OMV today announced its second quarter earnings in 2024, with sales exceeding € 8.5 billion, a Clean CCS operating result of € 1.2 billion and a Clean CCS net income attributable to stockholders of € 494 million.

The clean CCS operating result of chemicals increased to € 114 million and in fuels & feedstock to € 308 million. The contribution of the energy segment was lower at € 817 million. Cash flow from operating activities was strong at approximately € 1.2 billion in the second quarter.

OMV’s balance sheet remained very solid, with net debt amounting to € 3.3 billion and a low leverage ratio of 12 percent at the end of June 2024. OMV had a cash position of € 5.4 billion and € 4.3 billion in undrawn committed credit facilities at the end of June 2024.

Alfred Stern, Chairman of the Executive Board and CEO of OMV: “OMV has achieved solid results in the second quarter. All three business segments are delivering on the goals of our Strategy 2030. Chemicals and Fuels & Feedstock have benefited from improved earnings, while the Energy segment was influenced primarily by lower results in the gas and power business and legislative changes. OMV remains on track and keeps generating solid cashflows. Our financial strength is supporting the biggest transformation in the history of our company. We are charting a course to become an integrated sustainable chemicals, fuels and energy company.”

OMV’s Chemicals segment reported substantial growth in operating profit year-on-year due to positive inventory effects. Indicator margins for polyethylene and polypropylene increased mainly as a result of fewer imports following bottlenecks in the Red Sea and Panama Canal, and growing concerns about the security of supply. There was also a higher result contribution from the Borealis joint ventures. The main driver was Borouge, the joint venture of Borealis and ADNOC, which generated substantially higher sales volumes.

The Fuels & Feedstock segment saw a notable increase in operating profit mainly driven by a higher refinery utilization rate in Europe, positive supply effects and lower utility expenses. Additionally, the higher contribution from fuel sales in Europe had a positive impact on the second quarter’s results.

The profit in the Energy segment fell due to lower contribution from the Gas Marketing & Power business. Lower margins, primarily due to a change in legislation for the gas and power sector in Romania, which came into effect in April 2024, negatively impacted the result in the second quarter. A better result in OMV’s Exploration & Production business could only partially offset this effect.