May 11, 2023 [crocon media – msch] – Deutsche Rohstoff Group has reported a strong start to 2023, with increased earnings and growth in oil and gas production. In Q1 2023, the company generated earnings of EUR 14.6 million, corresponding to EUR 2.86 per share, which is an improvement from the previous year’s EUR 12.8 million and EUR 2.36 per share. Key highlights include:

• Revenue of EUR 42.7 million, a 50% increase from the previous year’s EUR 28.1 million
• EBITDA at EUR 32.3 million, significantly higher than the previous year’s EUR 25.2 million
• Operating cash flow of EUR 42.9 million, compared to EUR 6.8 million in the previous year
• Oil and gas production growth of over 38%, amounting to 976,832 barrels of oil equivalent (BOE) and 477,191 barrels of oil (BO)
• Net income from hedging transactions balanced, compared to EUR -10.5 million losses in the previous year
• Equity ratio surpassing 40% for the first time since 2015

In the first quarter, the average realized oil price after hedges was USD 74.62/bbl, with WTI trading at an average of USD 75.93/bbl. The consolidated balance sheet reflects the positive results, with consolidated equity increasing to EUR 144.8 million at the end of Q1 2023 and the equity ratio reaching 40.2%.

Cash flow from operating activities amounted to EUR 42.9 million, while cash flow from investing activities reached EUR 37.6 million. The company expects a significant increase in production volumes in the second half of the year, particularly with the start of production from ten wells in a joint venture with Oxy and three of 1876 Resources’ own wells.

For 2023, the company’s guidance projects revenues between EUR 150 and 170 million, EBITDA between EUR 115 and 130 million, and a clearly positive Group result.

Read the original press release for more details : https://rohstoff.de/en/eur-42-7-million-revenue-in-q1-2023/

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