BW Energy delivered solid operational performance in the first quarter of 2026, advancing all major development projects on plan and cost. The start to the year has been marked by significant strategic progress, with final investment decision made on the Bourdon development and the Golfinho infill wells project. Combined with an extension of the highly prospective Dussafu Marin production licence and continued progress on the MaBoMo Phase 2, Maromba and Golfinho Boost developments, BW Energy is on track to increase net production to over 100,000 barrels per day in 2028 and create substantial long-term shareholder value.
HIGHLIGHTS
(Numbers in parenthesis refer to Q4 2025 unless otherwise specified)
Solid operational performance
- Q1 2026 net production of 25.2 (25.2) kbopd, equal to 2.3 (2.3) million barrels (mmbbls)
- Quarterly production cost1 of USD 22.2 (21.3) per barrel
- Dussafu ESP successfully restored in March after impacting production since December 2025
Delivering on growth strategy
- Bourdon final investment decision (FID) of 18 million barrels2 in net 2P reserves
- Golfinho infill wells FID adding 50 million barrels of net 2P reserves
- MaBoMo Phase 2 set to start with appraisal drilling – first oil moved to Q1 2027
- Dussafu Marin production licence extended 20 years to 2048 with option for 5 more years
- Maromba and Golfinho Boost projects progressing on plan and cost
Robust financial results
- Q1 2026 EBITDA of USD 111.3 (37.1) million and net profit of USD 32.6 (3.3) million
- Q1 operating cash outflow of USD 38.5 (inflow of 63.5) million
- Cash position of USD 160.5 (150.5) million at 31 March
- Short-term sale and leaseback of Akoum (former Jasmine Alpha) freeing up USD 80 million of liquidity
- Dussafu RBL accordion of USD 100 million, fully committed by existing lenders, to be in place and effective from Q2 2026
2026 guidance updated
- Production: 24-27 kbopd (8.8-9.9 mmboe)
- Production cost1: USD 22-26 per barrel
- CAPEX: USD 600-650 million
- G&A: USD 12-14 million
Comment from the CEO of BW Energy, Carl K. Arnet:
'BW Energy has had a solid start to 2026 with stable production, efficient operations and good cost control, resulting in a strong financial performance in the first quarter amid increased market volatility driven by geopolitical events. Our development projects, which are set to materially increase production from proven reserves, are progressing according to plan.
Furthermore, after the quarter-end, we sanctioned the Bourdon development in Gabon and the Golfinho infill wells programme in Brazil – two high-return projects built on the same infrastructure-led model that has defined BW Energy since inception. We also secured a 20-year extension of the Dussafu production licence to 2048, providing a robust framework for continued investment and production growth in Gabon.
With these milestones in place, we are raising our 2028 production forecast to over 100,000 barrels per day. The projects driving industry-leading production growth are all sanctioned, financed and in execution, providing a clear path to delivering the next phase of cash flow generation and value creation for BW Energy shareholders.'
PRESENTATION AND MATERIAL
Please find attached the first quarter 2026 update and presentation which includes all financial statements. The presentation, financial update, excel data book and webcast are all available on:
www.bwenergy.no/investors/reports-and-presentations
Source: BW Energy
