In the medium term, an initial public offering of Wintershall Dea is envisaged. To effect the merger, LetterOne will contribute all its shares in DEA Deutsche Erdol AG into Wintershall Holding GmbH against the issuance of new shares of the company to LetterOne. BASF does not assume any obligation to update the forward-looking statements contained in this release above and beyond the legal requirements. Since January 2016 he has held various positions in the exploration department of DEA Norge, before joining the new Management Team of Wintershall Dea in Norway after the merger in 2019. Wintershall has a 15.5 percent share in the pipeline. Wintershall chief executive Mario Mehren likes to speak his mind, especially when it comes to the role of natural gas in Germany's energy transition, the vaunted Energiewende. Following the approval of all relevant authorities, BASF and LetterOne successfully completed the merger of Wintershall and DEA on May 1, 2019. Since January 2016 he has held various positions in the exploration department of DEA Norge, before joining the new Management Team of Wintershall Dea in Norway after the merger in 2019. BASF holds 67% and LetterOne 33% of Wintershall Dea’s ordinary shares, reflecting the value of the respective exploration and production businesses of Wintershall and DEA. Wintershall has a 15.5 percent share in the pipeline. No later than 36 months after closing but in all cases before an IPO, these preference shares will be converted into ordinary shares of Wintershall Dea. As it is the entirety of both DEA’s and Wintershall’s already existing functioning standalone businesses that will be … This merger, the largest in the oil and gas sector for a decade, creates a new oil and gas company - Wintershall Dea - which is the world's largest privately-held energy company. In 2018, the combined business of Wintershall and DEA had pro-forma sales of €5.7 billion, income from operations before depreciation and amortization (EBITDA) of €3.6 billion and net income of €1.1 billion. Wintershall DEA will be headquartered in Hamburg, with activities across Europe, Latin America, North Africa and the Middle East. It created Europe's leading independent gas and oil company. In 2018, pro-forma hydrocarbon production of Wintershall and DEA together was 215 million barrels of oil equivalent (BOE). The merger between oil and gas firms Wintershall Holding GmbH and Deutsche Erdoel AG (DEA) has been completed, creating the largest independent exploration and production company in Europe. In the medium term, an initial public offering of Wintershall Dea is envisaged. Wintershall Holding GmbH (Wintershall) and DEA Deutsche Erdoel AG (DEA) have completed their merger. As a result of the merger, Wintershall Dea has a regionally balanced footprint with superior growth opportunities. May 2, 2019, by LNG World News German duo Wintershall Holding and DEA Deutsche Erdoel AG (DEA) have completed the merger of the two companies creating a European independent gas and oil giant. In 2018, the combined business of Wintershall and DEA had pro-forma sales of €5.7 billion, income from operations before depreciation and amortization (EBITDA) of €3.6 billion and net income of €1.1 billion. These measures in addition to the temporary tax incentives in Norway would have allowed the company to keep its funds from operations (FFO) net leverage at 3.0x in 2020 compared with 2.9x in 2019 (pro-forma for the full year of Wintershall and DEA merger) despite sharply lower oil and gas prices. “We are a European champion and are making an important contribution to Europe’s energy security,” said Mario Mehren, Chairman of the Board of Executive Directors and CEO of Wintershall DEA. Credit. Earnings were presented in BASF’s statement of income in the line “income after taxes from discontinued operations.”. The company with German roots and headquarters in Kassel and Hamburg explores for and produces gas and oil in 13 countries worldwide in an efficient … The gain from the transition from full consolidation to the equity method will be shown in income after taxes from discontinued operations for the second quarter of 2019. Upon formal registration of the corresponding capital increase, BASF will hold 67% and LetterOne 33% of Wintershall Dea’s ordinary shares reflecting the value of the respective exploration and production businesses of Wintershall and DEA. CEO Mario Mehren in discussion with energy policy spokespersons from the Bundestag. Forward-looking statements are not guarantees of the future developments and results outlined therein. About Wintershall Dea. Today, the company employs around 2,500 people worldwide from over 60 