Deals
OMV Payout Exceeds Forecasts as It Mulls Selling Oil, Gas Assets
- Austrian integrated petrochemical company considers divestment
- OMV annual earnings hit record, fall short of expectations
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OMV AG promised investors a higher-than-expected payout after record full-year earnings and management confirmed it’s considering selling some exploration and production assets.
Austria’s biggest fossil fuel company wants to pivot toward petrochemicals, pledging to cut oil and gas output by a fifth this decade and reach carbon neutrality by mid-century. That’s led OMV to explore the potential sale of a sprawling portfolio of E&P assets stretching across Asia, Europe and the Middle East.