BERLIN–BASF SE (BAS.XE) reported Wednesday a fall in profit in the second quarter due to lower oil and gas prices, and said its full-year outlook was ambitious.

The German chemical company’s net profit was 1.09 billion euros ($1.19 billion) in the three months ending June 30, down 14% from EUR1.27 billion a year earlier and missing analysts’ EUR1.17 billion consensus estimate.

Revenue declined 24% to EUR14.48 billion following the divestiture of BASF’s natural gas trading and storage business to Russia’s OAO Gazprom. Earnings before interest, taxes and special items decreased 16% to EUR1.7 billion.

BASF continues to predict a slight decline in full-year EBIT before special items, based on an average oil price of $40 per barrel, but Chief Executive Kurt Bock said the outlook “remains ambitious in the current volatile and challenging environment, and is particularly dependent on further oil price development.”

Write to Friedrich Geiger at friedrich.geiger@wsj.com

http://www.marketwatch.com/story/basf-profit-misses-down-14-on-low-energy-prices-2016-07-27