Oil & Gas
2nd Quarter 2017
The Oil & Gas segment saw considerable year-on-year sales growth, driven by increased volumes and prices. The rise in volumes came mainly from higher sales volumes of gas in addition to an offshore lifting in Libya in June 2017. The price of a barrel of Brent blend crude oil in the second quarter of 2017 was $50 on average (second quarter of 2016: $46 per barrel). Gas prices on European spot markets also rose compared with the previous second quarter. Our production volumes matched prior second-quarter levels.
Factors influencing sales, Oil & Gas
2nd Quarter 2017
Income from operations before special items also improved considerably. This was largely attributable to the higher prices and sales volumes. Net income grew significantly.
|
|
2nd Quarter |
1st Half |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
2017 |
2016 |
Change % |
2017 |
2016 |
Change % |
||||
|
|||||||||||
Sales to third parties |
|
814 |
617 |
32 |
1,643 |
1,228 |
34 |
||||
Income from operations before depreciation and amortization (EBITDA) |
|
472 |
357 |
32 |
954 |
664 |
44 |
||||
Amortization and depreciation1 |
|
289 |
264 |
9 |
602 |
505 |
19 |
||||
Income from operations (EBIT) |
|
183 |
93 |
97 |
352 |
159 |
121 |
||||
Special items |
|
− |
(1) |
− |
(1) |
(1) |
– |
||||
EBIT before special items |
|
183 |
94 |
95 |
353 |
160 |
121 |
||||
Assets (June 30) |
|
12,047 |
12,435 |
(3) |
12,047 |
12,435 |
(3) |
||||
Investments including acquisitions2 |
|
243 |
270 |
(10) |
423 |
550 |
(23) |
||||
Research and development expenses |
|
9 |
9 |
– |
18 |
19 |
(5) |
||||
Exploration expenses |
|
14 |
27 |
(48) |
24 |
60 |
(60) |
||||
Net income |
|
122 |
100 |
22 |
262 |
147 |
78 |
||||