Wintershall Dea, Europe’s leading independent gas and oil company, Nov. 23 reported its third quarter 2020 results, as it was informed in the press release of the company.
In particular, results were impacted by weak commodity price environment (Brent and European gas prices down 30% and 40% YoY respectively).
So far, production was of 606,000 boe/d up 3% YoY; EBITDAX of €397 million - reflecting the sharp decline in commodity prices, but 56% higher QoQ; production and development capex of €252 million – on track to end the year within guidance at €1.2 billion; continuing best-in-class production costs at $3.7/boe; free cash flow of €89 million – expect to end the full year in moderately cash flow positive position; increased liquidity to ~€1.9 billion.
The Company is Europe’s leading independent natural gas and oil company with more than 120 years of experience as an operator and project partner along with entire E&P value chain. The company with German roots and headquarters in Kassel and Hamburg exports for and produces gas and oil in 13 countries worldwide. With activities in Russia, Europe, Latin America and the MENA region WIntershall Dea has a global upstream portfolio and with its participation in natural gas transport is also active in the midstream business. The Company was formed from the merger of WIntershall Holding GmbH and DEA Deutsche Erobel AG in 2019.
