Q1 2021 Results: Record production and strong financial performance

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.