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BASF AG XE:BAS XETRA Ordinary Share
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Wintershall Dea 2Q Profit Jumped, Upgrades Production Guidance

26/07/2022 12:07pm

Dow Jones News


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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)

Copyright (c) 2022 Dow Jones & Company, Inc.

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