Q2 2024 OMV AG Earnings Call Transcript
Key Points
- OMV AG (OMVJF) reported a 4% increase in clean CCS operating results to EUR1.23 billion compared to the prior year quarter.
- Cash flow from operating activities increased by almost EUR1 billion compared to the second quarter of 2023.
- Polyolefin sales volumes rose by 13% year over year, driven by improved demand, market share gains, and higher volumes at Borouge and Baystar.
- OMV AG (OMVJF) completed the construction of its flagship ReOil recycling plant, with a capacity of 16,000 tons per year.
- The company announced a collaboration with Clariant to explore the supply of sustainable ethylene and develop new strategies to meet sustainability targets in the ethylene supply chain.
- The European refining indicator margin declined to $7 per barrel, approximately 35% lower than the previous quarter.
- Oil and gas production was 4% lower year over year, mainly due to reduced volumes in New Zealand, Norway, and Romania.
- The performance of the energy segment declined by around EUR80 million due to a lower result in gas marketing and power.
- The clean CCS tax rate remained high at 46%, impacting overall profitability.
- The contribution from ADNOC Refining and Trading decreased significantly by EUR72 million, impacted by weaker refining margins.
Welcome to the OMV Group's second-quarter 2024 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
At this time, I would like to refer you to the disclaimer, which includes our position on forward-looking statements. These forward-looking statements are based on beliefs, estimates, and assumptions currently held by and information currently available to OMV.
By their nature, forward-looking statements are subject to risks and uncertainties that will or may occur in the future and are outside of control of OMV. Therefore, recipients are cautioned not to place undue reliance on these forward-looking statements. OMV disclaims any obligation and does not intend to update these forward-looking statements to reflect actual results, revised assumptions and expectations and future developments and events. This presentation does not contain any recommendation or invitation to buy or sell securities in OMV.
I'd now like to hand the conference over to Mr. Florian Greger, Head of Investor Relations. Please go ahead, Mr. Greger.
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