As Germany's natural gas supply runs dry, major corporations that use it such as chemical giant BASF are having to pay more for what they can get while also drastically cutting production.

BASF reportedly had to pay an additional 800 million euros (about $809.5 million) in the second quarter compared to a year earlier while slashing output of ammonia, which requires large amounts of gas in order to produce.

"We are reducing production at facilities that require large volumes of natural gas, such as ammonia plants," announced BASF chief executive Martin Brudermuller in a conference call following an earnings report.

BASF is looking to tap external suppliers to fill the deficit, but there will still be potential supply disruptions. Ammonia is a fertilizer, after all, which means farmers will have more trouble getting it, which means more problems rippling throughout the supply chain.