Oil & Gas

2nd Quarter 2018

In the Oil & Gas segment, sales rose considerably compared with the prior-year quarter, mainly due to higher prices. Sales were also lifted by increased volumes from Norway following the start of production at new fields and stronger trading volumes. The price of a barrel of Brent crude oil averaged $74 in the second quarter of 2018 (second quarter of 2017: $50). Gas prices on the European spot markets were also significantly higher than in the prior-year quarter. Sales were reduced by currency effects.


Factors influencing sales, Oil & Gas
2nd quarter 2018

Factors influencing sales, Oil & Gas – 2nd quarter 2018 (bar chart)

We considerably improved income from operations before special items. Oil and gas prices rose. In Norway, we recorded both lower depreciation as a result of higher reserves and volumes growth. Net income rose considerably.

Segment data Oil & Gas (million €)

 

 

2nd quarter

1st half

 

 

2018

2017

Change in %

2018

2017

Change in %

1

Amortization of intangible assets and depreciation of property, plant and equipment (including impairments and reversals of impairments)

2

Additions to intangible assets and property, plant and equipment

Sales to third parties

 

998

814

23

1,943

1,643

18

Income from operations before depreciation and amortization (EBITDA)

 

593

472

26

1,180

954

24

Amortization and depreciation1

 

202

289

(30)

397

602

(34)

Income from operations (EBIT)

 

391

183

114

783

352

122

Special items

 

27

(1)

.

EBIT before special items

 

391

183

114

756

353

114

Assets (June 30)

 

12,046

12,047

0

12,046

12,047

0

Investments including acquisitions2

 

139

243

(43)

313

423

(26)

Research and development expenses

 

5

9

(44)

10

18

(44)

Exploration expenses

 

15

14

7

28

24

17

Net income

 

151

122

24

316

262

21