The Urethane Blog

BASF Profits Hurt by Oil & Gas Segment

BASF profit dented by oil, gas business

Published: Oct 27, 2016 1:41 a.m. ET



FRANKFURT–BASF SE (BAS.XE) reported a fall in third-quarter profit due to smaller contributions from its oil and gas segment and reiterated its full-year outlook.

The German chemical company’s net profit was 888 million euros ($968.26 million) in the three months ending Sept. 30, down 27% from EUR1.21 billion a year earlier. BASF had released preliminary results on Oct. 11.

Revenue declined 20% to EUR14.01 billion following the divestiture of BASF’s natural gas trading and storage business to Russia’s OAO Gazprom. Earnings before interest and taxes, EBIT decreased 22% to EUR1.46 billion.

It reiterated its guidance for the full year.