OMV, an Austrian oil-and-gas company, announces decline in fourth-quarter earnings and revenue due to market price slump. Exploration and development production also declined. Future projections and dividend proposal discussed.
OMV, the Austrian oil-and-gas company, has announced a decline in its fourth-quarter earnings and revenue due to a slump in oil and gas market prices. The company has reported quarterly net profit of 236 million euros ($255.3 million), compared to 308 million euros in the same period last year. Adjusted net profit for the quarter decreased by 5% to 665 million euros, surpassing analysts' expectations of 481 million euros. OMV's revenue for the period dropped by 31% to 10.05 billion euros.
OMV also highlighted a decline in exploration and development production, which decreased by 21,000 barrels of oil equivalent per day to 365,000 boe/d. The company explained that this decline is a natural occurrence in several countries.
Looking ahead, OMV expects Brent crude oil prices to be around $80 per barrel in 2024, as compared to $83/bbl in 2023. The average realized gas price is projected to come in at around EUR25 per megawatt hour, compared to EUR29/MWh last year. The company anticipates total hydrocarbon production in 2024 to be between 330,000 boe/d and 350,000 boe/d.
OMV has announced its proposal for dividends for the year 2023. It plans to propose a regular dividend of EUR2.95 per share and a special dividend of EUR2.10 per share.
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