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    Ramchandra Kamath • Barclays PLC

    Ramchandra Kamath's questions to OMV AG (OMVKY) leadership

    Ramchandra Kamath's questions to OMV AG (OMVKY) leadership • Q1 2025

    Question

    Ramchandra Kamath of Barclays asked about the outlook for chemical margins in the second quarter, considering the increase in European cracker operating rates alongside demand challenges. He also inquired about the evolution of feedstock costs given lower oil prices and the potential impact on joint venture volumes.

    Answer

    CFO Reinhard Florey responded that while refinery margins have been volatile, they remain stable enough to maintain utilization, and he sees opportunities for chemical volumes. He highlighted that olefin prices rose significantly in April. Regarding feedstock, Florey noted that the light feedstock advantage in Nordic crackers might be slightly lower as lower oil prices benefit naphtha, but falling gas prices at the start of Q2 could offset this, creating a balanced picture of risks and opportunities.

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    Ramchandra Kamath's questions to OMV AG (OMVKY) leadership • Q1 2024

    Question

    Ramchandra Kamath of Barclays PLC asked about the refining outlook, questioning why middle distillate cracks had weakened despite a strong indicator margin and whether this was a seasonal effect or indicative of a broader demand decline.

    Answer

    Executive Alfred Stern clarified that the strong Q1 refining margin of nearly $11/bbl was a mixed picture. He attributed the weakness in middle distillates to lower heating oil demand from a warmer-than-usual winter and some variability in diesel demand. He noted that a slightly weaker start in April supported maintaining the full-year guidance at $8/bbl.

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