Wintershall. At a glance. 2015 | 2016

2015.

Energy provides the basis for prosperity and growth. Even in 25 years time fossil fuels – in particular crude oil and natural gas – will con-tinue to provide around three-quarters of the global energy mix. The worldwide demand is growing but at the same time the reserves are limited. This is why we need innovative tech-nologies to produce more effi ciently from con-ventional reservoirs. In addition, unconventional reserves such as shale gas and shale oil will also help to secure supplies.

The E&P sector is currently undergoing radical changes in many different respects. The markets for oil and gas are turbulent and will probably remain so. A lower oil price means that E&P companies must work even more effi ciently. Wintershall is very well positioned to master these challenges.

Through exploration, partnerships and techno-logical expertise, we are expanding our busi-ness and will continue to grow at the oil and gas

sources. And we will do so in the areas we know best: in our core regions in Europe, Russia, North Africa and South America as well as in-creasingly in the Middle East.

We have been working in close partnership with Russia’s Gazprom for more than 25 years. Together we are making a signifi cant contribu-tion to securing Europe’s energy supply, in par-ticular through expanding the natural gas pro-duction in the Achimov Formation in Western Siberia. We are also expanding our partnership with Statoil in Norway. For example, we have already taken over the operatorship of the Brage platform and the Vega production fi eld. The Maria fi eld will become Wintershall’s fi rst self-operated development project to be brought into production in Norway. We will therefore be signifi cantly increasing our produc-tion in both the North Sea and Russia.

In our international energy partnerships we im-press through our effi ciency, performance and

innovation. We develop a large part of the new and pioneering technologies in our home region of Germany, where production has always been geologically complex and challenging. Domestic production therefore provides our center for continual innovations.

The successes in recent years show that our com pany’s direction goes in the right direction.We will therefore continue to grow through stra-tegic partnerships and innovative technologies – directly at the major oil and gas sources.

We are shaping the future.

Dear readers,

Mario MehrenChairman

“SucceSSfuL At the SOurce thrOuGh efficiency, innOVAtiOn AnD PerfOrmAnce.”

We consciously focus on selected core regions where our company has a high level of regional and technological expertise. For us as a tech-nology-driven E&P specialist, Germany provides a hub for innovation and research. This innova-tion stands us in good stead around the world in forging international energy partnerships.

We are actively investing in the development of new reservoirs and the expansion of existing fields. In doing so, we always put our high stan-dards in health, environmental protection and occupational safety on a par with commercial interests.

Our historyWintershall was established in 1894 for mining potash salt. The com-pany name is made up of the surname of our founder, Carl Julius Winter, and the old Germanic word “Hall,” meaning “salt.” We have produced hydrocarbons since 1930, and since 1970 we have focused entirely on crude oil and natural gas.

Our shareholderWe have been a wholly owned subsidiary of BASF since 1969.

Our core regions • Europe• Russia • North Africa• South America• Middle East

Wintershall – Germany’s largest international oil and gas producer – can look back on 120 years of drilling experience.

For more than 80 years, we have been actively involved in the exploration and production of crude oil and natural gas.

The company employs about 2,000 people from 40 countries. www.wintershall.com/company

About us.

Our convictions• For us, health, environmental protection and occupational

safety are always treated on a par with commercial interests.• We develop processes to use resources even more efficiently

and minimize the impact on the environment.• The benchmarks for our actions are compliance with international

conventions, regional laws and the exacting standards we have set ourselves.

Our values • We are creative, have the courage to pursue unconventional

ideas, enter value-creating partnerships and engage in technological innovation.

• We are open, appreciate diversity and promote dialogue.• We act as a responsible corporate citizen, work in a secure and

reliable manner, and always make safety our prime concern.• We act as entrepreneurs and convert market needs into

customer solutions.

Our goals• We want to continue to grow at the source. Through exploration,

strategic alliances and technological expertise, for example in the area of enhanced oil recovery (EOR).

