Russian war of aggression against Ukraine has dominated the last twelve months. From the very start,
we have been clear in our condemnation of the war. It has caused unimaginable suffering and
continues to do so. I remain shocked and appalled by this war and its consequences for the people
of Ukraine.
The war was a turning point for international politics. And it was a turning point for European and
international energy markets. It was a tumultuous year.
We saw a significant debate about a gas embargo – a complete stop to Russian gas deliveries to
Europe. In the end, Russia itself turned off the tap. We saw a brazen and dangerous act of sabotage
against the Nord Stream pipelines. A shocking symbol of the new European energy reality.
2022 was a turning point for energy markets – and it was a turning point for Wintershall Dea.
Since the start of the war, we have constantly assessed the situation. It was clear that there could be
no continuing business-as-usual.
Five weeks ago, we took the only possible decision: Wintershall Dea will exit Russia. That was a hard
decision. But the right decision. Continuing to operate in Russia is not tenable: The war is
incompatible with our values. It has destroyed economic cooperation between Russia and Europe.
And limitations imposed by the Russian government have made it impossible for us to operate in
Russia as before.
So, we will now exit the country. In an orderly manner, complying with all applicable laws and
regulations.

Date:
23.02.2023
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And let me be crystal clear: Yes, we cannot leave the country overnight – we operate with
responsibility. But there is no turning-back. There is no waiting in hope of improvement.
We are exiting Russia. This chapter of our history is closed.
Clearly, our decision to exit Russia has significant consequences, but our strong financial and
operational performance means that we are ready for them. In total, we have taken one-off non-
cash losses of 7 billion Euros. Since the start of the war, we have received no dividends out of Russia.
However, we remain strong and stable because we are prepared. We have prudently built financial
flexibility. A strong balance sheet. And we have controlled our cost base, despite global inflationary
pressures.
Let me take you through some of the key numbers for 2022, all excluding Russia. We realized an
EBITDAX of 5.9 billion Euros and adjusted net income of 0.9 billion Euros. We achieved free cash flow
of 2.5 billion Euros, and ended the year with net debt of only 1.3 billion Euros and a cash position of
3.1 billion Euros. So, we have a strong balance sheet, also confirmed by our credit ratings which
stayed unchanged. With a stable outlook.
This performance was only possible because of the hard work of our teams, who have stayed focused
on producing much-needed energy in difficult times. I thank #teamwintershalldea for their
commitment, dedication and performance during that extraordinary year 2022.
With the process of exiting Russia underway, and with the deconsolidation of Russia from our
financial reporting: The last year brought a lot of change. Including for Wintershall Dea. Nevertheless,
there are constants.
We are still one of the largest independent E&P companies in Europe. With production of 321,000
barrels of oil equivalent per day in 2022, again, excluding Russia. We are internationally diversified.
Active in 11 countries worldwide, with a focus on core operations in Norway, Argentina, Egypt and
Germany; on growth in Mexico and Algeria; and with optionality in other countries.

Date:
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STATEMENT MARIO MEHREN
We look to the future as a resilient and more focused company. Nonetheless, there will be further
changes to our business. In light of our changed portfolio, we will take a critical look at costs and how
we operate in the coming year. We have to stay competitive.
We are an important producer of gas and oil. We are internationally diversified. We have a strong
balance sheet and a healthy financial position.And we have a clear strategy for the future.
We have two strategic priorities. Moderate growth for our E&P business, aiming for 350,000 to
400,000 barrels of oil equivalent per day in the medium term. And building up our carbon
management and hydrogen business.
Firstly, let’s look at moderate growth for our E&P business. We are strengthening our gas-weighted
portfolio. We are geographically diversifying. We will do so with focused exploration, and value-
accretive M&A.
In 2022, we made significant progress. We brought additional production online, at a time when it
was sorely needed. Our operated Nova oil field came on stream in late July. In addition, the Njord
field restarted production in December.
Our development pipeline is filled. In Norway we submitted eight development plans last year, two
operated, and in Argentina we took the Final Investment Decision for the Fénix gas field.
Wintershall Dea had again a very successful year for exploration. In Norway, we participated in
discoveries with a combined estimated gross volume of 88 to 286 million barrels of oil equivalent
recoverable. And we secured eleven new exploration licences, three as operator. In Egypt, we found
gas at East Damanhour, and added a new exploration block to our portfolio, the North West Abu Qir
block.
Looking at M&A, we made a step forward for our growth plans. In Algeria, we increased our stake in
the Reggane Nord gas project. In Mexico, we entered the producing Hokchi oil project, adding cost-
and emissions-efficient barrels to our portfolio.