nations. BASF’s participating interest in Wintershall Dea will be reported in the consolidated financial statements of the BASF Group according to the equity method as of May 1, 2019, with an initial valuation at fair value. Leunig. The Wintershall and DEA merger, the largest upstream deal in Europe for over a decade, will be heavily weighted to gas, putting it at the centre of a heated gas debate in Germany . Sales and earnings of the oil and gas business were no longer included in BASF Group’s reporting – retroactively as of January 1, 2018 and with the prior-year figures restated. Based on underlying exploration and production projects, the company is on track to reach a daily production of 750,000 to 800,000 BOE … At the end of 2018, proven reserves on a pro-forma basis stood at 2.4 billion BOE, which led to a reserve to production ratio of 11 years. The approximately 122,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Talks held over Wintershall-Dea merger. Wintershall Dea is Europe's largest independent producer of natural gas and crude oil. These are dependent on a number of factors; they involve various risks and uncertainties; and they are based on assumptions that may not prove to be accurate. Following the approval of all relevant authorities, BASF and LetterOne have successfully completed the merger of Wintershall and DEA. BASF and LetterOne envisage to list Wintershall Dea through an Initial Public Offering (IPO) in the second half of 2020, subject to market conditions. With the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, two successful companies with a long tradition have formed Europe’s leading independent natural gas and oil company: Wintershall Dea. Dr. Wintershall Dea draws on the potential of CO 2 storage technologies for a clean-er energy future. A binding agreement to merge DEA and Wintershall was published on 27 September 2018. The company plans to increase its average daily production from around 590,000 barrels of oil equivalent to a range of 750,000 to 800,000 barrels in the period between 2021 and 2023. The Wintershall and DEA merger, the largest upstream deal in Europe for over a decade, will be heavily weighted to gas, putting it at the centre of a heated gas debate in Germany . This equals an annual production growth rate of 6% to 8%. Based on underlying exploration and production projects, the company is on track to reach a daily production of 750,000 to 800,000 BOE between 2021 and 2023 from currently 590,000 BOE per day. A merger between German oil firms Wintershall and Dea will result in the loss of up to 1,000 jobs, the companies confirmed last night. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. As of May 1, 2019, BASF will report its share of Wintershall Dea’s net income in EBIT before special items and EBIT of the BASF Group, reported under Other. Ludwigshafen, Germany – May 1, 2019 – Following the approval of all relevant authorities, BASF and LetterOne have successfully completed the merger of Wintershall and DEA. With the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, two successful companies with a long tradition have formed Europe’s leading independent natural gas and oil company: Wintershall Dea. A multibillion-euro deal to merge the energy unit of German chemicals group BASF with rival DEA has been completed, creating the largest independent oil and gas company in Europe, Wintershall DEA. … The joint venture was created in May 2019 by the merger between Wintershall Holding GmbH and DEA Deutsche Erdoel AG. Selskapets ledelse består av 13 menn og kvinner som bringer flere tiår med kompetanse og erfaring . Wintershall Dea's competitive position is underpinned by its efficiency, scale, strong operating capabilities and competitive operating costs. The approvals process will be complex, partly because Wintershall owns a sizeable gas transportation business within Germany. The role will be held by Hans-Ulrich Engel for the first fifteen months. These are dependent on a number of factors; they involve various risks and uncertainties; and they are based on assumptions that may not prove to be accurate. Following closing, the joint venture has no shareholder loans outstanding with BASF or LetterOne. These statements are based on current estimates and projections of the Board of Executive Directors and currently available information. Stefanie Wettberg, BASF and LetterOne complete merger of Wintershall and DEA, At BASF, we create chemistry for a sustainable future. With the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, two successful companies with a long tradition have formed Europe’s leading independent natural gas and oil company: Wintershall Dea. