Oil & Gas

2nd Quarter 2017

The Oil & Gas segment saw considerable year-on-year sales growth, driven by increased volumes and prices. The rise in volumes came mainly from higher sales volumes of gas in addition to an offshore lifting in Libya in June 2017. The price of a barrel of Brent blend crude oil in the second quarter of 2017 was $50 on average (second quarter of 2016: $46 per barrel). Gas prices on European spot markets also rose compared with the previous second quarter. Our production volumes matched prior second-quarter levels.

Factors influencing sales, Oil & Gas
2nd Quarter 2017

Factors influencing sales, Oil & Gas – 2nd Quarter 2017 (bar chart)

Income from operations before special items also improved considerably. This was largely attributable to the higher prices and sales volumes. Net income grew significantly.

Segment data Oil & Gas (million €)

 

 

2nd Quarter

1st Half

 

 

2017

2016

Change %

2017

2016

Change %

1

Amortization of intangible assets and depreciation of property, plant and equipment (including impairments and write-ups)

2

Additions to intangible assets and property, plant and equipment

Sales to third parties

 

814

617

32

1,643

1,228

34

Income from operations before depreciation and amortization (EBITDA)

 

472

357

32

954

664

44

Amortization and depreciation1

 

289

264

9

602

505

19

Income from operations (EBIT)

 

183

93

97

352

159

121

Special items

 

(1)

(1)

(1)

EBIT before special items

 

183

94

95

353

160

121

Assets (June 30)

 

12,047

12,435

(3)

12,047

12,435

(3)

Investments including acquisitions2

 

243

270

(10)

423

550

(23)

Research and development expenses

 

9

9

18

19

(5)

Exploration expenses

 

14

27

(48)

24

60

(60)

Net income

 

122

100

22

262

147

78