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    Wintershall Dea to Book €750-800mn in Q2 Write-downs

Summary

The charges mean parent company Basf will book a net loss.

by: Joseph Murphy

Posted in:

Natural Gas & LNG News, Europe, Premium, Corporate, Exploration & Production, Financials, Companies, Europe, Wintershall, News By Country, Germany

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Wintershall Dea to Book €750-800mn in Q2 Write-downs

Germany's Wintershall Dea warned on July 10 it would book €750-800mn ($848-905mn) in non-cash, post-tax impairment charges in the second quarter, to account for the collapse in oil and gas prices.

Wintershall Dea is due to publish its results for the three-month period on August 19 2020. The company did not offer any other guidance on the results. However, its parent firm BASF said separately it expected to book a €878mn net loss in the second quarter, because of the charges at Wintershall Dea.

Wintershall Dea was formed last year through the merger of Wintershall and Dea, the respective oil and gas businesses of BASF and Russia's LetterOne. It operates in Algeria, Argentina, Brazil, Denmark, Egypt, Germany, Libya, Mexico, the Netherlands, Norway, Russia, the UAE and the UK.

Many other oil and gas companies have warned of substantial impairment charges in the three months ending June 30, including BP and Shell.

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