contact For further information, please contact: Florian Greger, Senior Vice President Investor Relations & Sustainability Tel.: +43 (1) 40 440-21600 E-Mail: / investor.relations@omv.com
Page 3
OMV Q4/24 Trading Update – January 14, 2025 3 Disclaimer regarding forward-looking statements This report contains forward-looking statements. Forward-looking statements usually may be identified by the use of terms such as “outlook,” “expect,” “anticipate,” “target,” “estimate,” “goal,” “plan,” “intend,” “may,” “objective,” “will,” and similar terms or by their context. These forward-looking statements are based on beliefs and assumptions currently held by and information currently available to OMV. By their nature, forward-looking statements are subject to risks and uncertainties, both known and unknown, because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of OMV. Consequently, the actual results may differ materially from those expressed or implied by the forward-looking statements. Therefore, recipients of this report are cautioned not to place undue reliance on these forward-looking statements. Neither OMV nor any other person assumes responsibility for the accuracy and completeness of any of the forward-looking statements contained in this report. OMV disclaims any obligation to update these forward-looking statements to reflect actual results, revised assumptions and expectations, and future developments and events. This report does not contain any recommendation or invitation to buy or sell securities in OMV.