OMV AG’s hydrocarbon production and refining margin increased in the fourth quarter of 2024, compared to the previous three months, the Austrian energy group announced.

In the period October-December 2024, OMV’s total production rose to 337,000 barrels of oil equivalent per day (bpd), from 332,000 barrels of oil equivalent per day in the third quarter of 2024. Crude oil and LNG (liquefied natural gas) production stood at 182,000 bpd (from 172,000 bpd), and gas production at 156,000 bpd (from 160,000 bpd), according to Agerpres.

OMV’s refining margin (an indicator of the profitability of its oil and gas businesses) also stood at $5.9 per barrel of oil equivalent in the fourth quarter of 2024, down from $5 per barrel of oil equivalent in the previous three months.

According to OMV, the average price of a barrel of Brent crude oil fell to $74.73 in the fourth quarter of 2024, down from $80.34 in the previous three months, while the average price of natural gas on the Vienna Stock Exchange (CEGH) rose to €44.15 per MWh, up from €37.09 per MWh in the period July-September 2024.

On November 13, OMV announced that it had won an arbitration case against Gazprom. A German court ordered Gazprom to pay OMV €230 million for irregularities in gas deliveries. The net positive impact of the arbitration award in the fourth quarter of 2024 is estimated at 210 million euros, OMV said on Tuesday.

OMV Group is due to publish its financial results for the fourth quarter of 2024 on February 4.