Name: Wintershall and DEA combine
Brand: Wood Mackenzie
SKU: 96166
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Deal Insight 18 October 2018

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Report summary

Wintershall and DEA are set to combine, forming Europe's largest independent E&P company. Both companies are internationally diverse, with strong European hubs and a pronounced focus on gas production. Each is based in Germany and the combined positions in the country offers perhaps the most scope for synergies. A future IPO seems likely. The combined entity would immediately become one of the largest European-listed producers – currently behind only the Majors and Repsol. Wintershall DEA is targeting production of between 750,000 and 800,000 boe/d in the early 2020's.

Executive summary
Transaction details
Upstream assets
- Overlapping interests
  - Norway
  - Germany
- DEA's portfolio
  - Norway
  - Egypt
  - Germany
  - Mexico
  - Algeria
  - Denmark
- Wintershall's portfolio
  - Russia
  - Norway
  - Argentina
  - Germany
  - Other Europe
  - Libya
  - Brazil
Deal analysis
Strategic rationale
- Wintershall
- DEA
Oil & gas pricing and assumptions

Tables and charts

This report includes the following images and tables:

Upstream assets: Table 1Annual entitlement production split by company and country*Deal analysis: Table 1

Wintershall DEA cash flow and capexOil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Upstream assets: Table 2Upstream assets: Table 3