Wintershall Dea IPO: Revenue, Competitors, Valuation & How to Invest

What did Wintershall Dea do?

Wintershall Dea was a German oil and gas company with roots going back more than a hundred years. It was formed by combining Wintershall (founded in 1894) and DEA Deutsche Erdoel AG (founded in 1899), two pioneers of oil and gas production in Germany.

Both companies were at the forefront of oil drilling and production in the 20th century and helped build the natural gas industry in Germany and Europe. Wintershall also worked with Russia’s Gazprom on long-term gas supply, pipeline projects and joint ventures, a relationship that ended after Russia’s invasion of Ukraine.

The merger was completed in 2019, creating one of Europe’s leading independent oil and gas producers. BASF held 72.7% of the company and LetterOne, an investment group founded by Russian businessmen, held 27.3%. Wintershall Dea also helped finance the Nord Stream 2 pipeline.

Wintershall Dea key facts

Wintershall Dea historical figures

The figures below show how Wintershall Dea performed before its assets were sold. They are useful background, but they no longer describe a company you can invest in.

Adjusted net income

Net income adjusted for special items, such as impairments and one-off effects, which gives a clearer view of underlying profit.

EBITDAX

Earnings before interest, tax, depreciation, amortisation and exploration expenses, a common profitability measure for oil and gas producers.

Operating cash flow

The cash generated by the business operations.

Free cash flow

Operating cash flow minus capital expenditure.

Production cost per barrel of oil equivalent (boe)

The average cost of producing one barrel of oil equivalent, a standard way to compare oil and gas producers.

What happened to the Wintershall Dea IPO?

When Wintershall and DEA merged in 2019, the plan was to list the combined company, most likely on the Frankfurt Stock Exchange, as early as 2020. The listing was repeatedly delayed, first by market conditions and then by Russia’s invasion of Ukraine in 2022.

Wintershall Dea’s close ties to Russia, through its Gazprom partnerships, its role in financing Nord Stream 2 and LetterOne’s stake, made a stock market listing very difficult. In January 2023, the company announced its withdrawal from Russia, and its Russian business was later expropriated.

Instead of an IPO, BASF and LetterOne agreed in December 2023 to sell Wintershall Dea’s non-Russian production and development assets to Harbour Energy. The deal was completed on 3 September 2024:

• Shares: Harbour issued 921 million new shares, valued at $4.15 billion.
• Cash: BASF and LetterOne received $2.15 billion in cash, of which $1.56 billion went to BASF.
• Bonds: Harbour took on about $4.9 billion of Wintershall Dea’s euro bonds.
• Ownership: BASF holds about 39.6% of Harbour’s shares and 46.5% of the voting shares. LetterOne holds about 14.9% through non-voting shares.

BASF has said it plans to gradually exit its stake in Harbour over the next few years, so further share sales are possible.

Harbour Energy: the successor to Wintershall Dea

Harbour Energy is now one of the largest independent oil and gas producers in the world. Its assets include Norway, the UK, Germany, Argentina, Mexico, North Africa and Indonesia, and in February 2026 it completed the acquisition of LLOG, adding assets in the US Gulf.

Harbour’s results depend heavily on oil and gas prices, so its profits, cash flow and share price can be volatile. The company also returns cash to shareholders, with at least $800 million planned for 2026 through dividends and buybacks.

Harbour Energy’s competitors

Harbour competes with other oil and gas producers, especially those active in Europe:

• Equinor
• Aker BP
• Vår Energi
• Shell
• BP
• TotalEnergies
• Eni
• Repsol
• OMV

How to buy Harbour Energy shares

Harbour Energy shares trade on the London Stock Exchange in pounds (GBp). Most brokers with access to UK shares let you buy them. When you buy UK shares, you usually pay 0.5% stamp duty reserve tax on the purchase. The UK does not withhold tax on dividends paid to non-residents, but dividends may be taxed in your own country.

Interactive Brokers and eToro are two brokers where you can buy Harbour Energy shares:

#1 Interactive Brokers

Founded in 1978, Interactive Brokers gives you access to around 175 markets, including the London Stock Exchange, and a wide range of products: stocks, bonds, ETFs, forex, funds, commodities, options and futures.

To buy Harbour Energy shares with Interactive Brokers:

1. Open a trading account with Interactive Brokers.
2. Deposit funds into your account.
3. Search for the ticker HBR on the London Stock Exchange (LSE).
4. Choose your order type (for example market or limit) and the number of shares.
5. Review the order, including commission and stamp duty, and submit it.

To learn more, read our full Interactive Brokers review.

#2 eToro

Founded in 2007, eToro has more than 40 million registered users and is known for its social and copy trading features. You can invest in stocks, ETFs and crypto, and trade CFDs.

To buy Harbour Energy shares with eToro:

1. Open an account with eToro.
2. Search for Harbour Energy and select “Trade”.
3. Choose how much you want to invest.
4. Make sure leverage is set to X1, so you buy the actual shares rather than a CFD.
5. Click “Open Trade”.

To learn more, read our in-depth eToro review.

Bottom line

The Wintershall Dea IPO will not happen. After years of delays, made worse by the company’s Russian ties, BASF and LetterOne sold Wintershall Dea’s non-Russian assets to Harbour Energy in September 2024, and the remaining Wintershall Dea business is being wound down.

If you wanted exposure to those assets, Harbour Energy (LSE: HBR) is the listed successor. It produced 509,000 boe per day in the first half of 2026 and pays a minimum annual dividend, but its results move with oil and gas prices, and BASF plans to sell down its stake over time. Do your own research before investing.