OMV exceeded market expectations in Q1 2024

Key Message
 OMV reported a clean CCS-based operating result of EUR 1,483 mn, marking a
29% decrease YoY, but a 4% increase QoQ. This result is also considerably
above the consensus estimate by 7%. With this result, OMV exceeded market
consensus by 15%. The positive surprise was driven by the Chemicals
(Petrochemistry) and Energy (E&P) segments, although the Fuels and Feedstock
segment performed below expectations.
Key positives
 The most significant positive development is the recovery indicated by European
petrochemical margins and OMV's Q1 2024 results, largely driven by reduced
imports to Europe. However, the CEO cautions that this improvement is likely
temporary, though the situation remains more favourable than anticipated at the
end of last year.
Key negatives
 There are also minor negative developments: refining margins are expected to
normalize, with the favourable margins this quarter seen as transitory due to
numerous refinery shutdowns for regular maintenance. Additionally, gas prices
have remained relatively low compared to levels observed in previous years.