Wintershall Dea, Europe’s leading independent gas and oil company, reported its fourth quarter and full year 2022 results.
FY 2022 SUMMARY (EXCLUDING SEGMENT RUSSIA UNLESS STATED OTHERWISE):
- Stable operational performance, average daily production of 321,000 boe;
- Strong underlying financial performance driven by macroeconomic tailwinds and solid operations:
- EBITDAX €5.9 billion, up 91% YoY;
- Adjusted net income €928 million, up 130% YoY;
- Capex of €863 million, 9% lower YoY, below original 2022 guidance of €1.0-1.1 billion;
- Free cash flow of €2.5 billion, up 58% YoY;
- Year-end cash and cash equivalents of €3.1 billion;
- Net debt of €1.3 billion, leverage of 0.2x;
- Overall Group FY results (including segment Russia) impacted by significant impairments and losses due to Russia’s war against Ukraine:
- Group 2022 net loss of €4.8 billion, includes €7 billion one-off, non-cash losses related to the Russian upstream and associated midstream business;
- Project development:
- Norway, major projects Nova and Njord brought on stream;
- Norway, eight PDOs submitted, including own operated Maria Phase 2 and Dvalin North projects as well as six partner operated developments;
- Argentina, Fénix Final Investment Decision taken, first gas expected in 2025;
- Successful exploration campaign:
- Six nearfield discoveries in the Skarv, Gjøa, Aasta Hansteen and Oseberg areas in Norway with estimated gross resources of 88-286 mmboe;
- Natural gas discovery in the East Damanhour exploration block in Egypt, in close proximity to the Disouq field and infrastructure;
- Portfolio diversification through acquisitions of producing assets:
- Increased share in Reggane Nord gas project in Algeria through acquisition of 4.5% stake from Edison (subject to customary closing approvals);
- Acquisition of 37% stake in the Hokchi Block in Mexico from Hokchi Energy (subject to customary closing approvals);
- Carbon Management and Hydrogen:
- Collaboration agreement signed with Equinor on extensive CCS value chain development, connecting Germany and Norway;
- Awarded operatorship of “Luna” CO2 storage licence in Norwegian North Sea with potential to safely and reliably store more than 5 million tonnes CO2 per year;
- Start-up approval awarded for project “Greensand” in Denmark with first CO2 pilot injections expected in Q1 2023.
HIGHLIGHTS (EXCLUDING SEGMENT RUSSIA):
Production (mboe/d)
Q4 2022: 323
Q4 2021: 333
YoY: -3%
FY 2022: 321
FY 2021: 331
YoY: -3%
EBITDAX (€ million)
Q4 2022: 1,258
Q4 2021: 1,128
YoY: 12%
FY 2022: 5,924
FY 2021: 3,103
YoY: 91%
ANI (€ million)
Q4 2022: 73
Q4 2021: 83
YoY: -12%
FY 2022: 928
FY 2021: 403
YoY: 130%
Production costs (€/boe)
Q4 2022: 6.0
Q4 2021: 7.5
YoY: -20%
FY 2022: 5.8
FY 2021: 5.6
YoY: 4%
Capex (€ million)
Q4 2022: 226
Q4 2021: 278
YoY: -19%
FY 2022: 863
FY 2021: 946
YoY: -9%
Free Cash Flow (€ million)
Q4 2022: 151
Q4 2021: 643
YoY: -77%
FY 2022: 2,484
FY 2021: 1,577
YoY: 58%
Net Debt (€ million)
Q4 2022: 1,303
Q4 2021: 2,804
YoY: -48%
FY 2022: 1,303
FY 2021: 2,804
YoY: -48%
Leverage (x)
Q4 2022: 0.2
Q4 2021: 0.9
YoY:
FY 2022: 0.2
FY 2021: 0.9
YoY:
