Katy, Texas, Oct. 16, 2023 (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 third quarter ended September 30, 2023.
Key Financial Highlights for Three Months Ended September 30, 2023, Compared to Prior Year Period:
- 2023 Revenues of ~$2.3Million vs 2022 Revenues of ~$2.4Million
- 2023 EBITDA of $199,600 vs 2022 EBITDA of $28,204
- 2023 Net Income of $111,884 vs 2022 Net Income of $(36,418) (Loss)
Key Financial Highlights for Nine Months Ended September 30, 2023, Compared to Prior Year Period:
- 2023 Revenues of ~$7.3Million vs 2022 Revenues of ~$5.8Million
- 2023 EBITDA of $746,963 vs 2022 EBITDA of $(81,507) (Loss)
- 2023 Net Income of $509,495 vs 2022 Net Income of $(262,553) (Loss)
Management Commentary:
Chief Executive Officer Christopher Williams commented, “The Company has posted three consecutive quarters of positive EBITA and Net Income resulting from strong demand for renewables, pipeline trading, and specialty hydrocarbon fuels.” The Company is on track to exceed 2022 annual revenues of $7.9MM with a forecast of $8MM-$10MM in annual revenues for 2023.
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.
