Trending: BASF to Post 2022 Net Loss, Wintershall Dea to Exit Russia

1022 GMT - BASF and Wintershall Dea are among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after the German chemical company said it expects to report a EUR1.38 billion net loss for 2022 and its oil and natural gas exploration subsidiary said it would leave Russia. BASF said that as a result of Wintershall's deconsolidation in Russia, it suffered a EUR7.30 billion impairment in 2022, EUR5.40 billion of which it expects to book in the fourth quarter. The preliminary figures compare with net profit of EUR5.52 billion in 2021 and average analyst expectations of EUR4.77 billion for 2022, BASF said late Tuesday. Wintershall Dea, in which BASF is the majority shareholder, said late Tuesday that it would exit Russia in an orderly manner after it too booked EUR5.3 billion in charges and other Russia-related impairments. Warburg Research analyst Oliver Schwarz said it remains unclear if the move will enable BASF to shed the oil and gas company in an IPO in 2023. Dow Jones & Co. owns Factiva. ([e-mail])

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January 18, 2023 05:37 ET (10:37 GMT)

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