Wintershall Announces Q4 & Full Year 2020 Results

Source: www.gulfoilandgas.com 2/24/2021, Location: Europe

Wintershall Dea, Europe’s leading independent gas and oil company, reported its fourth quarter and fiscal year 2020 results.

Mario Mehren, Wintershall Dea Chairman & CEO, says: “2020 was undoubtedly a difficult year for everybody and I’m proud of the way that Wintershall Dea responded to the challenge. We took early and decisive actions at the beginning of the pandemic to keep our colleagues safe and to ensure continuity of operations which have allowed the company to end an extremely challenging year in a strong position.

We delivered our key targets for the year, including annual production of 623 mboe/d and exited the year with strong operational momentum and record production of more than 650 mboe/d in the 4th quarter. Recognising that our industry needs to change – and that we want to be leading that change – in November we announced our energy transition pathway and targets.

Looking ahead, 2021 will certainly be a year with continued high levels of uncertainty as well as volatility, and while we remain cautious, we look forward to an exciting year."

FULL-YEAR 2020 SUMMARY:
? Annual production of 623 mboe/d at the higher end of original guidance underpinned by solid operating performance and record production level in Q4 2020 of 654 mboe/d;
? Financial results impacted by low commodity prices with free cash flow of €159 million, operating cash flow of €1,604 million and EBITDAX of €1,643 million;
? Record low underlying production costs of €3.5 /boe;
? Production and development capex of €1,237 million in line with the revised guidance;
? Reduced net debt to €5.5 billion with €2.2 billion of liquidity including €821 million of cash;
? Active integration phase completed, value capture on track;
? Roll-out of our Energy Transition Pathway with ambitious Net Zero 2030 Greenhouse Gas emission targets.

2021 GUIDANCE:
? Production of 620,000-640,000 boe/d;
? Capex of €1.0-1.1 billion;
? Exploration budget of €200-250 million.


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