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 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.

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