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• Clean CCS Operating Result: Increased by 31% compared to the previous quarter to approximately EUR1.4 billion.

• Clean CCS Earnings Per Share: Declined by 17%.

• Cash Flow from Operating Activities: Over EUR1 billion, nearly on par with Q4 2023.

• Polyolefin Sales Volumes: Grew by 16% year on year.

• Hydrocarbon Production: Decreased by 7% year on year to 340,000 boe per day.

• Clean Operating Result for Full Year 2024: EUR5.1 billion.

• Cash Flow from Operating Activities (Full Year 2024): EUR5.5 billion, 4% below 2023.

• Net Debt: EUR3.2 billion with a leverage ratio of 12%.

• Dividend Proposal for 2024: Regular dividend of EUR3.5 per share and an additional dividend of EUR1.70, totaling EUR4.75 per share.

• Organic Capital Expenditures: EUR3.7 billion, slightly lower than planned.

• Refining Indicator Margin: Declined by $4 per barrel.

• Production Costs: Decreased by 9% to below $10 per barrel.

• Cash Flow from Operating Activities (Q4 2024): Almost EUR1.2 billion, stable compared to Q4 2023.

• Organic Free Cash Flow Before Dividends (Q4 2024): EUR15 million.

• Inorganic Cash Flow from Investing Activities: Inflow of around EUR640 million.

• Warning! GuruFocus has detected 2 Warning Sign with OMVJF.

Release Date: February 04, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• OMV AG (OMVJF) reported a 31% increase in clean CCS operating results compared to the previous quarter, reaching approximately EUR1.4 billion.

• Polyolefin sales volumes, including joint ventures, grew by 16% year on year, indicating strong demand recovery.

• The company maintained a robust cash flow from operating activities, reaching over EUR1 billion, nearly matching the fourth quarter of 2023.

• OMV AG (OMVJF) proposed a total cash dividend of EUR4.75 per share for 2024, maintaining an attractive dividend yield of 12.7%.

• Significant progress was made in strategic projects, including the ramp-up of the Baystar polyethylene plant in the US and advancements in renewable energy initiatives like geothermal and green hydrogen projects.

Negative Points

• Clean CCS earnings per share declined by 17% due to a higher clean CCS tax rate of 50%, influenced by profits from high-tax regions.

• Oil and gas production volume decreased by 7% to 340,000 boe per day, impacted by natural decline and force majeure in Libya.

• The refining indicator margin decreased significantly, affecting the clean CCS operating result of fuels and feedstock.

• The contribution from ADNOC refining and global trading decreased by EUR40 million due to a weaker market environment.

• OMV AG (OMVJF) faced challenges in the biofuels sector, with disappointing margins over the past year due to regulatory changes and increased capacity.