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. It also suspended dividends. It comes nearly a year after … At BASF, we create chemistry for a sustainable future. Trade tensions, warnings of an impending global slowdown and disruptive political events such as Brexit have all contributed towards gloomier European energy initial public offering (IPO) sentiment over the past two years. Source: Wintershall . This merger, the largest in the oil and gas sector for a decade, creates a new oil and gas company - Wintershall Dea - which is the world's largest privately-held energy company. It is planning listing on the Frankfurt Stock Exchange. “With Wintershall Dea we create the leading independent European exploration and production company with international operations in core regions. The company with German roots and headquarters in Kassel and Hamburg explores for and produces gas and oil in 13 countries worldwide in an efficient and responsible manner. During the period between signing of the business combination agreement in September 2018 and the closing of the merger, the oil and gas business of BASF was classified as discontinued operation. Wintershall Dea . Wintershall Dea, Europe’s leading independent natural gas and oil company, has successfully priced its inaugural dual-tranche subordinated notes transaction comprising of Perpetual NC5.5 €650 million notes and Perpetual NC8.0 €850 million notes. The shareholders have decided to rename the company Wintershall Dea GmbH. In September 2018, BASF and LetterOne had signed a transaction agreement to merge their respective oil and gas businesses in a joint venture. It is planning listing on the Frankfurt Stock Exchange. German chemicals giant BASF and Russian-owned investment firm LetterOne have finally completed the merger of their respective upstream oil and gas subsidiaries Wintershall and Dea. In 2009 he joined E.ON E&P Norge, before moving to London to become Chief Geologist for E.ON in 2013. Wintershall Holding GmbH (Wintershall) and DEA Deutsche Erdoel AG (DEA) have completed their merger. The company with German roots and headquarters in Kassel and Hamburg explores for and produces gas and oil in 13 countries worldwide in an efficient and responsible manner. With the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, two successful companies with a long tradition have formed Europe’s leading independent natural gas and oil company: Wintershall Dea. Document. In the Supervisory Board of Wintershall Dea, Hans-Ulrich Engel and Lord Browne of Madingley will be rotating non-executive Chairmen. This merger, the largest in the oil and gas sector for a decade, creates a new oil and gas company - Wintershall Dea - which is the world's largest privately-held energy company. A multibillion-euro deal to merge the energy unit of German chemicals group BASF with rival DEA has been completed, creating the largest independent oil and gas company in Europe, Wintershall DEA. Wintershall will then be renamed Wintershall DEA, which will be headquartered in Kassel and Hamburg. pdf ∣ 62.14 KB. The gain from the transition from full consolidation to the equity method will be shown in income after taxes from discontinued operations for the second quarter of 2019. Hvem vi er. The joint venture is headquartered in Kassel and Hamburg. The merger between oil and gas firms Wintershall and DEA has been completed, creating the largest independent exploration and production company in Europe. Wintershall Dea er en av Norges største olje-og gassprodusenter og en pålitelig partner. About Wintershall Dea. This equals an annual production growth rate of 6% to 8%. The company employs around 4,000 people worldwide from over 60 nations. With the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, two successful companies with a long tradition have formed Europe’s leading independent natural gas and oil company: Wintershall Dea. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at, /content/basf/www/global/en/media/news-releases, /content/basf/www/global/en/media/news-releases/2019/05/p-19-199, PDF ( BASF and LetterOne envisage to list Wintershall Dea through an Initial Public Offering (IPO) in the second half of 2020, subject to market conditions. Wintershall-Dea no guide to future IPO performance Post-merger momentum contrasts with wider industry cynicism over energy IPOs. Utbygging. Wintershall Dea will hit the ground running, with a project pipeline that will deliver market-leading growth in the years to come.”