OMV Amends Shareholder Distribution Policy, Adds Special Dividend as New Instrument

By Giulia Petroni

OMV AG said it has decided to amend its shareholder distribution policy and add special dividends as an additional instrument to its existing dividend policy.

The Austrian oil-and-gas company said Tuesday it aims to distribute around 20% to 30% of its operating cash flow, including net working capital effects, per year to its shareholders if its leverage ratio is below 30%. The distribution will be made through OMV's regular dividend and, if sufficient funds are available, through a special dividend.

"Our company has a strong cash generation capability, and with this new framework we will enhance our ability to return a significant portion of our cash flow to shareholders across a variety of market conditions," said Chairman and Chief Executive Officer Alfred Stern.

The progressive regular dividend policy will remain unaffected by the amendment, OMV said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

December 13, 2022 13:23 ET (18:23 GMT)

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