Austrian oil and gas company OMV has forecasted positive results on its fourth quarter of 2024, expecting about €210 million ($215.4 million) of earnings driven by its German gas supply contract with Gazprom.
The company focuses on chemicals division as it transitions away from fossil fuels, according to Reuters. It produces chemicals used in gas and water pipes, car parts, medical syringes, and other products.
In November, OMV received an award of more than €230 million from the International Chamber of Commerce in connection with irregular German gas supplies from Gazprom Export.
Meanwhile, OMV’s fuels & Feedstock business was hit by a significantly lower marketing result and higher fixed costs in the quarter, leading to a low double-digit million euro impact on the unit’s clean operating result, as Reuters reported.
OMV reported mixed average energy prices in the fourth quarter, with a 7.4% decline in the average realized crude oil price to $72.6 per barrel, while the price of natural gas rose 22.9% to €30.6 per MWh.