. Wintershall Dea celebrated its first anniversary of the merger between Wintershall Holding company and Dea Company with the aim of becoming Europe’s leading independent natural gas and oil company, according to a press release. The merger was carried out with official approval in May 2019. The company with German roots and headquarters in Kassel and Hamburg explores for and produces gas and oil in 13 countries worldwide in an efficient … The merger between oil and gas firms Wintershall Holding GmbH and Deutsche Erdoel AG (DEA) has been completed, creating the largest independent exploration and … This will result in a total initial shareholding of BASF in Wintershall Dea of 72.7%. Both shareholders are committed to the profitable growth path of Wintershall Dea and set a solid capital basis for the joint venture. Wintershall Dea expects to realize synergies of at least €200 million per year as of the third year following the closing of the transaction. “With Wintershall Dea we create the leading independent European exploration and production company with international operations in core regions. BASF SE has a 67% stake in it, with the other 33% being held by LetterOne, whose main ultimate owner is the Russian business magnate Mikhail Fridman. Wintershall Dea will be managed by an Executive Board consisting of five members: Mario Mehren, Chairman and Chief Executive Officer (CEO); Maria Moraeus Hanssen, Deputy CEO and Chief Operating Officer (COO), responsible for Europe and MENA; Thilo Wieland, Member of the Executive Board responsible for Russia, Latin America and Midstream; Hugo Dijkgraaf, Chief Technology Officer (CTO) and Paul Smith, Chief Financial Officer (CFO). At BASF, we create chemistry for a sustainable future. About Wintershall Dea. Due to the merger of Wintershall and DEA into Wintershall Dea, the oil fields Ce-cilie, Nini and Nine East are owned by Wintershall Dea (as former assets of DEA). 143.8 kB In a mid-March annual Wintershall media presentation in Kassel, the firm's headquarters for 125 years, company officials announced that it and Dea had secured a $6.8bn credit line from five unnamed US banks to push through their merger by the … The joint venture is headquartered in Kassel and Hamburg. A merger between German oil firms Wintershall and Dea will result in the loss of up to 1,000 jobs, the companies confirmed last night. To effect the merger, LetterOne will contribute all its shares in DEA Deutsche Erdöl AG into Wintershall Holding GmbH against the issuance of new shares of the company to LetterOne. Wintershall Dea will be managed by an Executive Board consisting of five members: Mario Mehren, Chairman and Chief Executive Officer (CEO); Maria Moraeus Hanssen, Deputy CEO and Chief Operating Officer (COO), responsible for Europe and MENA; Thilo Wieland, Member of the Executive Board responsible for Russia, Latin America and Midstream; Hugo Dijkgraaf, Chief Technology Officer (CTO) and Paul Smith, Chief Financial Officer (CFO). Wintershall-DEA merger to close in first half of 2019. Business & Finance September 28, 2018 BASF and LetterOne signed a definitive transaction agreement to merge their respective oil and gas businesses in a joint venture, which will operate under the name Wintershall DEA. Wintershall, DEA complete merger. The company with German roots and headquarters in Kassel and Hamburg explores for and produces gas and oil in 13 countries worldwide in an efficient and responsible manner. In the Supervisory Board of Wintershall Dea, Hans-Ulrich Engel and Lord Browne of Madingley will be rotating non-executive Chairmen. BASF holds 67 % of Wintershall Dea and LetterOne holds 33 % of the ordinary shares in Wintershall Dea. This merger, the largest in the oil and gas sector for a decade, creates a new oil and gas company - Wintershall Dea - which is the world's largest privately-held energy company. Wintershall Deas ledelse. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com. PI 20-24 Milestone for CCS project Greensand reached. As a result of the merger, Wintershall Dea is better equipped to upgrade its portfolio through strategic optimisation measures and to further reduce its already low production costs, which averaged $ 4.3 per boe in 2019. ). In September 2018, BASF and LetterOne had signed a transaction agreement to merge their respective oil and gas businesses in a joint venture. With the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, two successful companies with a long tradition have formed Europe’s leading independent natural gas and oil company: Wintershall Dea. This will result in a total initial shareholding of BASF in Wintershall Dea of 72.7%. Torsten Murin, Managing Director of Wintershall Dea Russia, talks about the effects of the merger on the Russian business as well as the growth and development plans. This