[REVISION HISTORY]

OMV profit surge, refinery use and Neptun Deep funding

Updated 3 times since CLSTR started tracking revisions of this situation.

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2026-08-18 14:37 UTC → 2026-08-29 07:46 UTC · added ~~removed~~

In late July 2026, OMV announced a 65% rise in adjusted operating profit to €1.71 billion for the second quarter, driven by Brent crude prices near $104 per barrel and higher European gas prices. The half-year adjusted operating result reached €2.7 billion. Refinery margins hit $20.33 per barrel with 90% utilization, while the chemicals division benefited from the Borouge joint venture. The group declared a total dividend of €4.40 per share and confirmed CEO Alfred Stern will hand over the role to Emma Delaney in September 2026. OMV expects the Neptun Deep offshore gas project in Romania to start delivering gas in 2027, adding roughly 2.5–3% of EU gas demand. OMV’s Romanian subsidiary, Petrom, reported that its Petrobrazi refinery operated at 97% capacity in the first half of 2026. Despite a 21% increase in adjusted operating results to nearly 3 billion lei, net profit attributable to shareholders fell 14% to 1.8 billion lei, and cash reserves were halved. This decline was attributed to regulatory interventions, including a crisis decree, fuel-margin caps, and higher effective tax rates. Petrom reported a net profit of approximately €355 million for the period, noting that capital expenditure reached €375 million—exceeding reported profit—largely to fund the Neptun Deep project. By mid-August 2026, OMV shares reached an all-time high of 66.10 euros. This surge was driven by rising crude prices amid geopolitical instability in the Middle East and production bottlenecks in Russia. Additionally, supply shortages in Asia have increased global prices for specialty chemicals, further bolstering the group’s outlook. In late August 2026, OMV Petrom expanded its green hydrogen initiatives at the Petrobrazi refinery. The company received seven 5 MW electrolysis modules from Germany’s Neuman & Esser, a project supported by approximately €29 million in non-reimbursable financing from Romania’s National Recovery and Resilience Plan.

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