OMV lifts operating profit 68 percent as energy prices rise

OMV increased its adjusted operating profit by 68 percent in the third quarter, benefiting from high oil and gas prices and stronger refining margins, ORF reported. The partly state-owned oil, gas and chemicals company said its result before special items, adjusted for inventory effects, was about 2.1 billion euros.

Revenue rose 43 percent from the third quarter of 2025 to almost 9 billion euros. Earnings per share nearly doubled to 3.14 euros. Special taxes in Austria and Romania, described as “solidarity contributions”, reduced the result by 200 million euros. They are expected to affect cash flow in 2027.

The fuels division recorded the strongest increase, with operating profit before special items up 172 percent to 1.1 billion euros. OMV attributed the rise to much higher benchmark refining margins in Europe and the Middle East, high refinery utilisation and an improved product mix. The energy division’s result rose 51 percent to 936 million euros, while the chemicals division’s fell 72 percent to 63 million euros.

Higher realised oil and gas prices drove 515 million euros in positive market effects in the energy division. These more than offset lower sales volumes caused by delays to oil and gas production in the Middle East, OMV said.

Chief Executive Emma Delaney told the APA news agency that the company’s result was strong and reflected a supportive market environment. She pointed to new sources of oil and gas expected to come on stream. The Neptun Deep gas project in the Black Sea, in which OMV subsidiary OMV Petrom is involved, is 89 percent complete, with first production expected in the first half of 2027. Delaney also cited the discovery of a new oil field in Libya’s Sirte Basin announced in September.

OMV plans organic investment spending of 3.5 billion euros in 2026, slightly more than previously planned. The company expects an average Brent crude price of 95 US dollars a barrel and an average gas price of 45 euros per megawatt-hour.

Delaney, who took over as head of OMV in early September, declined to discuss the company’s future strategy, saying it was too early. She said its three divisions, energy, fuels and chemicals, could help make the business resilient. On Thursday, environmental group Greenpeace called for a higher windfall tax on energy companies and for it to be extended to fuel station businesses.