release contains forward-looking statements. Following closing of the merger, the company will have no … Hvor vi er. Headquartered in Kassel and Hamburg, Wintershall Dea has activity spanning 13 countries across Europe, Latin America, North Africa and the Middle East. Lord Browne of Madingley, Executive Chairman of L1 Energy, added: “Very rarely do you have the opportunity to create a company of this scale and quality. We combine economic success with environmental protection and social responsibility. BASF SE has a 67% stake in it, with the other 33% being held by LetterOne, whose main ultimate owner is the Russian business magnate Mikhail Fridman. VP Corporate Issues and Reputation … Sales and earnings of the oil and gas business were no longer included in BASF Group’s reporting – retroactively as of January 1, 2018 and with the prior-year figures restated. The integration will be completed in approximately one year. Wintershall Dea targets an investment grade credit rating. Petrochemicals firm BASF and financial holding company LetterOne are in talks over a potential merger of their oil and gas businesses. At the end of 2018, proven reserves on a pro-forma basis stood at 2.4 billion BOE, which led to a reserve to production ratio of 11 years. Headquartered in Kassel and Hamburg, Wintershall Dea has activity spanning 13 countries across Europe, Latin America, North Africa and the Middle East. This merger, the largest in the oil and gas sector for a decade, creates a new oil and gas company - Wintershall Dea - which is the world's largest privately-held energy company. BASF will hold 67% of the shares in Wintershall Dea, with LetterOne taking 33%. About About Wintershall Dea With the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, two successful companies with a long tradition have formed Europe’s leading independent natural gas and oil company: Wintershall Dea. We combine economic success with environmental protection and social responsibility. BASF generated sales of around €63 billion in 2018. Wintershall Dea was formed from the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, in 2019. As a result of the merger, Wintershall Dea has a regionally balanced footprint with superior growth opportunities. BASF generated sales of around €63 billion in 2018. The integration phase has been prepared during recent months. These statements are based on current estimates and projections of the Board of Executive Directors and currently available information. The role will be held by Hans-Ulrich Engel for the first fifteen months. of merger control and foreign investment authorities as well as mining authorities and the German Federal Network Agency. Following closing, the joint venture has no shareholder loans outstanding with BASF or LetterOne. It also suspended dividends. Until closing, Wintershall and DEA will continue to operate as independent companies. About Wintershall Dea. Monday's agreement is the first by the German company in Egypt after the 2019 merger between Wintershall and DEA. Wintershall Dea targets an investment grade credit rating. This release contains forward-looking statements. The merger between oil and gas firms Wintershall and DEA has been completed, creating the largest independent exploration and production company in Europe. With the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, two successful companies with a long tradition have formed Europe’s leading independent natural gas and oil company: Wintershall Dea. The transaction agreement for the merger was signed at the end of September, but remains subject to approvals by the relevant authorities. The merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG on May 1, 2019, came at exactly the right time, according to Mario Mehren, the chairman of … About Wintershall Dea. A binding agreement to merge DEA and Wintershall was published on 27 September 2018. Wintershall Dea will hit the ground running, with a project pipeline that will deliver market-leading growth in the years to come.”