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.
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).
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. ~$40-50 Brent given the refining/chemicals drag. OMV does not disclose a single figure.
For OMV, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Romania | 32% | 42 | Neptun Deep offshore; windfall taxes, permitting, Black Sea. |
| Other | 22% | 50 | diversified/unspecified exposure — universe-average proxy |
| Norway | 18% | 3 | Stable, predictable; high but transparent 78% tax. |
| Libya | 12% | 98 | Civil conflict, blockades, split governance, force-majeure risk. |
| Austria | 8% | 9 | Stable EU jurisdiction; limited upstream exposure. |
| UAE | 8% | 26 | Stable; ADNOC-led concessions, limited foreign equity share. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Neptun Deep | Romania | Offshore gas | Black Sea, first gas ~2027 |
| Norway (Aasta Hansteen/Gudrun) | Norway | Gas/oil | North Sea |
| Libya | Libya | Oil | onshore |
| UAE (SARB/Umm Lulu) | UAE | Offshore oil | ADNOC concessions |
| Schwechat refinery | Austria | Downstream | flagship refinery |
| Borealis / Borouge | Austria/UAE | Chemicals | polyolefins JV |
| Malaysia (SapuraOMV) | Malaysia | Gas | offshore gas |
| New Zealand (Maui/Pohokura) | New Zealand | Gas | offshore gas |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 486 | 392 | 363 | 348 | 305 |
| Proved reserves (bnboe) | 1.35 | 1.24 | 1.22 | 1.20 | 0.88 |
| Revenue ($bn) | 38.4 | 67.3 | 42.7 | 36.6 | 26.3 |
| EBITDA ($bn) | 8.6 | 11.9 | 7.6 | 6.8 | 7.0 |
| Net income ($bn) | 2.3 | 4.2 | 1.5 | 1.6 | 1.1 |
| Free cash flow ($bn) | 2.7 | 3.8 | 2.2 | 2.2 | 2.7 |
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✓ FY2025 figures verified against primary sources: