OMV’s management asserted its commitment to maintaining a strong upstream division during its recent Q4 earnings call. The Austrian firm has been divesting upstream assets in recent years, but CEO Alfred Stern affirmed that the firm’s “portfolio review was really to make sure that we always have a strong core portfolio of E&P assets,” rather than a prelude to a wholesale divestment.

The firm’s upstream sector certainly endured strong headwinds in 2022, with output slumping by 20% from 486,000 boe/d in 2021 to 392,000 boe/d. Despite this, E&P sales revenues more than doubled from €2.89bn in 2021 to €7.4bn last year thanks to surging hydrocarbons prices in the wake of Russia’s invasion of Ukraine. (CONTINUED - 846 WORDS)