EQS-Adhoc

Deutsche Rohstoff AG: Increased guidance for 2024

EQS-Ad-hoc: Deutsche Rohstoff AG / Key word(s): Change in Forecast Deutsche Rohstoff AG: Increased guidance for 2024 10-Apr-2024 / 16:01 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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Deutsche Rohstoff AG: Increased guidance for 2024

• Revenue 2024: New guidance EUR 210 to 230 million 
• EBITDA 2024: New guidance EUR 160 to 180 million
• Expansion of 2024 drilling program to EUR 145 to 165 million in investments
• Production of 14,700 to 15,700 BOEPD expected in 2024

Deutsche Rohstoff AG (WKN A0XYG7) is raising its forecast for 2024 due to the strong development of the WTI oil price, the decision to expand the subsidiaries' existing drilling program in the near future in response to the positive developments, strong production in the first quarter and an expanded oil price hedge.


New guidance 2024

Base scenario:

• Revenue 2024: EUR 210 to 230 million (previously: EUR 175 to 195 million)
• EBITDA 2024: EUR 160 to 180 million (previously: EUR 130 to 145 million) 
• Assumptions 2024: Oil price WTI 75 USD/BBL, gas price 2.0 USD/MMBtu, 1.12 EUR/USD. The assumptions are unchanged from the last guidance except for the reduction in the gas price from USD 3.0 to USD 2.0/MMBtu.

Increased price scenario:

• Revenue 2024: EUR 235 to 255 million (previously: EUR 190 to 210 million)
• EBITDA 2024: EUR 180 to 200 million (previously: EUR 150 to 165 million)
• Assumptions 2024: Oil price WTI 85 USD/BBL, gas price 3.0 USD/MMBtu, 1.12 EUR/USD.

End of Inside Information

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Information and Explanation of the Issuer to this announcement:

Notes:

The increase in the forecast is the result of the positive development of the current market environment, the associated expansion of investments in the US in 2024 and continued very strong production.

The oil price recently rose significantly to USD 85, resulting in increased sales in the first quarter. In addition, the high prices were used to significantly expand the Group's hedge book once again. As of today, over 1.8 million barrels of oil for the remainder of 2024 and 2025 have been hedged at a price of around USD 75.