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FRANKFURT, April 27 (Reuters) - Wintershall Dea posted a jump in first-quarter financial results thanks to record production and recovering oil and gas prices, the German-Russian producer said on Tuesday.
Its earnings before interest, tax, depreciation, amortisation, and exploration expenses (EBITDAX), a standard oil industry measure, rose to 704 million euros ($850.22 million) in the three-month period, up 47% year-on-year.
“We entered 2021 with a great deal of operating momentum, allowing us to deliver record production of 659 million barrels of oil equivalent (boe) per day in the first quarter,” said chief executive Mario Mehren.
First quarter output was up 5% year-on-year while adjusted net income came in at 171 million euros after a 88 million euros loss in same period in 2020.
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LISBON, April 26 (Reuters) - Portugal’s Galp Energia on Monday reported a 13% slump in adjusted first-quarter net profit, hit by a decline in oil production owing to constraints caused by the COVID-19 pandemic and slower refining activity. Galp suspended output at its largest refinery in Sines and its smallest, Matosinhos, in April 2020. It resumed production at both locations in June but halted Matosinhos again in early October and has yet to resume activity there.
Galp’s adjusted net profit fell to 26 million euros ($31.49 million), from 29 million a year earlier, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 6% to 499 million euros, the company said.
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April 22 (Reuters) - Australian gas producer Santos Ltd on Thursday posted a 9.2% rise in first-quarter revenue, helped by firmer commodity markets as global economies recover from last year’s pandemic lows, and forecast stronger LNG prices for the second quarter.
Easing curbs and increasing energy demand in the last few months have lifted commodity prices after the COVID-19 outbreak battered energy markets in 2020. LNG prices hit a record high in January this year.
“Business benefited from higher commodity prices and a low free cash flow breakeven oil price. This was despite the 3-month lag in oil-linked LNG prices, which should see stronger prices in the second quarter,” CEO Kevin Gallagher said.
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HELSINKI, April 21 (Reuters) - Finnish telecom operator Elisa posted a 2.4% rise in first-quarter operating profit on Wednesday and said its full-year core result for 2021 remains on track to match or slightly exceed last year’s earnings.
Elisa’s January-March earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 170 million euros ($204.5 million) from 166 million a year ago.
The company saw a 2.9% rise in first-quarter revenue which came in at 482 million euros compared to 468 million euros the previous year.
“Despite increased restrictions and lockdowns due to COVID-19 and nearly all of Elisa’s personnel working remotely, we achieved a strong result in the first quarter,” Chief Executive Veli-Matti Mattila said in a statement.
Africa division up 9.9%, Asia +5.4%, Europe -9.7% Outlook maintained for gradual improvement in second half (Updates with regional split)
BRUSSELS, April 21 (Reuters) - Heineken NV, the world’s second-largest brewer, fared better than expected at the start of 2021 as increased beer sales in Africa and Asia offset a sharp decline in Europe.
The maker of Europe’s top-selling lager Heineken, Tiger and Sol, retained its outlook that the impact of the COVID-19 pandemic was significant and markets should gradually improve in the second half of 2021, depending on vaccine roll-outs.
The Dutch brewer sold 50.3 million hectolitres of beer in the first quarter, unchanged from a year earlier on a like-for-like basis. The average forecast in a company-compiled poll was for a 5% decline