Wintershall Dea Announces Financial Performance

Source: www.oilegypt.com 7/27/2021, Location: Africa

Wintershall Dea, Europe’s leading independent gas and oil company, reported its second quarter 2021 results.

Mario Mehren, Wintershall Dea Chairman & CEO, commented: “Q2 proved to be an excellent quarter for Wintershall Dea. Our strong operational and financial performance allowed us to reduce our leverage back to our mid-term target range. This has stabilised our credit ratings and gives us significant flexibility to follow our strategic objectives.

We firmly believe that natural gas will continue to play an important and reliable role in affordable global decarbonisation. That is why we are particularly excited to have delivered additional gas volumes from our newest developments, Raven in Egypt and Achim Development Area 4A/5A in Russia. Our new division Carbon Management & Hydrogen has been recently established to support our transformation to become the leading independent gas major in Europe.”

Q2 2021 SUMMARY

- Second quarter production was strong at 613 mboe/d, despite planned maintenance, resulting in production for H1 2021 of 636 mboe/d: on track to achieve tightened full year guidance of 630-640 mboe/d;

- Robust financial results on the back of solid operations and firm external environment: EBITDAX of €636 million up 140% YoY, Adjusted Net Income of €168 million up 93% YoY;

- Capex decreased 37% YoY to €223 million, on track to achieve full year guidance of €1.0-1.1 billion;

- Reduced net debt by more than €2 billion to €3.8 billion YoY, resulting in significantly improved leverage of 1.7x and stabilisation of our credit ratings;

- Additional €100 million of common dividend distributed to shareholders in the second quarter, resulting in a full year common dividend of €600 million;

- Continued value creation through exploration success: second discovery of the year in Norway close to existing infrastructure, Dvalin North to contribute 71-157 mmboe (gross) of combined resources;

Corporate conversion to a joint-stock company completed in July under the company name Wintershall Dea AG.


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