The following is a summary of the OMV Aktiengesellschaft (OMVJF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• OMV's clean CCS operating result for Q1 2024 was €1.5 billion with an operating cash flow of €1.8 billion, an increase of 4% from Q4 2023 but still lower than the prior year quarter.

• Cash flow from operations saw a jump of almost 70% in comparison to the last quarter despite being 30% lower than Q1 2023.

• Clean CCS earnings per share amounted to €2.13.

• Oil and gas production saw a decline of 6% year on year primarily due to lower volumes in New Zealand, Romania, and Norway.

• Gas West and Gas East business together generated nearly €300 million in Q1 2024.

Business Progress:

• For sixth consecutive year, OMV was included in the Dow Jones Sustainability Index.

• OMV completed the acquisition of Integra Plastics, adding over 20,000 tons of recycling capacity each year.

• Investments were made in olefins units in Finland to enhance the usage of renewable and recycled raw materials in base chemicals production.

• The company secured a crucial long-term supply agreement with TOMRA for feedstock for its ReOil plants situated in Austria.

• Two green hydrogen production facilities construction financing contracts were signed with the Romanian Ministry of Energy, with a total investment of about €140 million.

• Acquisition of 30 new retail sites in Austria and Slovakia to bolster its integrated supply chain.

• OMV expects the Brent price to surprise positively to average around $85 per barrel in 2024.

• The company is making steady progress with signing contracts for the Neptun Deep project, slightly ahead of schedule.

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