WINTERSHALL DEA INVESTOR PRESENTATION THE LEADING EUROPEAN INDEPENDENT GAS AND OIL COMPANY AUGUST 2020
WINTERSHALL DEA INVESTOR PRESENTATION DISCLAIMER This document has been prepared by Forward-Looking Statements Non-GAAP and Non-IFRS Financial Measures Wintershall Dea GmbH (“the Company”) for This document includes projections and other This document contains certain non GAAP and information purposes only. “forward-looking statements”, which are based non IFRS measures and ratios, including for The information contained in this document has on expectations of the Company’s management example EBITDAX, Adjusted Net Income and net not been independently verified and no and projections about future events and debt that are not required by, or presented in representation or warranty, express or implied, financial performance as of the date of the accordance with, any GAAP or IFRS. is made as to, and no reliance should be placed presentation. These forward-looking statements These non GAAP and non IFRS measures and on, the fairness, accuracy, completeness or involve a number of risks, uncertainties, and ratios may not be comparable to similarly titled correctness of the information or opinions assumptions about the Company and its measures used by other companies and have contained herein. None of the Company or any subsidiaries, which are beyond the control of the limitations as analytical tools and should not be of their respective affiliates, advisors, or Company. In light of these risks, uncertainties considered in isolation or as a substitute for representatives shall have any liability and assumptions, actual results may not occur analysis of our operating results as reported whatsoever (in negligence or otherwise) for any or may differ materially from those predicted in under IFRS or any GAAP. loss whatsoever arising from any use of this the forward-looking statements and from the document, or its contents, or otherwise arising in past performance of the Company. As a result, connection with this document. you should not rely on these forward-looking statements. The Company accepts no obligation This document does not constitute, or form part to update any forward-looking statements set of, an offer or invitation to purchase any forth herein or to adjust them to future events securities and neither it nor part of it shall form or developments. the basis of, or be relied upon in connection with, any contract or commitment whatsoever. WINTERSHALL DEA INVESTOR PRESENTATION PAGE 2
COMPANY OVERVIEW WINTERSHALL DEA INVESTOR PRESENTATION PAGE 3
WINTERSHALL DEA INVESTOR PRESENTATION WINTERSHALL DEA AT GLANCE VALUE CHAIN OPERATIONAL FINANCIAL 01 UPSTREAM 617 2.8 Production (1) EBITDAX (3) mboe/d € billion Exploration, Development and Production 3.8 1.9 2P Reserves (2) Operating Cash Flow (3) Diversified Upstream activities with full lifecycle capabilities 02 billion boe € billion MIDSTREAM Baa2 (neg) 13 Moody‘s Countries BBB (sta) Fitch European Pipeline Networks High quality and stable Midstream business FY 2019 PRODUCTION COMPRISING PRODUCTION FOR WINTERSHALL DEA GROUP ON AL LIKE-FOR-LIKE BASIS (AGGREGATING PRODUCTION FOR WINTERSHALL GROUP FOR JANUARY TO APRIL 2019, THE PRODUCTION FOR DEA GROUP FOR JANUARY TO APRIL 2019 AND THE (1) PRODUCTION FOR WINTERSHALL DEA GROUP FOR MAY – DECEMBER 2019) ON A WORKING INTEREST BASIS; INCLUDING PROPORTIONAL PRODUCTION FROM AT EQUITY ACCOUNTED COMPANIES; EXCLUDING LIBYA ONSHORE PRODUCTION; 2P RESERVES AS OF DECEMBER 31, 2019 (2) FY 2019 FIGURES REPRESENT AN AGGREGATION OF JANUARY-APRIL FIGURES FOR WINTERSHALL HOLDINGS GMBH GROUP AND DEA DEUTSCHE ERDOEL AG GROUP AND MAY-DECEMBER ACTUALS FOR WINTERSHALL DEA GROUP, WITHOUT ANY PRO FORMA ADJUSTMENTS; EFFECTS (3) PAGE 4 FROM THE PURCHASE PRICE ALLOCATION INCLUDED FROM 1 MAY 2019 ONWARDS ONLY.
