Oil & Gas 1st Quarter 2018 We recorded considerable year-on-year sales growth in the Oil & Gas segment. This was mainly due to price increases, as well as higher volumes from Norway and stronger trading volumes. The price of a barrel of Brent crude oil averaged $67 in the first quarter of 2018 (first quarter of 2017: $54). Gas prices on the European spot markets also rose significantly compared with the prior-year quarter. This was partially offset by currency effects, primarily relating to the U.S. dollar. Factors influencing sales, Oil & Gas1st quarter 2018 Income from operations before special items also improved considerably. This was largely attributable to a higher earnings contribution from Norway due to lower depreciation as a result of higher reserves, as well as volumes growth. Higher oil and gas prices also contributed to the earnings increase. Net income rose considerably. (XLS:) Download Segment data Oil & Gas (million €) 1st quarter 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 945 829 14 Income from operations before depreciation and amortization (EBITDA) 587 482 22 Amortization and depreciation1 195 313 (38) Income from operations (EBIT) 392 169 132 Special items 27 (1) . EBIT before special items 365 170 115 Assets (March 31) 11,896 12,667 (6) Investments including acquisitions2 174 180 (3) Research and development expenses 5 9 (44) Exploration expenses 13 10 30 Net income 165 140 18 back forward
