WINTERSHALL: SUCCESSFUL GROWTH

WINTERSHALL published their results 2013.

Wintershall achieved a new record result in 2013. The company increased net income by 48 percent to 1.8 billion euros (2012: 1.2), thus crossing the billion euros mark for the third time in a row. Sales of the BASF subsidiary rose by 16 percent to 14.8 billion euros (2012: 12.7). At 132 million barrels of oil equivalent (boe) , oil and gas production remained at the previous year's high level despite the production stop in Libya. In 2014, the company anticipates a slight increase in income from operations before special items.

"We are on course and want to continue growing while adding value," said Rainer Seele, Chairman of the Board of Executive Directors of Wintershall, at the company's Annual Press Conference in Kassel. The integration of the acquired shares in the Brage (32.7 percent), Gjoa (15 percent) and Vega (30 percent) fields from Statoil in Norway from August 2013 and the accelerated expansion of natural gas production in Russia increased production in these countries significantly and created the foundations for the good result in 2013. This compensated for the decreased oil production from the onshore fields in Libya, which was suspended in July 2013 because of strikes at the export terminals. One-time special income from the sale of a 15 percent share in the Edvard Grieg field in Norway as well as the reclassification of GASCADE Gastransport GmbH due to loss of control also contributed positively to the result. The sales volumes and sales of natural gas sold in 2013 were slightly above the previous year's level, however, income declined, mostly as a result of pressure on retail margins.