CW Petroleum Corp (CWPE) Reports Revenues for Q2-2023

Rhea-AI Summary

CW Petroleum Corp announces unaudited financial results for Q2 2023, with revenues of $2.6M compared to $1.6M in the prior year. EBITDA of $368,638 compared to a loss of $92,894 in 2022. Net income of $292,510 compared to a loss of $151,078 in 2022. CEO highlights sales growth and demand for renewables.

Positive

• CW Petroleum Corp reports strong sales growth, positive EBITDA, and positive net income for Q2 2023. Revenues increased by approximately 62.5% compared to the prior year. EBITDA improved by 496.6% and net income improved by 293.3%. The company's focus on reformulated no ethanol gasoline and renewables contributed to the revenue increase.

Negative

• None.

Katy, Texas, July 17, 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 second quarter ended June 30, 2023.

Key Financial Highlights for Three Months Ended June 30, 2023, Compared to Prior Year Period:

• 2023 Revenues of ~$2.6Million vs 2022 Revenues of ~$1.6Million
  
• 2023 EBITDA of $368,638 vs 2022 EBITDA of $(92,894) (Loss)
  
• 2023 Net Income of $292,510 vs 2022 Net Income of $(151,078) (Loss)
  

Management Commentary:

Chief Executive Officer Christopher Williams commented, “The Company has posted two consecutive quarters of year-on-year sales growth, positive EBITA, and positive Net Income. The revenue increase can be linked to continuing strong pipeline trading, reformulated no ethanol gasoline sales, and demand for renewables.”

The Company’s SEC Settlement in Q2-2023 did not impact its day-to-day business operations or its ability to raise capital in the short or long term.

The Company will issue a press release once it files its SEC From 1-SA (For the fiscal semiannual period ending: June 30, 2023).

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 or NYSE when market conditions permit; however, there is no guarantee a public offering and up-list to Nasdaq or NYSE 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 are CW Petroleum Corp's financial results for Q2 2023?

CW Petroleum Corp reported revenues of $2.6M, EBITDA of $368,638, and net income of $292,510 for Q2 2023.

How do CW Petroleum Corp's Q2 2023 financial results compare to the prior year?

In Q2 2023, CW Petroleum Corp's revenues increased by approximately 62.5% compared to the prior year. EBITDA improved by 496.6% and net income improved by 293.3%.

What factors contributed to CW Petroleum Corp's revenue increase in Q2 2023?

The revenue increase in Q2 2023 can be attributed to strong pipeline trading, sales of reformulated no ethanol gasoline, and demand for renewables.

What are CW Petroleum Corp's future plans?

CW Petroleum Corp is seeking investment capital and acquisition targets to expand its renewable and petroleum-based product offerings. The company also aims to up-list to Nasdaq or NYSE in the long term.