German raw material: higher oil price supports – production is increased

Deutsche Rohstoff wants to increase oil production significantly in the short term in view of the current barrel prices. “Overall, we got off to a good start into 2021, especially as the US oil price rose to over USD 50 / barrel at the start of the year. We are also optimistic about prices for the rest of the year, ”said CEO Thomas Gutschlag on Tuesday. “We have therefore decided to significantly increase our production in the short term,” said the manager of the Mannheim-based raw materials company, which has stakes in the USA, among others.

“Overall, Deutsche Rohstoff AG plans a net production of 5,700 to 6,300 barrels of oil equivalent per day (BOEPD) or 2,300 to 2,600 barrels of oil per day (BOPD) from the existing wells in the course of 2021. Wells currently being developed and planned are not part of this volume forecast, ”said the Mannheimer.

In 2020, an average of $ 54 per barrel was achieved in sales and 0.7 million barrels were sold, the oil and metal producer said on Tuesday. The company confirms the forecast for 2020: Deutsche Rohstoff expects sales between 37 million euros and 40 million euros with an operating profit based on EBITDA between 23 million euros and 26 million euros and a group loss of between 15 million euros and 18 million euros. Here depreciation in the amount of more than 17 million euros weighs on the result.

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