Austrian oil, gas, and chemicals company OMV’s third‑quarter trading update showed stronger‑than‑expected refining results, driven by higher margins and utilization, which offset weaker chemicals performance and certain headwinds in the energy segment.
Jefferies said, “OMV Fuels & Feedstock refining margin of $11.54/b is particularly strong relative to expectations (and the highest since 3Q23, first double-digit since 1Q24).”
Morgan Stanley noted, “the refining indicator came in at $11.5/bbl (and ~27% higher than Visible Alpha‑compiled figures).”
Refining utilization rose to 91% from 83% in the second quarter and above consensus of 88%. Fuel sales increased 4.5% quarter‑over‑quarter, with total volumes of 4.4 million tonnes, slightly below consensus of 4.6 million tonnes but higher than the second quarter of 2025 and third quarter of 2024.
In chemicals, margins declined. Jefferies said, “this offsets Chemicals indicator margins decreasing q/q, but with some +ve inventory effect, while higher Energy sales volumes q/q are offset by FX, gas price & other items.”
Monomer margins, the average of ethylene and propylene, fell by €19 per tonne, and polymer margins, the average of polyethylene and polypropylene, fell by €18 per tonne.
Polyolefin sales volumes declined by 0.06 million tonnes to 1.55 million tonnes, reflecting seasonal factors and pre‑sales in the second quarter.
Morgan Stanley said, “Margins were better than expected on monomers and PE, but softer on PP.” A positive inventory effect partially offset the volume decline.
Source :
https://www.investing.com/news/stock-market-news/omv-q3-2025-shows-strongest-refining-margins-since-2023-4279157
