Wintershall Dea Reported its Third Quarter 2021 Results

Source: 10/26/2021, Location: Europe

Mario Mehren, Wintershall Dea Chairman & CEO, commented: “Q3 2021 was an exceptional quarter underpinned by a constructive commodity price environment, and in particular by European gas prices which are expected to stay high throughout the winter. Our financial performance continues to benefit from the external environment, but also from our continuing robust operations.

Quarterly production was impacted by a fire at a third-party gas and condensate treatment plant in Russia. With operations now fully back online, we expect a strong end to a successful 2021.

During the quarter, we continued to drive forward our energy transition pathway initiatives. We are making significant progress with several promising CCS and hydrogen projects, including advancing our Greensand CCS project in Denmark. There, together with our partners, we are moving into the injection pilot phase and expect to be injecting first volumes in late 2022.”

• Operational performance remains robust, but quarterly production was impacted by a fire at a third-party gas and condensate treatment plant in Novy Urengoy resulting in overall production of 588,000 boe/d. Guidance revised to 615,000–630,000 boe/d;
• Strong financial performance driven by exceptional external commodity price environment: EBITDAX €983 million up 146% YoY, Adjusted Net Income €234 million up 245% YoY;
• Capex decreased 17% YoY to €210 million; on track to achieve full year capex at the lower end of €1.0–1.1 billion range;
• Net debt decreased to €3.4 billion, resulting in leverage of 1.2x;
• Fitch credit rating at BBB stable reaffirmed;
• Continued progress in CCS and hydrogen initiatives:
o Signed a cooperation agreement with VNG to build a climate-friendly ‘turquoise’ hydrogen production facility in Germany;
o CCS Project Greensand (Denmark) moved to the next phase, with offshore CO2 injections planned by late 2022;
o Research project with OTH Regensburg University of Applied Sciences to investigate conversion of existing offshore gas pipelines in the southern North Sea for future CO2 transport.

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