The Energy segment is an important contributor for OMV’s long-term value creation. It ensures the supply of affordable energy to meet current demand, while also investing in the development of low-carbon solutions and sustainable resources to support a cleaner energy future.
It consists of Exploration & Production (E&P), Gas Marketing & Power, and the Low Carbon Business (LCB). E&P includes the exploration, development, and production of hydrocarbons. Gas Marketing & Power operates the full natural gas value chain, with natural gas sales, storage, optimization, logistics, and the power business in Romania. LCB concentrates on renewable and geothermal energy.
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2025 |
2024 |
Δ |
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|---|---|---|---|---|---|---|---|---|---|---|
Clean Operating Result |
in EUR mn |
2,707 |
3,810 |
–29% |
||||||
thereof Gas Marketing & Power |
in EUR mn |
252 |
628 |
–60% |
||||||
Special items |
in EUR mn |
–830 |
–605 |
–37% |
||||||
Operating Result |
in EUR mn |
1,877 |
3,205 |
–41% |
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Capital expenditure1 |
in EUR mn |
1,910 |
1,972 |
–3% |
||||||
Exploration expenditure |
in EUR mn |
148 |
229 |
–35% |
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Exploration expenses |
in EUR mn |
149 |
151 |
–1% |
||||||
Production cost |
in USD/boe |
10.64 |
9.98 |
7% |
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Total hydrocarbon production |
in kboe/d |
305 |
340 |
–10% |
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Total hydrocarbon sales volumes |
in kboe/d |
288 |
324 |
–11% |
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Proved reserves as of December 31 |
in mn boe |
880 |
979 |
–10% |
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Average Brent price |
in USD/bbl |
69.11 |
80.76 |
–14% |
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Average THE gas price |
in EUR/MWh |
37.18 |
34.57 |
8% |
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Average realized crude oil price2 |
in USD/bbl |
66.79 |
77.51 |
–14% |
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30.31 |
25.12 |
21% |
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Financial Performance
In 2025, the average Brent price amounted to around USD 69/bbl, representing a decrease of 14% compared to the prior-year level (2024: USD 81/bbl). The Group’s average realized crude oil price declined by 14% to USD 67/bbl (2024: USD 78/bbl), in line with the Brent benchmark. The THE gas price increased by 8% to EUR 37/MWh (2024: EUR 35/MWh), while the average realized gas price in EUR/MWh increased by 21% to around EUR 30/MWh (2024: EUR 25/MWh). It therefore developed better than the European benchmark prices, which was mainly due to the change in portfolio composition following the divestment of SapuraOMV.
The clean Operating Result declined by 29% to EUR 2,707 mn in 2025 (2024: EUR 3,810 mn), mainly due to negative market effects and a notably lower Gas Marketing & Power result. The E&P business was impacted by lower oil prices and an unfavorable foreign exchange development. Higher gas prices were only able to partly offset this. The resulting market effects amounted to EUR –634 mn. Reduced liftings in Norway and the missing sales volumes from the divested Malaysian assets further weighed on the result. This was partially compensated by lower depreciation in New Zealand, primarily attributable to the impairments of some E&P assets in 2024, and higher liftings from the United Arab Emirates and Libya.
The total hydrocarbon production volume came in at 305 kboe/d, in line with guidance. Excluding the impact from the divestment of SapuraOMV, the production decline was limited at around 2%. In 2024 SapuraOMV contributed 28 kboe/d. In addition, production in New Zealand, Romania, and Norway came in lower, mostly due to natural decline. Output in Libya was higher than the previous year, as 2024 had been impacted by unplanned outages due to force majeure, and this had a partially offsetting effect. Production cost excluding royalties increased to USD 10.6/boe in 2025 (2024: USD 10.0/boe) due to lower production volumes and an unfavorable foreign exchange development, though these factors were partly mitigated by a reduced absolute cost base. Total hydrocarbon sales volumes declined by 36 kboe/d to 288 kboe/d, mainly following the production development.
The result of Gas Marketing & Power decreased to EUR 252 mn in 2025 (2024: EUR 628 mn). This was primarily caused by the decline in the Gas Marketing Western Europe result to EUR 181 mn (2024: EUR 557 mn), which was largely attributable to one-off effects related to arbitration awards that had a positive impact on the previous year. In addition, a lower storage result due to decreased summer/winter spreads and a lower sales result following reduced price volatility further weighed on the result. The result of Gas & Power Eastern Europe remained unchanged compared to the previous year at EUR 71 mn (2024: EUR 71 mn). The strong performance achieved in the second half of 2025, supported by power market deregulation in Romania starting in July 2025, compensated for the negative results recorded in the first two quarters.
Net special items amounted to EUR –830 mn in 2025 (2024: EUR –605 mn), with the majority arising from non-cash net impairment charges of E&P assets. Furthermore, following the agreed principles for the extension of production licenses in Romania for an additional 15 years, an impairment of EUR 297 mn of other financial assets related to abandonment obligations was recorded in 2025. In 2024, net special items were mainly related to impairments of E&P assets. The Operating Result declined to EUR 1,877 mn (2024: EUR 3,205 mn).
Capital expenditure including capitalized E&A reduced to EUR 1,910 mn in 2025 (2024: EUR 1,972 mn), as 2024 was impacted by inorganic investments in renewable energy projects in Romania. This was partly offset by an increase in organic investments to EUR 1,881 mn (2024: 1,787 mn) related to Neptun Deep in Romania, as well as increased activity in Austria, Libya, and Norway, counterbalanced by the divestments of the Ghasha concession in the United Arab Emirates and SapuraOMV. Organic capital expenditure in 2025 was primarily directed at projects in Romania, Norway, and Austria. Exploration expenditure was EUR 148 mn in 2025, down from the 2024 level of EUR 229 mn. The decrease can be explained to a large extent by the SapuraOMV divestment and lower expenditure in OMV Petrom E&P. E&A expenditure in 2025 was mainly directed at activities in Norway, Austria, and Libya.