Wintershall Holding GmbH

Wintershall Holding GmbH was Germany's largest crude oil and natural gas producer, founded on February 13, 1894, by mining entrepreneur Carl Julius Winter and mining-industrialist Heinrich Grimberg. Headquartered in Kassel, Germany, Wintershall operated as a wholly-owned subsidiary of BASF SE from 1969 until its strategic merger in 2019. The company was a leading European exploration and production (E&P) enterprise, actively engaged in oil and gas exploration and production operations across Europe, North Africa, South America, and the Middle East. In 2018, Wintershall produced approximately 171 million barrels of oil equivalent (boe) and generated revenues of €4.09 billion, employing more than 2,000 people worldwide. On May 1, 2019, Wintershall merged with DEA Deutsche Erdoel AG to form Wintershall Dea, creating Europe's leading independent exploration and production company. The merger combined pro-forma production of 215 million BOE in 2018, equivalent to around 590,000 BOE per day, with proven reserves of 2.4 billion BOE. The merged entity operated across 13 countries with combined pro-forma sales of €5.7 billion and EBITDA of €3.6 billion in 2018. BASF retained a 67% stake in the new joint venture, while LetterOne held 33%. Under Wintershall Dea, the company planned to achieve daily production of 750,000 to 800,000 BOE between 2021 and 2023, representing an annual production growth rate of 6-8%. The company expected to realize synergies of at least €200 million per year. However, following geopolitical changes and strategic repositioning, Wintershall Dea's E&P business (excluding Russia-related activities) was transferred to Harbour Energy plc in September 2024. The company is now in a wind-down phase, focusing on divesting remaining assets and implementing a responsible closure of operations. Throughout its 125-year history, Wintershall played a crucial role in Germany's energy security and established itself as a pioneering force in European oil and gas exploration and production.