BW Energy Announce second quarter and first half 2026 Results

30 Jul BW Energy Announce second quarter and first half 2026 Results

(Oilandgaspress) 30/07/26, -BW Energy delivered strong operational performance in the second quarter and first half 2026, with all major development projects progressing on schedule and within budget. The Company also made significant strategic progress, sanctioning the Bourdon development and Golfinho infill well projects, and commencing the MaBoMo Phase 2 drilling campaign.

With these projects advancing as planned, BW Energy remains on track to increase net production to more than 100,000 barrels per day in 2028. Supported by a strong balance sheet and liquidity position, the Company has a solid foundation for delivering substantial long-term value for shareholders.

HIGHLIGHTS
(Numbers in parenthesis refer to Q1 2026 unless otherwise specified)

Strong operational performance

• Q2 2026 net production of 25.3 (25.2) kbopd, equal to 2.3 (2.3) million barrels (mmbbls)
• Sales of 3.2 (2.2) mmbbls and realised prices of USD 103.5 (79.0)/bbl
• Quarterly production cost1 of USD 24.0 (22.2) per barrel

Advancing organic growth portfolio

• Total project portfolio reached net 2P of 222 mmboe in execution
• Bourdon and Golfinho wells final investment decision (FID) in the second quarter added 68 mmboe² with IRR at 25 and 50% respectively at USD 60/bbl oil price
• Maromba and Golfinho Boost projects progressing according to plan and cost
• MaBoMo Phase 2 campaign – appraisal drilling started

Excellent cash generation and strengthened financial position

• Record-high quarterly operating cash flow of USD 260.1 (outflow of 38.5) million
• Q2 2026 EBITDA of USD 140.6 (111.3) million and net profit of USD 43.9 (32.6) million
• Cash position of USD 254.0 (160.5) million and available liquidity of USD 544 (333) million at 30 June
• Dussafu RBL accordion of USD 100 million completed in Q2
• H1 EBITDA of USD 251.9 million, net income of USD 76.5 million and operating cash flow of USD 221.6 million

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