Wintershall Dea 2Q Profit Jumped, Upgrades Production Guidance
July 26 2022 - 6:07AM
Dow Jones News
By Pierre Bertrand
Wintershall Dea AG on Tuesday reported a jump in second-quarter
earnings, helped by strong energy prices, and revised upward its
full-year production guidance.
The oil-and-gas company reported a quarterly net profit of 658
million euros ($672.4 million), up from EUR52 million a year
earlier.
On an adjusted basis, net profit jumped to EUR608 million from
EUR168 million a year earlier, amid oil-and-gas revenue that nearly
tripled to EUR4.03 billion.
Revenue was boosted by significantly higher commodity prices,
but was partly offset by an increase in the cost of trade goods.
Realized gas prices during the reporting period increased by 173%
while realized prices for liquids rose by 41%, the company
said.
Production increased to 623,000 barrels of oil equivalent a day,
up from 613,000 for the comparable period in 2021, the company
said.
Wintershall, which is majority-owned by German chemical company
BASF SE, increased its full-year production guidance to a range of
620,000 to 640,000 barrels of oil equivalent per day, up from its
previous guidance of 610,000 to 630,000 barrels of oil equivalent
per day.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
July 26, 2022 06:52 ET (10:52 GMT)
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