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Deutsche Rohstoff AG: Further production growth expected for 2023 after strong year 2022
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EQS-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous |
Deutsche Rohstoff AG: Further production growth expected for 2023 after strong year 2022
Mannheim. Deutsche Rohstoff AG today provided an overview of the operational development in 2022 and the outlook for 2023. In line with the forecast, 2022 was a record year for Deutsche Rohstoff in terms of sales and earnings. At the same time, the production base also reached a new level and represents an optimal basis for the coming years.
Some highlights of the operational development in the past year:
In addition to the Knight pad, which began producing in late 2021, numerous other non-operated wells in Utah, Wyoming and Colorado were brought into production. Strong production volumes and high prices allowed the company to raise its guidance several times during the year.
In early February, year-end 2022 reserves were published. The present value of the 10% discounted net cash flows of the reserves increased to USD 352 million (previous year: USD 318 million). Proved reserves were calculated at 35.7 million barrels of oil equivalent (BOE) at year-end (previous year: 29.2 million BOE). These values are calculated based on the forward curve as of 31 December 2022 and reflect an average WTI oil price of USD 72 over the next 5 years.
Mannheim. Deutsche Rohstoff AG today provided an overview of the operational development in 2022 and the outlook for 2023. In line with the forecast, 2022 was a record year for Deutsche Rohstoff in terms of sales and earnings. At the same time, the production base also reached a new level and represents an optimal basis for the coming years.
Some highlights of the operational development in the past year:
- At approximately 9,600 BOEPD, production was 35% above 2021.
- During the year, production increased from 7,883 BOEPD in Q1 to 10,350 BOEPD in Q4.
- Oil accounted for 5,100 BOPD and gas and NGL's for 4,500 BOEPD.
- Operating cash flow from oil & gas production after production taxes, hedging and operating costs was over EUR 130 million.
- The present value of proved reserves increased to USD 352 million (previous year: USD 318 million).
- For the full year, oil prices of USD 76.50/BBL were realized after hedges and around USD 91.50/BBL before hedges, the 2022 average WTI price was USD 94.9/BBL
- All well pads that commenced production in 2022 were within or above expectations
In addition to the Knight pad, which began producing in late 2021, numerous other non-operated wells in Utah, Wyoming and Colorado were brought into production. Strong production volumes and high prices allowed the company to raise its guidance several times during the year.
In early February, year-end 2022 reserves were published. The present value of the 10% discounted net cash flows of the reserves increased to USD 352 million (previous year: USD 318 million). Proved reserves were calculated at 35.7 million barrels of oil equivalent (BOE) at year-end (previous year: 29.2 million BOE). These values are calculated based on the forward curve as of 31 December 2022 and reflect an average WTI oil price of USD 72 over the next 5 years.
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