Wintershall Dea announced that it has recorded production of 659 million barrel of oil equivalent per day (mmboe/d) during the Q1 of 2021, which will allow the achievement of the full year guidance of 620-640 mmboe/d, a press release reported.
The company also succeeded to reduce the production costs by 18% to reach €3.2 per barrel, Year over Year (YoY) during this period. Besides, the company lowered its production and development Capital Expenditures (CapEx) by 28%, hitting €239 million.
According to Wintershall Dea, these results are attributed to the record production and the stability of the external environment which managed the company to increase its Earnings Before Interest, Taxes, Depreciation, Amortization, Exploration Expense (EBITDAX) up to €704 million and to raise its free cash flow up to €400 million.
In this regard, Mario Mehren, Wintershall Dea Chairman & CEO, commented “We entered 2021 with a great deal of operating momentum, allowing us to deliver record production of 659 mboe/d in the first quarter.”
“This strong operational performance combined with a more robust external environment has resulted in a step-change in our financial performance, allowing us to recommence the payment of our common dividend.”Mehren added.