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OMV (OMV · Vienna)

Integrated — HQ Austria. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category IntegratedRegion EuropeCEO Alfred Stern (2021)Jurisdiction risk Med (40)

Overview

European integrated: upstream (Romania Neptun Deep gas ~2027, Norway, Libya, UAE, Malaysia, New Zealand) plus large refining (Schwechat) and chemicals (Borealis, forming Borouge Group International with ADNOC). FY2025 production ~340 mboe/d is gas-weighted and structurally lower after the 2022 Russia exit.

Sound balance sheet (net debt/EBITDA ~0.6x) and a core ~7-8% dividend. The strategic pivot is the Borealis+Borouge merger into a polyolefins heavyweight; ROACE is depressed by the weak chemicals/refining cycle. Flags: Russia legacy, Libya, refining/chemicals cyclicality, Neptun Deep timing.

Valuation snapshot (FY2025)

Market cap
$17.2bn
Enterprise value
$25.5bn
EV / EBITDA
3.6x
P / E
15.6x
FCF yield
15.5%
Dividend yield
9.8%
ROACE
6%
Debt / equity
31%
Net debt / EBITDA
0.6x
EV / reserves
$28.98/boe
EV / flowing
$84k/boe/d
Free cash flow
$2.7bn

Its EV/EBITDA of 3.6x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 15.5% is higher than the 6.5% median, and at $28.98/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, OMV scores 45/100, strongest on valuation (64/100). Sub-scores: value 64, quality 22, growth 8, risk 41 (higher = riskier).

Reserves & production

OMV holds approximately 0.88 billion boe of proved (1P) reserves with FY2025 production of about 305 thousand boe/d (36% liquids), a reserve life of roughly 7.9 years. Break-even: ~$45 (corporate cash break-even (Brent, est.)) — Upstream lifting/OPEX ~$8-9/boe; corporate cash breakeven (capex + dividend) est. ~$40-50 Brent given the refining/chemicals drag. OMV does not disclose a single figure.

Net asset value (public-source)

For OMV, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

40 /100
Medium jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Romania32%42Neptun Deep offshore; windfall taxes, permitting, Black Sea.
Other22%50diversified/unspecified exposure — universe-average proxy
Norway18%3Stable, predictable; high but transparent 78% tax.
Libya12%98Civil conflict, blockades, split governance, force-majeure risk.
Austria8%9Stable EU jurisdiction; limited upstream exposure.
UAE8%26Stable; ADNOC-led concessions, limited foreign equity share.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
Neptun DeepRomaniaOffshore gasBlack Sea, first gas ~2027
Norway (Aasta Hansteen/Gudrun)NorwayGas/oilNorth Sea
LibyaLibyaOilonshore
UAE (SARB/Umm Lulu)UAEOffshore oilADNOC concessions
Schwechat refineryAustriaDownstreamflagship refinery
Borealis / BorougeAustria/UAEChemicalspolyolefins JV
Malaysia (SapuraOMV)MalaysiaGasoffshore gas
New Zealand (Maui/Pohokura)New ZealandGasoffshore gas

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)486392363348305
Proved reserves (bnboe)1.351.241.221.200.88
Revenue ($bn)38.467.342.736.626.3
EBITDA ($bn)8.611.97.66.87.0
Net income ($bn)2.34.21.51.61.1
Free cash flow ($bn)2.73.82.22.22.7

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Peer companies — Integrated

SU · Suncor EnergyE · EniROSN · RosneftCVE · Cenovus EnergyIMO · Imperial OilLKOH · LukoilSIBN · Gazprom NeftGAZP · GazpromREP · RepsolTATN · TatneftSNGS · SurgutneftegasGALP · Galp EnergiaORG · Origin EnergyMOL · MOL Group

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare OMV against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com