Germany’s RWE Dea has credited high oil prices for its 89.4% hike in annual net profits to €197 million ($260.16 million) in 2011.
Sales rose 30.5% to €1.94 billion, with earnings before
interest, taxation, depreciation and amortisation up 49.4% at €922 million.
Production was largely flat at 5.1 million cubic metres of
oil equivalent, up 2% on 2010. Within this, gas production fell by 3.7%, while
crude output rose 8.7%.
Gas also fell while crude rose in terms of reserves, with
RWE Dea ending 2011 with total gas reserves of 110.6 million cubic metres of
equivalent, down 8.2% and crude up 17.8% to 31.1 million cubic metres.
Part of European utility giant RWE Group, RWE Dea is an
explorer and producer with production stakes in Egypt, Denmark, Germany, the UK
and Norway, and exploration licenses in Algeria, Ireland, Libya, Mauritania,
Poland, Trinidad & Tobago and Turkmenistan.
The company also operates large underground storage
facilities for natural gas in Germany.