Oil & Gas

3rd Quarter 2017

Sales in the Oil & Gas segment rose considerably year-on-year on the back of higher prices and volumes. The average price of a barrel of Brent blend crude oil in the third quarter of 2017 was $52 (prior-year quarter: $46). Gas prices on the European spot markets also rose compared with the prior-year quarter. Volumes growth was mainly driven by higher gas sales volumes. Production volumes also increased slightly.

Factors influencing sales, Oil & Gas
3rd Quarter 2017

There was a slight decline in income from operations before special items. The prior-year figure included compensation payments from contract renegotiations. Net income nevertheless grew considerably, mainly due to special income from the sale of shares in a natural gas field concession in Argentina.

Segment data Oil & Gas (million €)

 

 

3rd Quarter

January – September

 

 

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

 

739

618

20

2,382

1,846

29

Income from operations before depreciation and amortization (EBITDA)

 

473

437

8

1,427

1,101

30

Amortization and depreciation1

 

218

259

(16)

820

764

7

Income from operations (EBIT)

 

255

178

43

607

337

80

Special items

 

75

(16)

.

74

(17)

.

EBIT before special items

 

180

194

(7)

533

354

51

Assets (September 30)

 

11,870

12,447

(5)

11,870

12,447

(5)

Investments including acquisitions2

 

225

270

(17)

648

820

(21)

Research and development expenses

 

6

9

(33)

24

28

(14)

Exploration expenses

 

22

18

22

46

78

(41)

Net income

 

139

33

321

401

180

123