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Wintershall Profit Rises 48% on Norwegian Acquisitions, Russia

Wintershall Holding GmbH said full-year profit rose 48 percent as Germany’s largest oil and natural gas producer integrated acquisitions in Norway and increased gas production in Russia.

Net income climbed to 1.8 billion euros ($2.5 billion) in 2013 from 1.2 billion euros a year earlier, the Kassel-based company said today in a statement. Sales advanced 16 percent to 14.8 billion euros.

Wintershall, a unit of the world’s biggest chemical maker BASF SE (BAS), has benefited from the sale of a 15 percent share in Norway’s Edvard Grieg field. It will invest 4 billion euros in the next five years to expand its oil and gas business in Norway and Russia. It forecast “a slight increase in income from operations before special items” in 2014.

We “want to continue growing while adding value,” Chief Executive Officer Rainer Seele said in the statement.

The company produced 132 million barrels of oil equivalent in 2013, the same as a year earlier. Its proven oil and gas deposits increased by 20 percent to 1.5 billion barrels of oil equivalent from a year earlier. It reiterated a target to expand oil and gas production to more than 160 million barrels annually by 2015.

BASF agreed in 2012 to transfer its gas-trading unit to Russia’s OAO Gazprom (GAZP) in return for stakes in two Siberian oilfields. More than half of Ludwigshafen-based BASF’s fuel will come from Russia once the fields go on stream from 2016.

To contact the reporter on this story: Tino Andresen in Dusseldorf at tandresen1@bloomberg.net

To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Amanda Jordan, Tony Barrett

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