WOOD Flash - OMV: strategy update
OMV held a capital markets day on 13 June, to update its 2030 strategy and give new targets to the market. The overall expectations for the clean operating cash flow has been increased from EUR 7.0 to EUR 7.5bn, for a clean operating profit target from EUR 6.0bn to EUR 6.5bn, and the details are different, but the broad thrust of the strategy remains the same. Inflationary pressures have increased the annual investment budget to EUR 3.8bn, from EUR 3.5bn. The upstream part of the energy segment will continue to provide the lion’s share of the cash flow, while reducing the CO2 intensity, adding renewable power and geothermal energy. The chemicals business will focus on circular plastics and specialities, while continuing to grow in size, geographical scope and importance. The fuels and feedstock segment will prioritise biofuels, EV charging and convenience retailing, while the refineries focus on efficiency and better integration with petrochemicals. The dividend policy will continue to offer a progressive base dividend, as well as upside from special dividends when the cash flow permits.OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).
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