BASF's first-quarter total sales fell 1.1% to €19.5 billion due to considerably lower contribution from its oil and gas segment. Meanwhile, sales in its chemicals unit remained flat from first quarter 2013. Chemical unit volumes growth was offset by lower prices and negative currency effects and earnings in the unit fell slightly, mainly as a result of margin pressure.
BASF, the global industry bellwether, left its expectations for the global economic environment in 2014 remain unchanged:
- Growth of gross domestic product (GDP): 2.8%
- Growth in industrial production: 3.7%
- Growth in chemical production: 4.4%
- An average euro/dollar exchange rate of $1.30 per euro
- An average oil price for the year of $110 per barrel