Wintershall Dea Announce Q3 results

Strong production growth, with working interest production increasing by 6% from 578 mboe/d in Q3 2018 to 613 mboe/d in Q3 2019;

Full year guidance revised to 640 mboe/d ahead of previous guidance of 635 mboe/d;


EBITDAX impacted by the significantly weaker commodity price environment, with Brent down 20%, and European gas down 60% respectively year on year;

Production costs down 21% to $3.8/boe due to higher production from low cost fields and further cost efficiencies;

Capital expenditures stable in Q3 2019 at €400 million, with FY guidance revised down by €100 million to €1,600 million;

Leverage at the end of the 3rd quarter at 1.8x net debt to LTM EBITDAX.
Other highlights for the quarter include

Successful inaugural €4 billion bond issue in European debt capital markets;

Good progress in major operated projects in Norway, with completion of subsea template in Dvalin, and Nova pipelines and umbilicals;

Farm down of 45% share in the Aguada Federal and 50% in Bandurria Norte unconventional oil blocks in Argentina to ConocoPhillips;
Sale of Nyhamna terminal and Polarled pipeline in Norway;

Successful exploration bid round in Brazil with award of two offshore blocks.

Mario Mehren, Wintershall Dea Chairman & CEO, said: “Wintershall Dea made good progress during our first full quarter since the merger. Strong operational performance gave us confidence to revise our full year production guidance to 640 mboe/d. In the face of a challenging commodity price environment Wintershall Dea has worked hard to maximize value from every barrel we produce. Our production costs have fallen 21% year-on-year to $3.8/boe, our balance sheet remains strong and the business continues to generate positive free cashflow. We continue to focus on delivering disciplined growth from our world-class portfolio.”

Source / More : Wintershall Dea


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