Press Release: Steven Winberg, Assistant Secretary for Fossil Energy at the US Department of Energy, will give the… https://t.co/DABoS884lE
BASF, LetterOne complete merger of oil and gas operations
IHS Markit Chemical Week's latest coverage of BASF unveils their latest competitive strategies. Get the clearest possible view of your position in relation to BASF with IHS Markit Company Strategies and Performance.
BASF and the investment group LetterOne (Luxembourg) have completed the merger of their upstream oil and gas operations. BASF has 67% ownership of the resulting Wintershall DEA joint venture, with LetterOne, the parent of DEA, holding the remaining 33% of the company, reflecting the value of the respective exploration and production (E&P) businesses. BASF says it will receive additional preference shares, to reflect the value of Wintershall's gas-transportation business. This will result in a higher BASF stake in Wintershall DEA, 72.7%. BASF and LetterOne signed a transaction agreement in September 2018 to merge Wintershall and DEA. In 2018, the combined E&P entities had pro-forma annual sales of €5.7 billion ($6.4 billion) and net income of €1.1 billion. Combined pro-forma hydrocarbon production last year was 215 million barrels of oil equivalent, with daily production of 590,000 b/d. The integration is expected to be completed within a year, says BASF. An initial public offering (IPO) is planned for the second half of 2020, subject to market conditions.
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