• From 2018 onwards, we want to produce 190 million barrels of oil equivalent (BOE) a year.

our core regions.We have been actively involved in the exploration and production of oil and gas for over

80 years, focusing on selected core regions. In addition to our home market of Germany,

we operate primarily in Europe, North Africa, South America, Russia and increasingly in

the Middle East, where we have built up a high level of regional and technological expertise.

www.wintershall.com/worldwide

We have been producing crude oil in Germany since 1930 and natural gas since 1951. We operate eight oil and eight gas fields as well as the only gas production platform in the the German North Sea. In addition, we have a 50 percent stake in Mittelplate, Germany’s largest oil field off the North Sea coast. Due to the difficult geological and legal conditions, oil and gas production in Germany has become a source of continuous innovation for Wintershall, and this stands us in good stead around the world in forging international energy partnerships.In 2015, we invested in the modernisation of the crude oil treatment facilities at our Barnstorf site in Lower Saxony. In addition to the construction of new tanks on the site, this also included the construction of a new oil pipeline in the Düste field, where we have been producing oil for 60 years. In Upper Swabia, we conducted seismic surveys with a view to reopening older reservoirs.

GermAny

We have been successfully producing gas from significant reservoirs in Argentina since 1978. Concessions in oil and gas fields in central Argentina and off the coast of Tierre del Fuego give us access to promising hydro-carbon reserves. In 2015, we drilled the first exploratory wells in the Aguada Federal Block as the operator.

SOuth AmericAIn Libya, one of Africa’s largest oil producers, we have been actively involved in the explora-tion and production of oil since 1958. The larg-est reservoir is the As Sarah oil field near the Jakhira oasis. Here we also possess the coun-try’s only facility that conditions associated gas from our fields and transports the resulting gas and condensate for sale on the coast. In addi-tion, we are also involved in the Al Jurf offshore platform.In 2015, Wintershall was only able to produce for a few months in the Libyan Desert due to export restrictions.

nOrth AfricA

our core regions.

The Middle East possesses around 50 percent of the world’s oil and gas reserves. No other region holds similar potential. Winter-shall is therefore strengthening its involvement in the region. In 2010, we opened a representative office in Abu Dhabi, and in 2012 we took over, as operator, the technical assessment of the Shu-waihat sour gas and condensate field in the United Arab Emirates. In 2015, Wintershall completed drilling at its self-operated SH-5 well for exploring the Shuwaihat field. Further drilling is scheduled for 2016.

miDDLe eASt

Since 1965, we have also been producing oil and gas in the Dutch sector of the North Sea. We have acquired promising licenses in British, Danish and Norwegian territorial waters. We are boosting our activities significantly and are creating further growth potential, in particular on the Norwegian Continental Shelf.In 2015 we successfully increased our production – for instance by commencing production of the Edvard Grieg and Knarr fields – to 80,000 barrels of oil equivalent (boe) per day. The Plan for Development and Operations (PDO) for our self-operated Maria field has also been approved by the the Norwegian authorities.

eurOPeWe have been collaborating with Gazprom for 25 years. Our exploration and production pro-jects, Yuzhno Russkoye and Achimgaz, make a significant contribution to securing Germany’s and Europe’s natural gas supplies, both today and in the future. What is more, as part of a joint venture with Russia’s Lukoil, we have been producing oil in the Volgograd region for over two decades.At the end of September 2015, an exchange of assets was completed: Wintershall acquired a 25.01 percent stake in Blocks IV and V of the Achimov formation in the Urengoy gas and condensate field in Western Siberia. In return, Wintershall transferred its interest in the hitherto jointly operated natural gas trading and storage business to its longstanding partner Gazprom. In addition, Gazprom has acquired 50 percent of the shares of Wintershall Noordzee.

ruSSiA

Countries in which Wintershall has exploration and production activities.

We will continue to need crude oil and natural gas in the future. Not only for power and heating, but also for many

chemical products such as plastics, detergents, paints and even pharmaceuticals. This is why we are strengthening

our presence at the sources and are developing new technologies to make the production of these resources even

better, more efficient and safer. www.wintershall.com/strategy

our strAtegy.

We take responsibility in everything we do: no matter where we work, health, environmental protection and occupational safety are always treated on a par with commercial interests. We want to continue to grow at the source: by fo-cusing on our core regions, entering into and expanding strong partnerships with NOCs and international E&P companies, and by contribut-ing with our technical expertise to projects we are developing.

• Europe: to move from discovery to production, especially in Norway.• Russia: to expand gas and condensate production in Western Siberia.• South America: to develop resource potential in Argentina.• Middle East: to apply technologies and develop into a core region.

Our focal points for further growth

We believe that• Oil and gas will continue to be needed in the future. • New technologies that are kind to the environment

are a competitive advantage.• Long-term partnerships lead to common success.

this is why we focus on• Core regions and on strengthening our presence at the source. • Technological expertise and innovation.• Strong partnerships and selected alliances

(Gazprom, Statoil, ADNOC).

