Wintershall says lower oil price to hit 2015 earnings
FRANKFURT, March 19 (Reuters) - BASF oil and gas subsidiary Wintershall expects considerably lower operating profit in 2015, due to a oil price decline that will hit revenue from its exploration business.
Earnings before interest and tax (EBIT) adjusted for special items were 3 percent down at 1.795 billion euros ($1.92 billion) in 2014, the Kassel-based firm said on Thursday.
Wintershall also said it anticipated a slight decrease in 2015 sales. Those in 2014 had been up by 2 percent at 15.145 billion euros.
It said it planned to raise long-term production to 190 million barrels of oil equivalent (BOE) by 2018.
In 2014, it had raised production to 136 million BOE from 132 a year earlier.
Wintershall is a big revenue contributor to parent company BASF.
Its EBIT represented 22 percent of that at the BASF group which had reported results on Feb 27.
($1 = 0.9357 euros) (Reporting by Vera Eckert; Editing by Kirsti Knolle)
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