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MarketScreener Homepage  >  Equities  >  Xetra  >  BASF SE    BAS   DE000BASF111

BASF SE

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Wintershall Dea looks beyond pandemic, costs to fall, volumes to rise

11/23/2020 | 05:21am EST

FRANKFURT (Reuters) - German oil and gas company Wintershall Dea said the low commodity prices caused by the coronavirus crisis had hit its third-quarter results, but that sustainably lower operating costs and higher output would help long-term.

Top managers told analysts the company was headed for positive cash flow at the end of the year and ready to reap benefits from the mostly completed merger between BASF's Wintershall and LetterOne's Dea.

"We are well positioned to weather whatever our industry will have to face," said chief executive Mario Mehren.

The company's net result over the quarter was 43% up year-on-year at 70 million euros ($83.13 million).

Production volumes, at 606,000 barrels of oil equivalent per day (BOE), were up 3% and seen remaining in a range of 610,000-615,000 mboe/d for 2020, increasing further still over the next two years.

Wintershall has cut production costs, already competitive versus industry averages, further this year, producing at $3.8 per boe in the year to date, a 14% cut over 2019.

Economics will improve more once new fields open in countries including Egypt, Norway and Russia, Mehren said.

Earnings before interest, tax, depreciation, amortisation, and exploration expenses (EBITDAX), a standard oil industry measure, in July through September were down 44% on the year at 397 million euros as oil prices declined by 30% and gas by 40%.

Production and development spending fell 33.5% from a year earlier to 252 million euros, meaning it was on course to reach full-year guidance for 1.2 billion, which would be 30% lower than in 2019.

The company aims to have net zero upstream activities by 2030, investing around 400 million euros over the next 10 years.

The spending will go into energy efficiency, emissions management, new technology such as hydrogen and carbon capture and storage, and nature-based mitigation such as reforestation.

($1 = 0.8421 euros)

(Reporting by Vera Eckert; Editing by Maria Sheahan and Thomas Escritt)

By Vera Eckert


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE -0.12% 67.21 Delayed Quote.3.97%
GAZPROM -0.91% 226 End-of-day quote.6.26%
LONDON BRENT OIL -0.16% 54.8 Delayed Quote.9.17%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.63% 74.26763 Delayed Quote.-0.74%
WTI 0.05% 52.191 Delayed Quote.11.60%
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Sales 2020 57 624 M 69 506 M 69 506 M
Net income 2020 -1 651 M -1 991 M -1 991 M
Net Debt 2020 16 053 M 19 364 M 19 364 M
P/E ratio 2020 -41,1x
Yield 2020 4,54%
Capitalization 61 804 M 74 724 M 74 549 M
EV / Sales 2020 1,35x
EV / Sales 2021 1,28x
Nbr of Employees 117 922
Free-Float 100%
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Last Close Price 67,29 €
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Martin Brudermüller Chairman-Executive Board & CTO
Kurt Wilhelm Bock Chairman-Supervisory Board
Hans-Ulrich Engel CFO & Vice Chairman-Executive Board
Franz Fehrenbach Independent Member-Supervisory Board
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