Kassel/Hamburg. Wintershall Dea, Europe’s leading independent gas and oil company, today reported its first quarter 2021 results.
Mario Mehren, Wintershall Dea Chairman & CEO, commented: “We entered 2021 with a great deal of operating momentum, allowing us to deliver record production of 659 mboe/d in the first quarter. This strong operational performance combined with a more robust external environment has resulted in a step-change in our financial performance, allowing us to recommence the payment of our common dividend.” Q1 2021 Summary:- Record quarterly production of 659 mboe/d, on track to achieve full year guidance of 620-640 mboe/d; • Further reduction of peer leading production costs by 18% to €3.2/boe YoY;
- Financial results significantly improved as a consequence of record production and firmer external environment; EBITDAX up 47% to €704 million, free cash flow increased to €400 million; Adjusted Net Income increased to €171 million;
- Production and development capex lowered by 28% YoY to €239 million, on track to achieve full year guidance of €1.0-1.1 billion;
- Reduced net debt to €4.1 billion and significantly improved LTM leverage to 2.2x;
- Progressing Net Zero 2030 commitment – reduced carbon intensity in 2020 by more than 30% to 7.4 kg CO2e/boe, as published in our new 2020 Sustainability Report;
- Recommenced common dividend with €500 million distributed to shareholders in the first quarter, and a further €100 million due to be distributed in the second quarter for a full year dividend of €600 million.
Q1 2021 Highlights
Q1 2021 | Q4 2020 | QoQ | Q1 2020 | YoY | |
Production (mboe/d)(1) | 659 | 654 | 1% | 626 | 5% |
EBITDAX (€ million) | 704 | 500 | 41% | 479 | 47% |
Adjusted Net Income (€ million) | 171 | 128 | 34% | -88 | - |
Production costs (€/boe) | 3.2 | 3.7(2) | -13% | 3.9 | -18% |
Capex (€ million)(3) | 239 | 295 | -19% | 333 | -28% |
Free Cash Flow (€ million) | 400 | 278 | 44% | 84 | 376% |
Net Debt (€ million) | 4,135 | 5,519 | -25% | 5,713 | -28% |
Leverage (x)(4) | 2.2 | 3.4 | 2.3 |