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Wintershall Dea shares annual press conference and full year results

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Oilfield Technology,

Wintershall Dea CEO Mario Mehren described 2022 as an extremely challenging year which brought significant change for the company. Wintershall Dea decided in January that it will fully exit Russia.

At its annual press conference in Kassel, Germany, Mehren announced that Wintershall Dea is focused on moderate growth in gas and oil production, and on building up its carbon management and hydrogen business. “Wintershall Dea is in transition. From the leading independent European gas and oil company to become a leading independent European gas and carbon management company.” The company’s two strategic priorities were underpinned by significant project progress last year, Mehren said.

2022 was a turning point for Wintershall Dea

The Russian war of aggression was a turning point for international politics, for European and international energy markets, and for Wintershall Dea, said Mehren. “From the very start, we have been clear in our condemnation of the war. I remain shocked and appalled by this war and its consequences for the people of Ukraine.”

In January, the company took the only possible decision: Wintershall Dea will fully exit Russia in an orderly manner. “Continuing to operate in Russia is not tenable”, said Mehren. “There is no turning-back. There is no waiting in hope of improvement. We are exiting Russia. This chapter of our history is closed.”

Strong performance despite financial consequences of Russia exit

The company took one-off non-cash losses of €7 billion, the vast majority relating to its Russian activities. Nevertheless, Wintershall Dea remains “strong and stable”, said Mehren. This was – despite the very difficult situation last year – the result of strong performance, and the commodity price environment, he said. Wintershall Dea ended 2022 with EBITDAX excluding segment Russia of €5.9 billion and adjusted net income of €0.9 billion, also excluding the segment Russia.

A clear strategy underpinned by project progress

“Wintershall Dea looks to the future with a clear strategy”, said Mehren. The company has two strategic priorities – moderate growth for its E&P business, and building up its carbon management and hydrogen business.

In 2022, Wintershall Dea made strong progress on both counts. The company brought additional production online, including its operated Nova oil field in Norway, and had M&A successes, growing its share at Reggane Nord in Algeria and entering the Hokchi project in Mexico. Wintershall Dea had another positive year for exploration, in particular in Norway where the company participated in discoveries with a combined estimated gross volume of 88 to 286 million boe recoverable.

The production (excluding Russia) stood at 321 000 boe per day in 2022. Wintershall Dea is planning for moderate production growth to reach production levels of 350 000 – 400 000 boe per day in the midterm, especially through further production increases in Mexico, North Africa and Norway.

A cluster of projects for carbon capture and storage and hydrogen

The company advanced its portfolio of decarbonisation projects. “Our goal is to build a carbon management and hydrogen business to potentially abate 20 to 30 million t of CO2 a year by 2040. That’s equivalent to 60% of CO2 emissions from the huge German steel industry.”

In 2022, Wintershall Dea secured its first CCS storage licence in Norway, the “Luna” licence, established a project with Equinor to connect German industrial emissions with Norwegian CO2 storage, and worked on a hydrogen and CO2 transport hub at Wilhelmshaven in Germany. In the coming weeks, the company expects first CO2 injection in Denmark as part the pilot phase of the Project Greensand consortium.

“Together, these projects have the potential to make a real difference, decarbonising German and European industry”, said Mehren. “We are taking action. Transforming our business. From Europe’s leading independent gas and oil company to a leading independent European gas and carbon management company.”

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