Oil & Gas 2nd Quarter 2018 In the Oil & Gas segment, sales rose considerably compared with the prior-year quarter, mainly due to higher prices. Sales were also lifted by increased volumes from Norway following the start of production at new fields and stronger trading volumes. The price of a barrel of Brent crude oil averaged $74 in the second quarter of 2018 (second quarter of 2017: $50). Gas prices on the European spot markets were also significantly higher than in the prior-year quarter. Sales were reduced by currency effects. Factors influencing sales, Oil & Gas2nd quarter 2018 We considerably improved income from operations before special items. Oil and gas prices rose. In Norway, we recorded both lower depreciation as a result of higher reserves and volumes growth. Net income rose considerably. (XLS:) Download Segment data Oil & Gas (million €) 2nd quarter 1st half 2018 2017 Change in % 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 998 814 23 1,943 1,643 18 Income from operations before depreciation and amortization (EBITDA) 593 472 26 1,180 954 24 Amortization and depreciation1 202 289 (30) 397 602 (34) Income from operations (EBIT) 391 183 114 783 352 122 Special items − − − 27 (1) . EBIT before special items 391 183 114 756 353 114 Assets (June 30) 12,046 12,047 0 12,046 12,047 0 Investments including acquisitions2 139 243 (43) 313 423 (26) Research and development expenses 5 9 (44) 10 18 (44) Exploration expenses 15 14 7 28 24 17 Net income 151 122 24 316 262 21 back next
