Wintershall with Record Profit

Source: www.gulfoilandgas.com 3/15/2012, Location: Europe

Germany’s largest producer of crude oil and natural gas with operations worldwide, Wintershall, passed the billion-euro mark with its annual net income for the first time in the company’s over 100-year history. With an increase in sales of twelve percent to 12.1 billion euros (2010: 10.8), the after-tax profit of the BASF subsidiary rose by 15 percent to 1.1 billion euros (2010: 0.9). Owing to the lower contribution from Libya, however, EBIT (earnings before interest and tax) fell by 10 percent to 2.1 billion euros (2010: 2.3).

“Our result for the year shows that with our company’s focus on core regions combined with partnerships and technologies, we are on the right track,” Rainer Seele, Chairman of the Board of Executive Di-rectors at Wintershall, explained at the company’s Annual Press Conference in Kassel. The company plans further growth in the coming years with the already agreed expansion of its production operations in Siberia, which it runs together with the Russian gas producer OAO Gazprom, and the development of new reserves discovered in the North Sea. Wintershall also intends to step up its activities in the Arab region significantly. Both business segments, the exploration and production of oil and gas, as well as natural gas trading, contributed to the good result in 2011.

“The oil market is currently undergoing an enormous stress test. Not least the sanctions imposed on Iran and the tense political situation have driven the oil price up even further,” Seele told journalists in Kassel. This showed that the oil price was still an indicator of the global political and economic mood, he said. The economy would remain dependent on crude oil for a long time, Seele underlined, adding that the energy hunger of the emerging nations was already offsetting all the energy saving measures in the rest of the world. “Hence, we are expecting oil demand to rise until 2035.” The current situation on the energy markets was making it generally clear that Europe needs to step up its efforts in developing new sources and securing transport paths. “In Europe we must learn to position ourselves better in the major production regions of the world,” Seele said. “That also means expanding existing partnerships.” The example of Germany and Russia showed how successful such partnerships can be – especially in natural gas trading, Seele added. Russia had also been Germany’s most important oil supplier for 20 years. “With our successful joint natural gas projects along the entire value added chain, the partnership between Gazprom and Wintershall undoubtedly represents a blueprint for cross-border cooperation in the energy sector,” Dr. Seele explained.


Trinidad and Tobago >>  5/24/2022 - Trinity, the independent E&P company focused on Trinidad and Tobago, announces its final results for the year ended 31 December 2021 ("the Period" or ...
Vietnam >>  5/24/2022 - Norsk Solar Vietnam has secured non-recourse project financing of up to USD 12 million from responsAbility Investments. Norsk Solar Vietnam is owned b...

Australia >>  5/23/2022 - Calima Energy Limited is pleased to advise on the following capital management program to be implemented.

Dividend
Calima is pleased...

United Kingdom >>  5/23/2022 - Union Jack Oil, a UK focused onshore hydrocarbon production, development and exploration company, has announced that material landmark net revenues of...

United Kingdom >>  5/23/2022 - Chariot (CHAR), the African focused transitional energy company, is pleased to confirm that, further to the Company's announcements on 18 and 19 May 2...
Norway >>  5/20/2022 - Equinor announced on 9 February 2022 an ordinary dividend per share of USD 0.20 and an extraordinary dividend per share of USD 0.20 for fourth quarter...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.