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.
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
Comment from the CEO of BW Energy, Carl K. Arnet:
'BW Energy delivers another strong year with record production, reduced unit operating expenses and material progress on our portfolio of development projects. This reflects disciplined execution of our strategy for long-term value creation founded on safe, efficient operations, active cost management and the efficient development of accretive projects across our diversified, high-value asset base.
The key growth projects in Brazil are progressing well, with the Maromba well-head platform recently arrived at the yard, commencing the planned conversion work. In Gabon, we are set to start drilling on MaBoMo phase 2 in the third quarter with first oil expected later in 2026, and the Bourdon development is moving towards sanction, further supporting delivery of industry-leading production growth to around 90,000 barrels per day in 2028.
During the fourth quarter, we completed the Maromba financing with a long-term lease for the development rig acquisition and refurbishment which ensures a highly efficient liquidity structure. Combined with strong underlying cash generation, we are well positioned to deliver continued growth and long-term value for our shareholders.'
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Source: BW Energy