WINTERSHALL DEA INVESTOR PRESENTATION OUR STRATEGY LANDSCAPE OUR STRATEGY Resilient, low cost, gas weighted Climate change and energy 01 upstream portfolio transition Exposure to high quality and stable 02 Energy demand growth midstream business globally 03 Disciplined Financial Framework Renewables cannot keep up with demand growth Competitive and sustainable 04 shareholder returns Abundance of low cost 05 Focus on Sustainability fossil fuels WINTERSHALL DEA INVESTOR PRESENTATION PAGE 5
KEY INVESTMENT HIGHLIGHTS WINTERSHALL DEA INVESTOR PRESENTATION PAGE 6
WINTERSHALL DEA INVESTOR PRESENTATION KEY INVESTMENT HIGHLIGHTS Diversified, gas weighted Strong partnerships with 01 04 upstream portfolio world class operators High quality and stable Robust financial policy anchored on 02 05 midstream business our commitment to investment grade Resilience through peer-leading Strong ESG footprint and 03 06 production costs focus on sustainability WINTERSHALL DEA INVESTOR PRESENTATION PAGE 7
WINTERSHALL DEA INVESTOR PRESENTATION DIVERSIFIED, GAS WEIGHTED UPSTREAM PORTFOLIO 01 RESILIENT PORTFOLIO WITH DIVERSIFIED KEY FIGURES 2019 PRICING CONSTRUCTS Reserves (2) Production Northern LATAM LATAM Northern Northern 7% Europe Russia 12% Europe Russia Europe 24% MENA 2019 Production: 2019 Production: 33% MENA 617 (1) 3.8 11% 201 mboe/d 289 mboe/d 8% mboe/d bn boe 70% 72% Gas Gas Algeria Russia 58% UAE Russia 47% Libya Egypt Mexico 1P+2C R/P 27 years Latin America MENA 2P R/P 1P R/P 2019 Production: 2019 Production: 17 years 2.2 76 mboe/d 51 mboe/d 13 years Brazil bn boe Argentina 3.0 3.8 6.0 Other Business Established Upstream Growth Upstream Business Units Business Units Units 1P 2P 2C 2P+2C (1) FY 2019 PRODUCTION COMPRISING PRODUCTION FOR WINTERSHALL DEA GROUP ON A LIKE-FOR-LIKE BASIS (AGGREGATING PRODUCTION FOR WINTERSHALL GROUP FOR JANUARY TO APRIL 2019, THE PRODUCTION FOR DEA GROUP FOR JANUARY TO APRIL 2019 AND THE PRODUCTION FOR WINTERSHALL DEA GROUP FOR MAY – DECEMBER 2019) ON A WORKING INTEREST BASIS; INCLUDING PROPORTIONAL PRODUCTION FROM AT EQUITY ACCOUNTED COMPANIES; EXCLUDING LIBYA ONSHORE PRODUCTION; (2) RESERVES AS OF DECEMBER 31, 2019 PAGE 8
WINTERSHALL DEA INVESTOR PRESENTATION HIGH QUALITY AND STABLE MIDSTREAM BUSINESS 02 PARTICIPATION IN MIDSTREAM ASSETS STRONG FINANCIAL CONTRIBUTION TO THE GROUP (1) (€ MILLION) 283 282 4,140 km 272 Predictable and stable onshore gas business pipelines Buffer against commodity 164 price volatility 159 161 High quality and modern infrastructure assets Long term potential in low-carbon environment – hydrogen transportation 2017 2018 2019 Compressor stations Transit pipeline (third-party) NEL/OPAL Nord Stream EBITDA Net Income GASCADE pipeline network Nord Stream 2 (financing only) (1) FROM DECEMBER 2019, WIGA GROUP CONSOLIDATED AT EQUITY WINTERSHALL DEA INVESTOR PRESENTATION PAGE 9
WINTERSHALL DEA INVESTOR PRESENTATION RESILIENCE THROUGH PEER-LEADING PRODUCTION COSTS 03 PRODUCTION COSTS (1) VS. PEERS (2017-2019 AVERAGE) (2) PRODUCTION COSTS OVER TIME ($/BOE) $/boe ~ 45 % 5.1 7.1 4.3 3.9 Peer median: $7.7/boe 2014 2019 1H 2020 SOURCE: COMPANY AND PUBLIC INFORMATION (1) PRODUCTION COSTS INCLUDE ONLY PRODUCTION RELEVANT AND OPERATING LEASE EXPENSES. (2) INCL. AKER BP, APACHE, BP, CONOCOPHILLIPS, ENI, EQUINOR, GALP, HESS, LUNDIN, NOBLE ENERGY, OMV, OXY, REPSOL, SANTOS, SHELL, TOTAL, WOODSIDE PAGE 10
WINTERSHALL DEA INVESTOR PRESENTATION STRONG PARTNERSHIPS WITH WORLD CLASS OPERATORS 04 PROVEN PARTNERSHIP MODEL WITH LONG HISTORY OF OPERATIONAL TRACK RECORD Country Production 2019, Operating in the Key Partners mboe/d country since ~2/3 of production (1) Non-operated Russia 289 1990s own or JV-operated Norway 145 1970s JV-operated Argentina 72 1980s Egypt 38 1970s Operated Mexico 4 2017 UAE N/A Development (1) 2019 PRODUCTION SPLIT WINTERSHALL DEA INVESTOR PRESENTATION PAGE 11
WINTERSHALL DEA INVESTOR PRESENTATION ROBUST FINANCIAL POLICY ANCHORED ON OUR 05 COMMITMENT TO INVESTMENT GRADE CLEAR PRIORITIES AND CAPITAL ALLOCATION Sustaining and Fulfill commitments and 01 committed capex maintain current production Maintain our solid 02 Balance sheet investment grade rating Capacity to pay competitive € 03 Dividend dividends through the cycle Disciplined capital allocation 04 Growth € in selected profitable growth WINTERSHALL DEA INVESTOR PRESENTATION PAGE 12
WINTERSHALL DEA INVESTOR PRESENTATION STRONG ESG FOOTPRINT AND FOCUS ON SUSTAINABILITY 06 WE ACHIEVED OUR APPROACH – MORE ENERGY, LESS EMISSIONS 70 % Gas in our portfolio Management Portfolio Emission efficiency in Emission efficiency Founding Signatory of operations incl. reduction via portfolio construction Methane Guiding Principles targets Transparency Comprehensive reporting incl. Deliver IOGP stretch target GRI, CDP and of zero flaring TCFD Offsetting Technologies Promoter of hydrogen Net GHG reduction supported Technology development by nature-based solutions to enable energy transition Research collaboration with KIT (1) on hydrogen and CCS We are part of the energy transition (1) KARLSRUHE INSTITUTE OF TECHNOLOGY WINTERSHALL DEA INVESTOR PRESENTATION PAGE 13
FINANCIAL AND OPERATIONAL RESULTS WINTERSHALL DEA INVESTOR PRESENTATION PAGE 14
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