CW Petroleum Corp (CWPE) Reports Revenues for Q4-2023, Year-End

Rhea-AI Summary

CW Petroleum Corp (CWPE) announced unaudited financial results for Q4 2023 and Year-End 2023. Revenues for Q4 2023 were ~$1.98M, EBITDA was $59,190, and Net Income was $2,415. For the full year 2023, revenues were ~$9.31M, EBITDA was $772,879, and Net Income was $356,470. The CEO highlighted positive EBITDA and Net Income due to strong demand for renewables and specialty hydrocarbon motor fuels.

Positive

• Four consecutive quarters of positive EBITDA and Net Income
• 2023 annual revenues of $9.3MM surpassing 2022 annual revenues of $7.9MM

Negative

• Decrease in revenues for Q4 2023 compared to the prior year period
• Decrease in EBITDA and Net Income for Q4 2023 compared to the prior year period
• Decrease in EBITDA for 2023 compared to 2022

Katy, Texas, Jan. 29, 2024 (GLOBE NEWSWIRE) -- CW Petroleum Corp (CWPE) (the “Company”), a leading provider of Specialty Renewable and Hydrocarbon Motor Fuels, today announced unaudited financial results for the fourth quarter ended December 31, 2023, Year-End 2023.

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

• 2023 Revenues of ~$1.98 Million vs 2022 Revenues of ~$2.16 Million
  
• 2023 EBITDA of $59,190 vs 2022 EBITDA of $95,342
  
• 2023 Net Income of $2,415 vs 2022 Net Income of $7,308
  

Key Financial Highlights for Twelve Months Ended December 31, 2023, Compared to Prior Year Period:

• 2023 Revenues of ~$9.31 Million vs 2022 Revenues of ~$7.96 Million
  
• 2023 EBITDA of $772,879 vs 2022 EBITDA of $(30,206) (Loss)
  
• 2023 Net Income of $356,470 vs 2022 Net Income of $(301,680) (Loss)
  

Management Commentary:

Chief Executive Officer Christopher Williams commented, “The Company has posted four consecutive quarters of positive EBITDA and Net Income resulting from strong demand for renewables, pipeline trading, and specialty hydrocarbon motor fuels.” The Company posted 2023 annual revenues of $9.3MM, surpassing 2022 annual revenues of $7.9MM. The Company’s 2023 Financial Audit has started and will report its SEC Form 1-K (2023 Annual Report) by 4/30/2024.

As of 10/1/2023, OTC Markets has assigned “Penny Stock Exempt” Status to CW Petroleum Corp (CWPE)

Detailed information about the Company OTC Markets at:

CWPE News
CWPE Disclosures
CWPE Security Detail

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 the revenues for CW Petroleum Corp in Q4 2023?

The revenues for CW Petroleum Corp in Q4 2023 were ~$1.98 million.

What was the EBITDA for CW Petroleum Corp in Q4 2023?

The EBITDA for CW Petroleum Corp in Q4 2023 was $59,190.

What was the Net Income for CW Petroleum Corp in Q4 2023?

The Net Income for CW Petroleum Corp in Q4 2023 was $2,415.

What were the revenues for CW Petroleum Corp in 2023?

The revenues for CW Petroleum Corp in 2023 were ~$9.31 million.

What was the EBITDA for CW Petroleum Corp in 2023?

The EBITDA for CW Petroleum Corp in 2023 was $772,879.

What was the Net Income for CW Petroleum Corp in 2023?

The Net Income for CW Petroleum Corp in 2023 was $356,470.

What is the status of CW Petroleum Corp's 2023 Financial Audit?

The 2023 Financial Audit has started and the SEC Form 1-K (2023 Annual Report) will be reported by 4/30/2024.