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Operational update: Record production in 2023 and promising start in 2024
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- Record production in 2023: 12,700 BOEPD, above forecast
- Strong start in 2024: 15,500 BOEPD in first 2 months
- Revenues and EBITDA on track, positive operating performance
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EQS-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous |
Operational update: Record production in 2023 and promising start in 2024
The oil and gas production of Deutsche Rohstoff reached a new record of approx. 12,700 BOEPD (barrels of oil equivalent per day) last year. Compared to the previous year, this represents an increase of 32%. Production was slightly above the forecast range of 12,000 to 12,500 BOEPD.
In 2023, the average oil price was USD 77.58/BBL, slightly above the price assumption of USD 75/BBL in the base scenario. The realized oil price after hedges and transportation was around USD 74/BBL, hedging contributed around USD -0,20/BBL.
In particular, the 9 wells brought into production last fall at 1876 Resources (4 wells) and Salt Creek Oil & Gas (5 wells) led to high production in the fourth quarter. At 15,300 BOEPD, the fourth quarter was the highest quarter volume-wise in the company’s history to date. The 9 wells produced an average of around 80,000 BO (gross, before third party interests) in the first 120 days, well above expectations.
The strong momentum in production from the previous quarter was also maintained in the first two months of this year. The last 2 wells from the 2023 drilling program completed by 1876 Resources in January also contributed to this. Overall, production in the first two months of the new year was around 20% higher than planned.
For 2023 as a whole, the Management continues to expect revenue of EUR 188 to 198 million and EBITDA of EUR 152 to 162 million. The preliminary figures for the Group result will be published in the course of next week. The 2023 Annual Report will follow on 23 April 2024.
At Salt Creek Oil & Gas, the remaining 10 wells from the 31-well JV with Oxy are currently being completed. They are expected to start production at the beginning of the 2nd quarter. The Huckleberry pad, which went into production last spring, even set a record in the state of Wyoming with its initial production (IP), bringing in a cumulative total of around 1.5 million barrels of oil (gross production, Salt Creek's share around 45%) after 7 months.
- Production in 2023 above the forecast range at around 12,700 BOEPD
- Q4 marks the strongest quarter in history with 15,300 BOEPD
- Production in the first 2 months of the year around 20% above plan at approx. 15,500 BOEPD
- Revenues and EBITDA still expected to be in line with forecast
The oil and gas production of Deutsche Rohstoff reached a new record of approx. 12,700 BOEPD (barrels of oil equivalent per day) last year. Compared to the previous year, this represents an increase of 32%. Production was slightly above the forecast range of 12,000 to 12,500 BOEPD.
In 2023, the average oil price was USD 77.58/BBL, slightly above the price assumption of USD 75/BBL in the base scenario. The realized oil price after hedges and transportation was around USD 74/BBL, hedging contributed around USD -0,20/BBL.
In particular, the 9 wells brought into production last fall at 1876 Resources (4 wells) and Salt Creek Oil & Gas (5 wells) led to high production in the fourth quarter. At 15,300 BOEPD, the fourth quarter was the highest quarter volume-wise in the company’s history to date. The 9 wells produced an average of around 80,000 BO (gross, before third party interests) in the first 120 days, well above expectations.
The strong momentum in production from the previous quarter was also maintained in the first two months of this year. The last 2 wells from the 2023 drilling program completed by 1876 Resources in January also contributed to this. Overall, production in the first two months of the new year was around 20% higher than planned.
For 2023 as a whole, the Management continues to expect revenue of EUR 188 to 198 million and EBITDA of EUR 152 to 162 million. The preliminary figures for the Group result will be published in the course of next week. The 2023 Annual Report will follow on 23 April 2024.
At Salt Creek Oil & Gas, the remaining 10 wells from the 31-well JV with Oxy are currently being completed. They are expected to start production at the beginning of the 2nd quarter. The Huckleberry pad, which went into production last spring, even set a record in the state of Wyoming with its initial production (IP), bringing in a cumulative total of around 1.5 million barrels of oil (gross production, Salt Creek's share around 45%) after 7 months.
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