190 million barrels of oil equivalent (BOE) a year planned from 2018 onward.

80 years

of exploration and production experience.

2 million tonnes of CO2 emissions a year avoided during oil production by using rather than fl aring associated gas.

barrels of oil equivalent are currently produced each day by Wintershall in Norway. Our acquisition of shares in the Gjoa and Vega production fi elds, as well as the start of production of the Knarr and Edvard Grieg fi elds, have enabled us to increase production.

cubic meters of natural gas are recovered from the Yuzhno Russkoye fi eld each year. That would be enough to fi ll a cube with almost three-kilometer-long sides. Wintershall has a 35% stake in the project.

products in the chemical industry are dependent on crude oil. Crude oil is used as a raw material for plastics used in iPads, lunchboxes and CDs.

20percent of the components used in wind turbines are produced from crude oil or products from the petrochemical industry.

percent of the components used

45More than 20 offshore platforms are operated by Wintershall in the southern North Sea. These platforms are controlled using a high-tech remote monitoring system in Den Helder. liters of crude oil are used in

the production of a single sofa.

60

The Vaca Muerta formation in the Argentine province of Neuquen is more than 36,000 square kilometers in size.

The Vaca Muerta formation in the Argentine

36,000

products in the chemical industry are

40,000barrels of oil equivalent are currently produced each day

80,000

The horsehead pump for the Düste 7 well has so far nodded 117,000,000 times. This fi rst well in the Aldorf 1 oil fi eld still produces oil today – and has been continuously doing so since 1952.

The horsehead pump for the

117,000,000

cubic meters of natural gas are recovered from the Yuzhno Russkoye fi eld

25,000,000,00025,000,000,00025,000,000,00025,000,000,000

wells are planned in the coming years to raise the production of the German-Russian joint venture, Achimgaz, to an annual rate of eight billion cubic meters of natural gas.

113

40,000

WintersHALL FActs & Figures

WintersHALL FActs & Figures

1 Property, plant and equipment and intangible assets incl. capitalized exploration wells.2 2015 fi gure excluding employees from the divested trading and storage activities and Wintershall Noordzee B. V.3 Million barrels of oil equivalent.4 Through the asset swap concluded with Gazprom by 30 September 2015 without contributions from the trade and storage activities in the fourth quarter of 2015.5 Property, plant and equipment and intangible assets.6 Includes gas volume sold to BASF.

2015WinterShALL GrOuP

eXPLOrAtiOn AnD PrODuctiOn

2014

Sales to third parties € million 12,998 15,145Investments and acquisitions1 € million 1,823 3,162Income from operations (EBIT) € million 1,072 1,688Number of employees2 As of 31 Dec. 2,000 2,715

Sales to third parties € million 2,809 2,938Investments and acquisitions1 € million 1,769 3,092Crude oil production MMBOE3 40.0 30.6Natural gas production MMBOE3 112.9 105.2

Sales to third parties € million 10,189 12,207Investments and acquisitions5 € million 54 70Gas volume sold by JVs (100 %)6 kWh billion 497.1 560.9 thereof WINGAS6 kWh billion 438.7 480.9

nAturAL GAS trADinG4

Copyright:Cover: Wintershall / Justin JinPage 2 top left: Total AustralPage 2 bottom left: Wintershall / Silvia RazgozaPage 2 top right: Wintershall / Morten BerentsenPage 2 bottom right: Wintershall / Christian BurkertPage 3: Wintershall / Peter RigaudPage 5: Wintershall / Frederik LauxPage 9: Wintershall / Justin JinPage 10: nerthuz / Fotolia.com, selensergen / Fotolia.com,aminaaster / Fotolia.com, HandmadePictures / Fotolia.com,Beboy / Fotolia.com, dny3d / Fotolia.com

RESPONSIBLE FOR THE CONTENTWintershall Holding GmbH, Kassel

Contact us if you want to discover more about our Company, need additional information, or have questions about Wintershall.

Tel.: + 49 561 301-0Fax: + 49 561 301-1702info@wintershall.com

Wintershall Holding GmbHFriedrich-Ebert-Str. 16034119 Kassel, Germanywww.wintershall.com

Also on:

COVER PHOTOIn Novy Urengoy in Western Siberia, Wintershall and Gazprom are collaborating together in the Achimgaz joint venture. An average temperature of minus 33 degrees Celsius prevails there for 280 days of the year. Technological expertise and team spirit are essential with such extreme climatic conditions.