ENERGY in Transition

Annual Report 2022

Content Overview

CEO statement
Key financial figures 2022
Energy Transition Pathway
Energy in transition
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CEO statement

Credit: Wintershall Dea/mmpro

2022 was a turning point, also for Wintershall Dea. But we look to the future as a resilient and focused business.

Mario Mehren - CEO

Key financial figures 2022*

: Production**
: 2p reserves
: Capex
: Ebitdax

Northern Europe
Latin America
Middle East/North Africa
Midstream
Headquarter and Other

€3.4 BN: Operating Cash Flow
€2.5 BN: Free Cash Flow
€928 m: Adjusted Net Income
€5.8 Per BOE: Production Costs
12 Years: 2P Reserves Life

Having built significant flexibility in 2022, we will follow our robust financial policy to maintain our strong balance sheet and in parallel profitably grow and diversify our business.

Paul Smith - CFO

Our Energy Transition Pathway

At Wintershall Dea, we are determined to play a key role in the energy transition, delivering affordable, reliable energy to customers. We have set ambitious and measurable targets to further reduce our emissions. For details, please click on the respective dots.

More information

Tomorrow

Beyond

Energy in transition

SHAPING THE TRANSFORMATION

Wintershall Dea is on the path to transform from the leading European independent gas and oil company into a leading independent gas and carbon management company. We will pursue moderate growth of our international E&P business, whilst simultaneously establishing a complementary carbon management and hydrogen business.

Our purpose is to provide the world with sustainable and affordable energy and actively contribute to the energy transition. To reach these goals, we aim to build our future on a strong, diversified, and decarbonised portfolio.

ADVANCING TARGETED AND EFFICIENT E&P BUSINESS

The transformation of the energy sector continues unabated. Yet society and industry still need natural gas and oil. The task at hand is to secure today’s energy supply while keeping an eye on tomorrow’s needs. That is exactly what Wintershall Dea is doing right now in exploration and production – in Europe, Africa, the Middle East and Latin America.

We are as focused on promoting highly promising production sites in exploration as we are on taking targeted steps to reduce methane emissions in production. Our approach proved successful in 2022, despite the many challenges. As a result, it is the path we plan to take going forward.

Fighting climate change with carbon management and hydrogen

Europe plans to be climate-neutral by 2050. Managing carbon through carbon capture and storage (CCS), along with the use of hydrogen, has the potential to make a major contribution to achieving that goal. The new Carbon Management & Hydrogen division is Wintershall Dea’s response to this challenge.

In an interview, Hugo Dijkgraaf, Chief Technology Officer, and Klaus Langemann, Senior Vice President Carbon Management & Hydrogen, present the CCS and hydrogen projects that we are rolling out. They also discuss the special role played by Norway and the new NOR-GE project, which is designed to help store up to 40 million tonnes of CO₂ a year.