Wintershall Dea announced a stable operational performance for Q1 2023 when the company’s daily output recorded 318,000 barrels of oil equivalent (boe/d) for the quarter.

The daily production comes on track with the fiscal year (FY) production guidance of 325,000 boe/d to 350,000 boe/d.

The company recorded an adjusted net income of €298 million, up 10% YoY; and Capex of €214 million, 3% higher YoY. Its EBITDAX was €1.14 billion, according to the company’s announcement.

The company made a free cash flow of €164 million, due to a softer commodity price environment and higher tax payments in Norway on the back of strong earnings in 2022. Additionally, the company achieved cash and cash equivalents of €2.93 billion.

Wintershall Dea announced a net debt of €1.52 billion, leverage of 0.27x, and reemphasized its decision to fully exit Russia in an orderly manner complying with all applicable laws and regulations announced and asserted that implementation started.