OMV’s Fuels & Feedstock business refines and markets fuels. It operates three inland refineries in Europe and holds a strong market position in the areas where its refineries are located, serving a robust branded retail network and commercial customers. In the Middle East, it owns 15% of ADNOC Refining and ADNOC Global Trading.
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2024 |
2023 |
∆ |
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|---|---|---|---|---|---|---|---|---|---|---|
Clean CCS Operating Result1 |
in EUR mn |
927 |
1,651 |
–44% |
||||||
thereof ADNOC Refining & Trading |
in EUR mn |
78 |
314 |
–75% |
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Special items |
in EUR mn |
–98 |
146 |
n.m. |
||||||
CCS effects: inventory holding gains (+)/losses (–)1 |
in EUR mn |
–119 |
–126 |
5% |
||||||
Operating Result |
in EUR mn |
709 |
1,671 |
–58% |
||||||
Capital expenditure2 |
in EUR mn |
980 |
984 |
–0% |
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|
|
|
|
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OMV refining indicator margin Europe3 |
in USD/bbl |
7.15 |
11.70 |
–39% |
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Utilization rate refineries Europe |
|
87% |
85% |
2 |
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Fuels and other sales volumes Europe |
in mn t |
16.21 |
16.29 |
–0% |
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thereof retail sales volumes |
in mn t |
5.54 |
5.62 |
–1% |
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Financial Performance
The clean CCS Operating Result decreased significantly to EUR 927 mn (2023: EUR 1,651 mn), mainly as a result of lower refining indicator margins, a reduced result in ADNOC Refining, and a weaker retail and commercial result. This was partly offset by lower utility costs and a higher refinery utilization rate, as 2023 was impacted by the turnarounds at the Petrobrazi and Schwechat refineries.
At USD 7.1/bbl, the OMV refining indicator margin Europe declined from the exceptionally high level in 2023 of USD 11.7/bbl following lower gasoline and middle distillate crack spreads. In 2024, the utilization rate of the European refineries increased by 2% to 87% (2023: 85%), as the previous year was impacted by the turnarounds at the Petrobrazi and Schwechat refineries. The utilization rate in 2024 was impacted by an outage at the crude distillation unit at the Burghausen refinery in Q3/24. At 16.2 mn t, fuels and other sales volumes in Europe were on a similar level to last year. The retail business result decreased mainly due to lower fuel unit margins, following the strong margins from the prior-year period, which had benefited from the removal of price caps. In addition, higher fixed costs and the missing contribution from the divested Slovenian and German retail stations negatively impacted the result, partly compensated for by the better non-fuel business contribution. The result of the commercial business decreased due to lower margins on the back of higher costs and import price pressure, as well as decreased volumes following weaker demand for middle distillates, though this was partly offset by an increased aviation contribution.
In 2024, the contribution of ADNOC Refining & ADNOC Global Trading, accounted for as OMV’s share of clean CCS net income of the at-equity consolidated companies, decreased significantly to EUR 78 mn (2023: EUR 314 mn). This was caused mainly by a weaker market environment for ADNOC Refining and a lower refinery utilization rate following a planned turnaround at the RFCC unit. In addition, the result of the prior year was positively impacted by a partial reduction of a decommissioning provision.
Net special items amounted to EUR –98 mn (2023: EUR 146 mn) and were primarily related to losses from commodity derivatives. In 2023, special items were mainly related to the sale of OMV’s filling station and wholesale business in Slovenia. CCS effects of EUR –119 mn were recorded in 2024 as a consequence of declining crude oil prices (2023: EUR –126 mn). The Operating Result of Fuels & Feedstock decreased significantly to EUR 709 mn (2023: EUR 1,671 mn).
Capital expenditure in Fuels & Feedstock amounted to EUR 980 mn (2023: EUR 984 mn). Capital expenditure was slightly higher in 2023 due to larger investments in the co-processing plant in Schwechat and turnaround activities at the Schwechat and Petrobrazi refineries, despite the acquisition of filling stations in Austria for commercial road transport in Q3/24. Besides ordinary ongoing business investments, organic capital expenditure mainly comprised investments in the aromatic unit and the SAF/HVO plant including electrolyzers in Petrobrazi, as well as investments in the EV charging network.