CW Petroleum Corp (CWPE) Reports Revenues for Q1-2023, EBITDA

Rhea-AI Summary

CW Petroleum Corp (CWPE) reported its financial results for Q1 2023, showcasing significant growth compared to the previous year. The company achieved revenues of approximately $2.4 million, up from $1.7 million in Q1 2022. A notable turnaround was seen in EBITDA, with a positive $215,031 compared to a loss of $16,817 in the same period last year. CEO Christopher Williams attributed this success to increased demand for their proprietary reformulated no ethanol gasoline and other renewables. The firm is also actively seeking investment capital to expand its product offerings and plans to pursue a public offering and Nasdaq uplisting in the future, though market conditions will play a crucial role.

Positive

• Revenue growth from ~$1.7 million in Q1 2022 to ~$2.4 million in Q1 2023.
• EBITDA turnaround from a loss of ~$16,817 in 2022 to a profit of ~$215,031 in 2023.
• Increased demand for reformulated no ethanol gasoline and renewables.
• Plans to pursue investment capital and acquisition targets for growth.

Negative

• None.

Katy, Texas, April 12, 2023 (GLOBE NEWSWIRE) -- CW Petroleum Corp (CWPE) (the “Company”), a leading provider of Proprietary Reformulated No Ethanol Gasoline and Biofuels, today announced unaudited financial results for the first quarter ended March 31, 2023.

Key Financial Highlights for Three Months Ended March 31, 2023, Compared to Prior Year Period:

• 2023 Revenues of ~$2.4Million vs 2022 Revenues of ~$1.7Million
  
  
• 2023 EBITDA of $215,031 vs 2022 EBITDA of $(16,817) (Loss)
  

Management Commentary:

Chief Executive Officer Christopher Williams commented, “We are pleased with our first quarter 2023 results. The increase in revenues and EBITDA can be linked to strong pipeline trading, reformulated no ethanol gasoline sales, and demand for renewables.”

Detailed information about the Company OTC Markets at:

CWPE Security Detail
CWPE Disclosures
CWPE News

The Company continues to seek investment capital and acquisition targets to grow and expand its renewable and petroleum-based product offerings inside the State of Texas and other markets in the U.S. In addition, it is committed long term to finalize its public offering and up-list to Nasdaq when market conditions permit; however, there is no guarantee a public offering and up-list to Nasdaq will occur.

For additional information, visit our website at cwpetroleumcorp.com , email: investor@cwpetroleumcorp.com , or call 281-817-8099

About CW Petroleum Corp

CW Petroleum Corp was incorporated in the State of Texas on April 29, 2005 and began operations in 2011. On April 14, 2018, CW Petroleum Corp was incorporated in the State of Wyoming. On April 15, 2018, the Texas corporation became a wholly-owned subsidiary of the Company through a share exchange. CW Petroleum Corp (Wyoming) is a holding company and through our wholly-owned subsidiary, we supply and distribute biodiesel, biodiesel blends, ultra-low sulfur diesel, gasoline blends, renewable gasoline, and a proprietary EPA-approved reformulated no ethanol gasoline to distributors, convenience stores, and marinas.

Forward-Looking Statements

Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the oil and gas markets, energy markets, and other markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties, and assumptions that are difficult to predict, estimate, or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 1-K, which may be amended or supplemented by subsequent semiannual reports on Form 1-SA or other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

FAQ

What were CWPE's financial results for Q1 2023?

CW Petroleum Corp reported revenues of approximately $2.4 million in Q1 2023, up from $1.7 million in Q1 2022, with EBITDA at $215,031 compared to a loss of $16,817 in the prior year.

What factors contributed to CWPE's revenue growth in Q1 2023?

The revenue growth was attributed to strong pipeline trading and increased sales of reformulated no ethanol gasoline due to higher demand for renewable fuels.

Is CWPE planning to go public?

Yes, CW Petroleum Corp is committed to finalizing its public offering and is seeking to uplist to Nasdaq when market conditions permit, although there are no guarantees.

What is CWPE's strategy for future growth?

CWPE aims to seek investment capital and acquisition targets to expand its renewable and petroleum-based product offerings in Texas and beyond.