. Merger with DEA AG. “Now is the right time for Wintershall and DEA to join forces so that the new company has the scale and clout to compete in today’s environment,” Mehren said. BASF does not assume any obligation to update the forward-looking statements contained in this release above and beyond the legal requirements. Wintershall-DEA: The anatomy of a merger The Wintershall-DEA deal brings together businesses that in 2017 had combined sales of €4.7bn. To reflect the value of Wintershall’s gas transportation business, BASF will receive additional preference shares. Wintershall DEA ist ein deutscher Ölkonzern, der im September 2018 durch die Fusion von DEA mit der BASF-Tochter Wintershall entstanden ist. This merger, the largest in the oil and gas sector for a decade, creates a new oil and gas company - Wintershall Dea - which is the world's largest privately-held energy company. Effect on financial reporting of BASF Group. This merger, the largest in the oil and gas sector for a decade, creates a new oil and gas company - Wintershall Dea - which is the world's largest privately-held energy company. BASF’s participating interest in Wintershall Dea will be reported in the consolidated financial statements of the BASF Group according to the equity method as of May 1, 2019, with an initial valuation at fair value. By combining the two German-based entities, BASF and LetterOne lay the basis for strong profitable growth for Wintershall Dea,” said Dr. Hans-Ulrich Engel, Vice Chairman of the Board of Executive Directors of BASF SE. Wintershall Dea GmbH is a German gas and oil producer. The new company will look to increase combined production (in 2017) of 575,000 boe/d by around 40% to 800,000 boe/d between 2021 and […] No Comments read more. Våre felt og prosjekter. With activities in Europe, Russia, Latin America and the MENA region (Middle East & North Africa), Wintershall Dea has a global upstream portfolio and, with its participation in natural gas transport, is also active in the midstream business. No later than 36 months after closing but in all cases before an IPO, these preference shares will be converted into ordinary shares of Wintershall Dea. The integration phase has been prepared during recent months. The merger will see the creation of one of the world’s largest exploration and production companies, Wintershall Dea. Wintershall DEA is now the leading independent oil and gas company in Europe, Egypt Oil & Gas reports. The merger between oil and gas firms Wintershall Holding GmbH and Deutsche Erdoel AG (DEA) has been completed, creating the largest independent exploration and … Wintershall, DEA merger on track:Wintershall and DEA aim to close their merger during the first half of this year, creating what they claim will be Europe’s largest independent gas and oil producer. Ludwigshafen, Germany – May 1, 2019 – Following the approval of all relevant authorities, BASF and LetterOne have successfully completed the merger of Wintershall and DEA. The merger was carried out with official approval in May 2019. About About Wintershall Dea With the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, two successful companies with a long tradition have formed Europe’s leading independent natural gas and oil company: Wintershall Dea. It created Europe's leading independent gas and oil company. The company plans to increase its average daily production from around 590,000 barrels of oil equivalent to a range of 750,000 to 800,000 barrels in the period between 2021 and 2023. by Mark Lammey. With the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, two successful companies with a long tradition have formed Europe’s leading independent natural gas and oil company: Wintershall Dea. Effect on financial reporting of BASF Group, BASF and LetterOne Complete Merger of Wintershall and DEA, BASF P199e: Complete merger of Wintershall Dea, Appeal to policymakers: Create an energy market that has a viable future and is socially responsible, Creation of the leading independent oil and gas company in Europe, On track to reach production target of 750,000 to 800,000 barrels of oil equivalent per day between 2021-2023, equivalent to an annual production growth rate of 6% to 8%, Synergies of at least €200 million per year, Initial Public Offering envisaged for 2nd half of 2020. The merger agreed in September last year has been completed in on May 1 following the approvals by all relevant authorities, and shareholders … As a result of the merger, Wintershall Dea has a regionally balanced footprint with superior growth opportunities. In 2009 he joined E.ON E&P Norge, before moving to London to become Chief Geologist for E.ON in 2013. Based on underlying exploration and production projects, the company is on track to reach a daily production of 750,000 to 800,000 BOE between 2021 and 2023 from currently 590,000 BOE per day. The approximately 122,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com. But a planned post-merger public bow for the combination of Germany's Wintershall and Dea suggests at least some players see brighter skies ahead. By combining the two German-based entities, BASF and LetterOne lay the basis for strong profitable growth for Wintershall Dea,” said Dr. Hans-Ulrich Engel, Vice Chairman of the Board of Executive Directors of BASF SE.