BW Energy: Second quarter and first half 2025 results

BW Energy delivered strong operational performance in the first half of 2025, driven by high production uptime, competitive cost levels, and a solid safety record with zero lost time incidents. The Company's project portfolio continues to advance, with final investment decisions taken on both the Maromba development and the Golfinho Boost project. In addition, a substantial oil discovery was made at the Bourdon prospect in the Dussafu area, further expanding BW Energy's resource base. Backed by strong cash generation and a resilient financial structure, BW Energy is well placed to drive growth and create long-term shareholder value. 

HIGHLIGHTS 

Strong operational performance 

H1 2025 net production of 6.2 (4.6) million barrels, equal to 34.2 (25.4) kbopd  

Operating cost1 of USD 18.3 (26.2) per barrel and zero lost time incidents 

Assumed operatorship of the BW Adolo FPSO 

 Successfully developing and increasing the resource base 

Final investment decision made on Maromba and Golfinho Boost projects 

Substantial oil discovery of 25 mmbbls in the Bourdon prospect  

Robust financial results 

H1 2025 EBITDA of USD 281.1 (185.8) million and net profit of USD 109.7 (61.9) million 

Q2 2025 EBITDA of USD 99.0 million and net profit of USD 26.7 million 

Operating cash flow of USD 162.0 (85.1) million  

Cash position of USD 192.9 (244.2) million at 30 June 

New and upsized RBL facility up to USD 500 million

2025 guidance unchanged 

Production: 11-12 mmbbls (30-32 kbopd) 

Operating cost1: USD 18-22 per barrel 

CAPEX: USD 650-700 million 

G&A: USD 19-22 million 

 (Numbers in parenthesis refer to H1 2024) 

1) Operating costs ...