BASF-Wintershall Profits Up on Sales, Prices

Earnings at German chemicals giant BASF’s oil and gas division (Wintershall) increased on the back of higher prices and sales volumes, it said July 27, helped by resumed production in Libya.

BASF said oil & gas sales to third parties increased by 32% year on year to €814mn in 2Q 2017. The rise in volumes came mainly from higher sales volumes of gas, in addition to an offshore lifting in Libya in June, although it said production volumes were in line with 2Q 2016 levels.

The segment’s net profit was up 22% year on year at €122mn, while operating earnings (Ebitda) were 32% higher at €472mn. Earnings before special items (Ebit) almost doubled to €183mn from €94mn. 

BASF group net profits in 2Q2017 were €1.5bn, up 37%, on a 12% increase in sales to €16.3bn.

Mark Smedley