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Investing.com -- OMV has lowered its organic capital expenditure guidance to €2.8 billion per year across 2026-30, down from its previous target of less than €3.8 billion per year for 2024-30, the company announced at its Capital Markets Day in Vienna on Monday.
The new capex figure falls below analyst estimates and consensus, which both stood around €3.1 billion annually. Of the €5 billion cumulative reduction through 2030, €3.5 billion comes from the expected deconsolidation of Borealis due to the BGI deal, while another €1.5 billion will come from optimization in other segments.
OMV is rescheduling certain sustainable projects to beyond 2030 "to balance risk and opportunity." As a result, the proportion of capex allocated to sustainable projects will decline to 30% of the group total, compared to 40-50% in prior guidance.
In its upstream business, OMV has raised its production target to approximately 400,000 barrels of oil equivalent per day by 2030, up from the previous target of around 350,000 barrels. This new goal significantly exceeds current analyst consensus of 324,000 barrels. The company maintains its focus on gas production and noted it is "actively pursuing inorganic opportunities" to strengthen its portfolio.
For renewable energy, OMV is "adjusting its pace," focusing on executing and building its renewable portfolio in South Eastern Europe, while "the investment cycles in geothermal projects are being adjusted."
With these updated guidelines and the effects of the Borealis deconsolidation, OMV projects its group cash flow from operations to exceed €6 billion in 2030.
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