OKLAHOMA CITY, March 30, 2023 /PRNewswire/ -- Energy and Environmental Services, Inc. (OTC: EESE) today announced its unaudited financial results for the year ended December 31, 2022.

"Our robust 2022 results show the strength of our people and products," said CEO Leon Joyce. "We dealt with industry volatility by retaining staff and inventory levels, which gave us the capacity to post excellent growth in 2021 and 2022. We believe we have the people and products to meet industry demand," added Joyce.

Year End 2022 Financial Highlights

• Sales revenues increased $6,359,600 or 46% to $20,081,900 in 2022 from $13,722,300 in 2021. Gross profit was up $4,338,400 or 60.7% from $7,145,500 in 2021 to $11,483,900 in 2022$.
• Selling, general and administrative expenses as a percentage of revenues fell nearly 10% from 53.3% ($7,313,000) in 2021 to 43.5% ($8,730,700) in 2022.
• EBITDA was $2,885,300 in 2022 compared to $1,619,500 for 2021 reflecting a 78% increase.
• Net income from operations of $1,723,100 in 2022 compared to a loss from operations of $(954,900) in 2021.

Capital Resources

At year end 2022, EES had working capital of $5,571,100 versus $4,750,500 the year before. Cash provided by operating activities in 2022 was $2,182,700 versus cash used in operating activities during 2021 of $939,800.

Outlook

The oil and gas industry had a strong 2022 with an average WTI price of $95 per barrel in 2022 versus an average price of $67.99 per barrel in 2021. For 2023, EES expects that oil production will continue to be limited by Russian oil embargos, a recovering Chinese economy will increase demand, and domestic producers will invest at rates comparable to or higher than 2022. With these expectations, the oil and gas outlook for 2023 is upbeat, and EES anticipates continued improvement in its results of operations.

About EES

Energy and Environmental Services, Inc. (OTC: EESE) based in Edmond, Oklahoma, participates in the oilfield chemical, anti-corrosive coatings and biotech industries. EES was established in 1991 and management has over 200 years of combined experience in blending, manufacturing and packaging custom liquids and solid chemicals for the oil and gas, farm and ranch, and agricultural industries. Additionally, EES has expanded to manufacture coated oil and gas pump barrels, OMRI-certified liquid fertilizer, and other products and applications for specialized anti-corrosive coatings, and enzyme system technologies. Please visit the company's website at www.eesokc.com.

Safe Harbor for Forward-Looking Statements

Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Energy and Environmental Services actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Energy and Environmental Services expressly disclaims any intent or obligation to update any forward-looking statements.

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SOURCE Energy and Environmental Services, Inc.