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Deutsche Rohstoff AG: First quarter revenue up 30% to EUR 55.6 million
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- Revenue up 30% to EUR 55.6 million
- EBITDA at EUR 41.7 million in Q1
- Equity exceeds EUR 200 million for the first time
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EQS-News: Deutsche Rohstoff AG / Key word(s): Quarter Results |
Deutsche Rohstoff AG: First quarter revenue up 30% to EUR 55.6 million
The Deutsche Rohstoff Group continued its positive development from 2023 in the first quarter of 2024 and achieved earnings after minority interests of EUR 15.0 million (previous year: EUR 14.3 million), corresponding to EUR 2.99 per share (previous year: EUR 2.86). The quarterly report is now available on the company's website at www.rohstoff.de.
Jan-Philipp Weitz: “We are proud of this strong start into 2024 and are continuing the strong growth from 2023 and 2022. Revenue and earnings in the first quarter support the guidance for the year, which we raised in April. Over the course of the year, we plan to bring up to 23 wells into production with a share of 65% and generate revenue of over EUR 200 million for the first time.”
The average daily production of the US subsidiaries amounted to 14,911 BOE (previous year: 10,854 BOE) and 8,664 BO (previous year: 5,302 BO). The guidance for 2024 as a whole is based on daily production of 14,700 to 15,700 BOEPD.
Numerous new wells will start production in the course of Q2 and Q3. Peak production is expected to be reached in Q3 2024. During April, 10 additional wells from the joint venture with Occidental Petroleum started production. The 1876 and Bright Rock drilling programs for up to 13 wells are underway.
In the first quarter, the US subsidiaries realized an average oil price after hedges of USD 73.22/bbl or USD 72.74/bbl before hedges. WTI traded at an average of USD 77.50/bbl. The hedge book currently comprises 1.8 million barrels of oil at an average price of USD 74.80/bbl.
- EUR 41.7 million EBITDA in the first 3 months
- EUR 15.0 million consolidated net profit
- Equity exceeds EUR 200 million for the first time
- Equity ratio rises to 41.2%
- 14,911 BOEPD daily production underlines strong operating performance
- Revenue and EBITDA guidance for 2024 confirmed
The Deutsche Rohstoff Group continued its positive development from 2023 in the first quarter of 2024 and achieved earnings after minority interests of EUR 15.0 million (previous year: EUR 14.3 million), corresponding to EUR 2.99 per share (previous year: EUR 2.86). The quarterly report is now available on the company's website at www.rohstoff.de.
Jan-Philipp Weitz: “We are proud of this strong start into 2024 and are continuing the strong growth from 2023 and 2022. Revenue and earnings in the first quarter support the guidance for the year, which we raised in April. Over the course of the year, we plan to bring up to 23 wells into production with a share of 65% and generate revenue of over EUR 200 million for the first time.”
The average daily production of the US subsidiaries amounted to 14,911 BOE (previous year: 10,854 BOE) and 8,664 BO (previous year: 5,302 BO). The guidance for 2024 as a whole is based on daily production of 14,700 to 15,700 BOEPD.
Numerous new wells will start production in the course of Q2 and Q3. Peak production is expected to be reached in Q3 2024. During April, 10 additional wells from the joint venture with Occidental Petroleum started production. The 1876 and Bright Rock drilling programs for up to 13 wells are underway.
In the first quarter, the US subsidiaries realized an average oil price after hedges of USD 73.22/bbl or USD 72.74/bbl before hedges. WTI traded at an average of USD 77.50/bbl. The hedge book currently comprises 1.8 million barrels of oil at an average price of USD 74.80/bbl.
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