Wintershall Dea Q2 2022 Results: Strong Financial Delivery and Stable Operations

Wintershall Dea, Europe’s leading independent gas and oil company, today reported its second quarter 2022 results.

• Stable operational performance, daily production of 623,000 boe for the quarter, 2% higher YoY, full year guidance revised higher to 620,000-640,000 boe/d from 610,000-630,000 boe/d;
• Strong financial results underpinned by continued good operational performance and macro tailwinds:
  • EBITDAX €1.8 billion, up 187% YoY;
  • Adjusted net income €608 million, up 262% YoY;
  • Capex of €214 million, 4% lower YoY, on track to meet FY guidance;
  • Free cash flow of €1 billion, up 156% YoY;
  • Cash and cash equivalents of €4.5 billion, thereof equivalent of €1.6 billion in Russia;
  • Net debt of -€0.1 billion, leverage of -0.0x;
  • €99.4 million bond buyback and cancellation of 0.452% notes due 2023;
• Strong credit profile reflected by Moody’s confirmation of Baa2 rating with stable outlook;
• Continued portfolio optimisation:
  • Norway: Sale of operated Brage oil field, entire participating interest in Ivar Aasen oil field and 6% share of Nova development project to OKEA ASA (subject to authority approvals);
  • Strengthened presence in Algeria through share increase in Reggane Nord project (subject to authority approvals);
• Project development on track:
  • Granted consent for start-up of the Nova development project in Norway, with first oil expected this summer;
  • Njord and Dvalin developments in Norway are expected to start-up during the fourth quarter;
• Exploration successes with two nearfield discoveries in the Gjøa and Skarv area with 30-50 mmboe and 25-80 mmboe of resources, respectively;
• Further development of the company wide Carbon Management & Hydrogen strategy – aim to build a complementary business capable to abate 20-30 million tons of CO₂ per annum by 2040 in a phased manner.