- Oil and gas production in Q4 higher than expected
- Revenue and EBITDA 2022 around 7% above forecast of 14 October
- Forecast 2023 and outlook 2024 unchanged
- EBITDA increases by a further ca. EUR 10 million
Mannheim, Dezember 12, 2022 16:30h Deutsche Rohstoff Group recorded higher oil production in the current quarter than expected in October. The four US-subsidiaries produced an average of over 9,650 BOEPD (barrels of oil equivalent per day) in the first 11 months of 2022. Compared to 30 September (9,339 BOEPD), this represents an increase in expected total production of about 110,000 BOE.
The increase in revenue is mainly due to higher production volumes from the existing wells in Colorado, as well as very high initial production from the wells in Utah, which started production in Q4. Some additional wells in Utah will start production in H1 2023. In Wyoming, the wells were also all able to produce at or above plan.
Forecast 2022 (increase)
- Sales of EUR 163 to 168 million (previous forecast EUR 152 to 157 million)
- EBITDA EUR 138 to 143 million (previously EUR 128 to 133 million)
Forecast 2023 (unchanged)
For 2023, the Company confirms the forecast as follows:
Base scenario
- Group sales: EUR 140 to 160 million
- EBITDA: EUR 110 to 125 million
Increased price scenario
- Group sales: EUR 155 to 175 million
- EBITDA: EUR 125 to 140 million
The assumptions for the basis of the forecast remain unchanged at a EUR/USD exchange rate of 1.12 EUR/USD, a natural gas price of USD 4, and a WTI price of USD 75 in the base scenario and USD 85 in the increased price scenario.
For 2024, the Executive Board continues to expect sales above EUR 120 million and EBITDA above EUR 100 million. This is based on only 4 additional net wells at Cub Creek until mid-2023, non-operated wells in Utah until mid-2023 and the already contractually secured Occidental joint venture.
For a definition of the term EBITDA, please refer to the Deutsche Rohstoff AG website at https://rohstoff.de/en/apm/.
Mannheim, 12 December 2022
Deutsche Rohstoff identifies, develops and sells attractive raw material deposits in North America, Australia and Europe. The focus is on the development of oil and gas deposits in the USA. Metals such as gold and tungsten round off the portfolio. Further information is available at www.rohstoff.de
Contact
Deutsche Rohstoff AG
Phone +49 621 490 817 0
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All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.
