Oil & Gas

1st Quarter 2017

Sales in the Oil & Gas segment increased considerably year-on-year, mainly driven by higher prices. The price of a barrel of Brent blend crude oil averaged $54 in the first quarter of 2017 (first quarter of 2016: $34). Gas prices on European spot markets also rose sharply compared with the previous first quarter. Production volumes matched the level of the previous first quarter, while sales volumes, especially of gas, exceeded the level of the first quarter of 2016.

Factors influencing sales, Oil & Gas 1st Quarter 2017

Factors influencing sales, Oil & Gas 1st Quarter 2017 (bar chart)

Income from operations before special items also improved considerably. This was largely attributable to the rise in prices. Net income grew significantly.

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Segment data Oil & Gas (million €)

 

 

1st Quarter

 

 

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

 

829

611

36

Income from operations before depreciation and amortization (EBITDA)

 

482

307

57

Amortization and depreciation1

 

313

241

30

Income from operations (EBIT)

 

169

66

156

Special items

 

(1)

−

−

EBIT before special items

 

170

66

158

Assets (March 31)

 

12,667

12,147

4

Investments including acquisitions2

 

180

280

(36)

Research and development expenses

 

9

10

(10)

Exploration expenses

 

10

33

(70)

Net income

 

140

47

198