The Energy segment plays an important role in delivering substantial long-term value for OMV. On one hand, the Energy segment is providing affordable energy solutions to meet today’s demand, while simultaneously developing new low carbon solutions and developing sustainable resources for the future. It consists of Exploration & Production (E&P), Gas Marketing & Power, and the Low Carbon Business (LCB).
E&P includes the exploration, development, and production of hydrocarbons. Gas Marketing & Power operates the full natural gas value chain, with natural gas sales, storage, optimization, logistics, and the power business in Romania. LCB concentrates on geothermal energy, renewable energy, and Carbon Capture and Storage (CCS) solutions.
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2024 |
2023 |
Δ |
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|---|---|---|---|---|---|---|---|---|---|---|
Clean Operating Result |
in EUR mn |
3,810 |
4,357 |
–13% |
||||||
thereof Gas Marketing & Power |
in EUR mn |
628 |
609 |
3% |
||||||
Special items |
in EUR mn |
–605 |
–586 |
–3% |
||||||
Operating Result |
in EUR mn |
3,205 |
3,771 |
–15% |
||||||
Capital expenditure1 |
in EUR mn |
1,972 |
1,582 |
25% |
||||||
Exploration expenditure |
in EUR mn |
229 |
248 |
–8% |
||||||
Exploration expenses |
in EUR mn |
151 |
222 |
–32% |
||||||
Production cost |
in USD/boe |
9.98 |
9.67 |
3% |
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Total hydrocarbon production |
in kboe/d |
340 |
364 |
–7% |
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Total hydrocarbon sales volumes |
in kboe/d |
324 |
345 |
–6% |
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Proved reserves as of December 31 |
in mn boe |
979 |
1,136 |
–14% |
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Average Brent price |
in USD/bbl |
80.76 |
82.64 |
–2% |
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Average THE gas price |
34.57 |
40.98 |
–16% |
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Average realized crude oil price2 |
in USD/bbl |
77.51 |
79.21 |
–2% |
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in EUR/MWh |
25.12 |
29.09 |
–14% |
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Financial Performance
The clean Operating Result declined to EUR 3,810 mn in 2024 (2023: EUR 4,357 mn), mainly due to negative market effects in the amount of EUR –329 mn caused predominantly by a drop in natural gas prices and lower oil prices. Weaker operational performance in Exploration & Production, largely attributable to lower production and higher depreciation in Romania, further impacted the result by EUR –238 mn. E&P sales volumes declined and largely followed the lower production level. The result of Gas Marketing & Power increased slightly to EUR 628 mn in 2024 (2023: EUR 609 mn). A significantly improved Gas Marketing Western Europe result in the amount of EUR 557 mn (2023: EUR 172 mn) was able to offset a much weaker result from Gas & Power Eastern Europe, which came in at EUR 71 mn (2023: EUR 437 mn). The main driver of the improved performance of Gas Marketing Western Europe was an arbitration award of around EUR 230 mn in Q4/24, following concluded arbitration proceedings under ICC rules in relation to the German gas supply contract with Gazprom Export. After consideration of related hedging losses, the positive net impact of the arbitration award on the clean Operating Result of the Gas Marketing & Power business in Q4/24 was around EUR 210 mn. Furthermore, the supply result benefited from the fact that in 2024 there were no natural gas supply curtailments as there had been in January 2023. In addition, the transportation result was higher in 2024, mainly because the prior year was burdened by a substantial increase in provisions following the purchase of new transportation capacities in the summer of 2023. A higher gas sales margin further supported the Gas Marketing Western Europe result but was partially offset by a lower logistics contribution. The result of Gas & Power Eastern Europe decreased considerably mostly due to a significant decline in the power business result. This was largely attributed to the change in legislation for the gas and power sector in Romania that came into effect in April 2024. In addition, power trading margins declined compared to the high levels seen in 2023. Declining storage and third-party gas margins, due to a weaker gas pricing environment, further weighed on the 2024 Gas & Power Eastern Europe result.
Production cost excluding royalties increased only slightly to USD 10.0/boe in 2024 (2023: USD 9.7/boe) due to lower production volumes, but was partly mitigated by a reduced absolute cost base following successful cost reduction initiatives. The total hydrocarbon production volume decreased by 24 kboe/d to 340 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, and unplanned outages due to force majeure in Libya. Increased output in the United Arab Emirates could only partially offset this. Total hydrocarbon sales volumes declined by 20 kboe/d to 324 kboe/d (2023: 345 kboe/d), mainly following the production development.
In 2024, the average Brent price reached USD 80.8/bbl, a decrease of around 2% compared to the previous year (2023: USD 82.6/bbl). The Group’s average realized crude oil price declined by 2% to USD 77.5/bbl, in line with the Brent benchmark. The average realized gas price in EUR/MWh came down by 14% to EUR 25/MWh, while the benchmark price at the THE declined by 16% to EUR 35/MWh.
Net special items amounted to EUR –605 mn in 2024 (2023: EUR –586 mn), with the majority arising from impairments of E&P assets. The Operating Result declined to EUR 3,205 mn (2023: EUR 3,771 mn).
Capital expenditure including capitalized E&A rose significantly to EUR 1,972 mn in 2024 (2023: EUR 1,582 mn), mainly as a result of a higher level of activity related to the Neptun Deep project in Romania. Organic capital expenditure was primarily directed at projects in Romania, the United Arab Emirates, and Norway. Exploration expenditure was EUR 229 mn in 2024, down from the 2023 level of EUR 248 mn. It was mainly directed at activities in Norway, Romania, and Austria.