Uploaded April 2024 | Updated September 2026, 1 hour ago
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.
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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.
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Subscribe to the OMV YouTube Channel: youtube.com/OMV
Follow our Blog: blog.omv.com
Follow us on Instagram: instagram.com/omv
Follow us on Facebook: facebook.com/omv
Follow us on LinkedIn: linkedin.com/company/omv
Follow us on Twitter: twitter.com/omv
