RWE Dea boosts net profits by 89.4%

Looking ahead: High crude prices put RWE Dea profits in driving seat in 2011

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…

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