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Last Update: 03/12/2009
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Part of the audited Consolidated Financial Statements and Management´s Analysis

Segment Oil & Gas -
Business development

Exploration and production of oil and natural gas; Trading, transport and storage of natural gas

Sales by division (million €)

Sales by division (million €) – Oil & Gas (pie chart)

BASF’s oil and gas activities are bundled in the Wintershall Group. Wintershall and its subsidiaries operate in the business sectors Exploration & Production and Natural Gas Trading.

In 2008, sales to third parties increased by €3,928 mil-lion to €14,445 million (volumes 7%, prices/currencies 28%, portfolio 2%). Income from operations rose by €813 million to €3,844 million. Net income increased by €162 million to €951 million.

Oil & Gas -- Sales by region(location of customer)

Oil & Gas – Sales by region (location of customer) (pie chart)

In 2009, as a result of economic developments, we expect both the oil price as well as the euro/dollar exchange rate to weaken significantly. We have based our planning on an oil price of $50 per barrel and an average euro/dollar exchange rate of $1.30 per euro. Consequently, we expect an overall decrease of sales and earnings.
More information on net income of the Oil & Gas segment can be found in the Notes to the Consolidated Financial Statements

Sales Oil & Gas (million €)

Sales Oil & Gas (million €) (bar chart)

Income from operations Oil & Gas (million €)

Income from operations Oil & Gas (million €) (bar chart)

Factors influencing sales – Oil & Gas

Factors influencing sales – Oil & Gas (bar chart)

OIL & GAS


  • Startup of natural gas and condensate production in the Achimgaz joint venture
  • Successful development of the Yuzhno Russkoye natural gas field
  • New exploration licenses in Germany, Norway, Argentina, Qatar, Oman and Chile
  • Stake in Nord Stream: continued with approval process for the pipeline through the Baltic Sea, planning of the onshore connection (OPAL) carried forward
  • Libya: Negotiations are being held to switch from concession contracts to exploration and production sharing agreements
  • Acquisition of Revus Energy to sustainably strengthen our long-term position in the North Sea

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Segment data Oil & Gas (million €)

 

 

 

2008

2007

Change in %

1

Non-compensable foreign income taxes for oil production are deducted.

2

Information on the net income of the Oil & Gas segment can be found in the Reconciliation Oil & Gas in the Notes to the Consolidated Financial Statements.

Sales to third parties

14,445

10,517

37.3

Thereof Exploration & Production

5,308

4,365

21.6

Natural Gas Trading

9,137

6,152

48.5

Intersegmental transfers

1,235

1,189

3.9

Sales including intersegmental transfers

15,680

11,706

33.9

Income from operations before depreciation and amortization (EBITDA)

4,409

3,592

22.7

Thereof Exploration & Production

3,744

2,901

29.1

Natural Gas Trading

665

691

(3.8)

Income from operations (EBIT)
before special items

3,844

3,031

26.8

Thereof Exploration & Production

3,319

2,486

33.5

Natural Gas Trading

525

545

(3.7)

Income from operations (EBIT)

3,844

3,031

26.8

Thereof Exploration & Production

3,319

2,486

33.5

Natural Gas Trading

525

545

(3.7)

Income from operations (EBIT)
after cost of capital1

1,271

1,260

0.9

EBITDA in percent of sales

30.5

34.2

Assets

8,356

7,057

18.4

Thereof Exploration & Production

4,740

4,037

17.4

Natural Gas Trading

3,616

3,020

19.7

Exploration expenses

227

268

(15.3)

Additions to property, plant and equipment
and intangible assets

1,651

2,280

(27.6)

Income taxes on oil-producing operations non-compensable with German corporate income tax

1,851

1,302

42.2

Net income2

951

789

20.5

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