BW Energy release results for the full year 2025

05 Feb BW Energy release results for the full year 2025

(Oilandgaspress) -] – BW Energy delivered strong operational performance in the fourth quarter and for the full year 2025, reflected in record high annual production, competitive cost levels and good execution on the development projects, which are expected to deliver industry-leading organic growth in coming years. In Brazil, the Maromba development and the Golfinho Boost project progressed to plan, with the remaining production platform financing milestone completed. In Gabon, preparations advanced for MaBoMo phase 2 and final investment decision (FID) on the Bourdon project. Supported by strong cash generation and a resilient financial structure, BW Energy is well positioned to create long-term shareholder value.

Total revenues were USD 123.8 (233.5) million and EBITDA was USD 37.1 (141.6) million. The decrease in EBITDA was mainly due to the lower realised prices and less volumes sold. Operating expenses were USD 86.7 (91.9) million, impacted by the extended maintenance activities on Golfinho.

HIGHLIGHTS
(Numbers in parenthesis refer to Q4 2024 unless otherwise specified)
Strong performance
• Record high full-year production of 30 kbopd and competitive unit OPEX at USD 20 per barrel
• Q4 2025 net production of 2.3 (3.1) million barrels (mmbbls), equal to 25.2 (33.6) kbopd
• Quarterly operating cost1 of USD 21.3 (18.1) per barrel

Project portfolio on cost and schedule
• Mabomo Phase 2, Maromba and Golfinho Boost projects progressing according to plan and within cost
• Bourdon moving towards final investment decision (FID)
• Kudu appraisal well confirmed presence of liquid hydrocarbons, further analysis ongoing
Robust financial results
• Full-year 2025 EBITDA of USD 414.2 (2024: 457.4) million and net income of 133.1 (2024: 165.9) million
• Q4 2025 EBITDA of USD 37.1 (141.6) million and net profit of USD 3.3 (56.0) million
• Q4 operating cash flow of USD 63.5 (117.7) million
• Cash position of USD 150.5 (221.8) million at 31 December
• Signed long-term project lease for the Maromba development rig covering USD 274 million of project capex
2026 guidance
• Production: 25-30 kbopd (9-11 mmbbls)
• Operating cost1: USD 20-24 per barrel
• CAPEX: USD 500-600 million
• G&A: USD 12-14 million
1) Operating costs exclude royalties, tariffs, workovers, crude oil purchases for domestic market obligations, production sharing costs in Gabon, and incorporates the impact of IFRS 16 adjustments

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Oilandgaspress ,Oil and Gas , BW Energy , Gabon, final investment decision (FID) , Bourdon project. , financial,