OMV Names BP Veteran as CEO as Black Sea Gas Pipeline Builds Momentum

OMV appoints Emma Delaney as first female CEO, starts Neptun Deep gas pipeline in Black Sea, proposes €4.40 dividend amid strategic shift.

Austria’s OMV is pulling off a double act in 2026: a historic leadership change and the physical start of its biggest gas bet in decades. While a specialised vessel begins laying pipeline in the Black Sea, the supervisory board has appointed Emma Delaney as the company’s first female chief executive, effective 1 September 2026.

Delaney, who spent more than 30 years at BP, most recently running the customer and products division with over 50,000 staff, takes over from Alfred Stern. Stern, who has been at the helm since 2021 and focused the group on chemicals and the circular economy, will not seek a second term. Her initial three-year mandate can be extended by mutual agreement for a further two years.

Her arrival would also make her the only woman leading an ATX-listed company. Since Radka Doehring stepped down as CEO of CPI Europe in mid-2025, the index’s chief executive ranks have been solely male.

Black Sea gas moves from blueprint to pipeline

While the board was finalising the succession plan, OMV Petrom and its Romanian partner Romgaz launched the offshore pipeline construction for the Neptun Deep project. The lay vessel Castoro 10 is already working on the first section near the coast. The total investment amounts to roughly €4bn, and from 2027 the field is expected to produce eight billion cubic metres of natural gas annually — a pivotal step for OMV to replace Russian imports and strengthen its regional position.

Analysts at RBC Europe see the gas push as a marked strategic pivot. After years of heavy emphasis on chemicals under Stern, the focus is swinging back to upstream activity, with Neptun Deep offering a tangible growth vector. Delaney, whose BP résumé spans upstream, downstream and LNG, is well placed to accelerate that shift.

Financial ballast and a bumper payout

Supporting the transition, CFO Reinhard Florey has had his mandate extended to June 2029 and was immediately appointed deputy chairman of the executive board, ensuring stability in the finance function.

Meanwhile, OMV’s financials remain robust, although not without blemishes. The first quarter delivered a clean operating result of around €1bn, down from a year earlier, but operating cash flow held firm at €1.6bn, giving management plenty of flexibility. The company has also raised its Brent price assumption for the current year to a range of $85 to $95 per barrel, which helps cushion weaker refining margins that have been squeezed by logistical bottlenecks at the Strait of Hormuz.

Shareholders are in line for a generous reward. The annual general meeting on 27 May in Vienna will vote on a proposed total dividend of €4.40 per share — a combination of regular payout and a special bonus. The record date for entitlement is 17 May.

The postponed IPO and stock performance

Not everything is running to schedule. The chemicals joint venture Borouge International, created by merging Borealis and Borouge, has suffered production cuts after attacks in the Middle East, and its planned initial public offering has been pushed back to 2027. The integration of the combined entity, renamed BGI, is also tying up management resources.

The stock market has taken the strategic repositioning in its stride. OMV shares closed at €60.05, gaining roughly 24% since the start of the year and moving well clear of the 52-week low of €42.86. Chart watchers note that the 50-day moving average, hovering around €59, provides solid technical support, keeping the uptrend intact as long as that level holds.