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Investing.com -- Austrian oil, gas, and chemicals company OMV’s third‑quarter trading update showed stronger‑than‑expected refining results, driven by higher margins and utilization, which offset weaker chemicals performance and certain headwinds in the energy segment.
Jefferies said, “OMV Fuels & Feedstock refining margin of $11.54/b is particularly strong relative to expectations (and the highest since 3Q23, first double-digit since 1Q24).”
Morgan Stanley noted, “the refining indicator came in at $11.5/bbl (and ~27% higher than Visible Alpha‑compiled figures).”
Refining utilization rose to 91% from 83% in the second quarter and above consensus of 88%. Fuel sales increased 4.5% quarter‑over‑quarter, with total volumes of 4.4 million tonnes, slightly below consensus of 4.6 million tonnes but higher than the second quarter of 2025 and third quarter of 2024.
In chemicals, margins declined. Jefferies said, “this offsets Chemicals indicator margins decreasing q/q, but with some +ve inventory effect, while higher Energy sales volumes q/q are offset by FX, gas price & other items.”
Monomer margins, the average of ethylene and propylene, fell by €19 per tonne, and polymer margins, the average of polyethylene and polypropylene, fell by €18 per tonne.
Polyolefin sales volumes declined by 0.06 million tonnes to 1.55 million tonnes, reflecting seasonal factors and pre‑sales in the second quarter.
Morgan Stanley said, “Margins were better than expected on monomers and PE, but softer on PP.” A positive inventory effect partially offset the volume decline.
The energy segment showed stable production but faced headwinds. Production averaged 304,000 barrels of oil equivalent per day, above consensus of 300,000, with sales volumes of 306,000 boe/day, up 30,000 from the previous quarter.
Morgan Stanley said, “Production was relatively in line with consensus estimates and flat Q/Q, but the company noted an overlifting effect supporting higher sales volumes in the quarter (Norway and the UAE).”
Gains in volumes were offset by foreign exchange effects, lower realized gas prices and a well write‑off in Norway.
Average realized crude prices remained steady at $66 per barrel, while average realized gas prices fell to €27.3 per megawatt‑hour from €29.3 in the prior quarter.
Morgan Stanley added, “Gas marketing & power should be positively impacted by power deregulation in the East.”
On cash flow, Jefferies said, “CFFO (pre‑WC) will see a further Borouge dividend c.$200m with less tax adjustment,” while Morgan Stanley noted, “OMV noted a negative working capital effect in the quarter driven by gas storage injections.”
Consensus for cash flow from operations before working capital was €1.08 billion. Jefferies also said, “Overall, the higher mix of downstream in results (Fuels) will see a lower tax rate q/q.”