BASFY BASF SE (QX)

By Helena Smolak

Wintershall Dea reported a swing to a net loss due to weaker oil and gas prices, unplanned maintenance outages in Norway and the loss of its business in Russia.

The German oil-and-gas group majority owned by chemicals giant BASF said Monday that it anticipates finalizing the legal separation of its international business from Russian holdings into two independent entities by mid-2024. The process for a complete exit from Russia is currently in progress, the company told Dow Jones Newswires.

Wintershall reported a third-quarter net loss of 546 million euros ($576.8 million) compared with a net profit of EUR377 million for the year-earlier period excluding Russia. The company attributed the result to impairments on assets and restructuring provisions of EUR587 million.

Last month, the company launched a cost-cutting plan that included 500 layoffs and targeted annual savings of EUR200 million.

Excluding exceptional items, adjusted net profit plunged 86% on year to EUR61 million.

Revenue for the quarter more than halved to EUR2.11 billion compared with EUR5.80 billion a year before. Quarterly production was 324,000 barrels of oil equivalent a day, down 1% on year.

Earnings before interest, taxes, depreciation, amortization and exploration were down 53% at EUR964 million.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

October 30, 2023 11:48 ET (15:48 GMT)

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