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Wintershall Dea cuts investments after slump in profits in 2020 and halts funding for Nord Stream 2

Wintershall Dea announced it has no plans to further fund the construction of Russia’s Nord Stream 2 gas pipeline

Wintershall Dea cuts investments after slump in profits in 2020 and halts funding for Nord Stream 2

Kassel (Germany), February 24 - Neftegaz.RU. In the energy sector, sharp reductions in travel and industrial activity due to the COVID-19 pandemic in 2020 have resulted in strong declines in oil & gas demand and prices.
Like the entire industry, the German company Wintershall Dea is also suffering from the low oil & gas prices in the past year.

The company´s adjusted net profit fell by 62 % to €195 million euros, the EBITDAX fell by 41 % to €1.64 billion.
Wintershall Dea reduced net debt to €5.5 billion with €2.2 billion of liquidity including €821 million of cash.
On the whole, the company´s investments expected to decrease: from €1.2 billion in the previous year to €1 - €1.1 billion in 2021.

Mario Mehren, Wintershall Dea CEO, said:
  • 2020 was undoubtedly a difficult year for everybody and I’m proud of the way that Wintershall Dea responded to the challenge
  • We delivered our key targets for the year, including annual production of 623 mboe/d and exited the year with strong operational momentum and record production of more than 650 mboe/d in the 4th quarter
  • Recognising that our industry needs to change – and that we want to be leading that change – in November we announced our energy transition pathway and targets.
  • 2021 will certainly be a year with continued high levels of uncertainty as well as volatility, and while we remain cautious, we look forward to an exciting year
It is especially worth noting that, according to the 2020 annual report, Wintershall Dea completed its €730 million investments in the Nord Stream 2 project before US sanctions went into force.
Previously, the company planned to invest up to €950 million in this project.

Wintershall Dea has been active in Russia for 30 years – in particular through its successful cooperation with Gazprom
The German company has activities in Western Siberia and Southern Russia with a combined production of 295 mboe/d and a 2P reserves base of 2,155 million boe.

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