By Pierre Bertrand

 
OMV said its fourth-quarter earnings and revenue fell after oil and gas market prices slumped.
 
The Austrian oil-and-gas company said it made 236 million euros ($255.3 million) in quarterly net profit compared with EUR308 million a year prior. On an adjusted basis, net profit for the quarter fell 5% to EUR665 million, beating analysts' expectations of EUR481 million, according to OMV's website.
 
Revenue for the period fell 31% to EUR10.05 billion, OMV said.
 
Exploration and development production declined by 21,000 barrels of oil equivalent a day to 365,000 boe/d, a reflection of what OMV said was a "natural decline in several countries."
 
OMV said it expects a Brent crude oil price at around $80 a barrel in 2024 compared with $83/bbl in 2023 and for the average realized gas price to come at around EUR25 a megawatt hour compared with EUR29/MWh last year.
 
It expects total hydrocarbon production in 2024 to be between 330,000 boe/d and 350,0000 boe/d
 
OMV said Wednesday that it would propose a regular dividend of EUR2.95 a share and a special dividend of EUR2.10 a share for 2023.
 
Write to Pierre Bertrand at [email protected]