Operational performance was strong, with Q2 production of 613 mboe/d, despite significant planned maintenance. As a result, H1 production was 636 mboe/d, on track to achieve tightened full year guidance of 630-640 mboe/d.

Financial performance was also robust, with EBITDAX up 140% year-on-year at €636 million and adjusted net income up 93% year-on-year at €168 million. Having reduced net debt by over €2 billion year-on-year, Wintershall Dea has brought its leverage back to within its target range of 1.7x.

Following a high performing Q1, Wintershall Dea’s Q2 results confirm that the company is delivering on its strategic priorities – despite the crisis-situation of the last year.

Mario Mehren, CEO, says: “Q2 proved to be an excellent quarter for Wintershall Dea. Our strong operational and financial performance allowed us to reduce our leverage back to our mid-term target range. This has stabilised our credit ratings and gives us significant flexibility to follow our strategic objectives.”

Highlights in Q2 included delivering additional gas volumes from Raven in Egypt and Achim Development Area 4A/5A in Russia. The company also made a significant find at Dvalin North in Norway, the largest discovery on the Norwegian Continental Shelf so far in 2021.

With additional gas volumes and new division for Carbon Management & Hydrogen, the company continues to follow the path of affordable decarbonisation and focus on transformation towards leading independent gas major in Europe.Wintershall Dea’s Q2 2021 Investor Release can be found here.