OMV noted that higher fixed costs, mainly from seasonal effects, will impact the clean operating result of its chemicals business. Credit: Photofex_AUT/Shutterstock.

Austrian oil and gas group OMV has announced an anticipated positive impact of approximately €210m ($215.4m) on its fourth quarter (Q4) earnings, reported Reuters.

This forecasted boost stems from an arbitral award related to its German gas supply contract with Gazprom.

The company disclosed in November last year that it had received an award exceeding €230m from the International Chamber of Commerce due to irregularities in German gas supplies from Gazprom Export.

This award is now set to positively influence OMV’s financial performance for the final quarter. The company expects to record this benefit in the clean operating result of its Gas Marketing & Power business unit.

In its recent trading update for Q4, OMV also highlighted that higher fixed costs, primarily due to seasonal effects, would impact the clean operating result of its chemicals business.

These costs are expected to have an effect in the mid-double-digit million euros. The chemicals division, which produces materials for various applications including gas and water pipes, car parts and medical syringes, is considered a key growth area for OMV as it transitions away from fossil fuels.

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Moreover, the group’s Fuels & Feedstock business reported challenges, with a lower marketing result and increased fixed costs leading to a low-double-digit million euro impact on the unit’s clean operating result.

OMV defines a clean operating result as one that is adjusted for the current cost of supply and excludes one-off items as well as short-term gains and losses from energy inventory holdings.

Regarding energy prices, OMV experienced mixed results in Q4. The average realised crude oil price dropped by 7.4% to $72.6 per barrel, while the price of natural gas saw a 22.9% increase, reaching €30.6 per megawatt-hour.