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 cost(1) 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

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.”

FINANCIAL UPDATE

Net sold volumes in the quarter were 1.8 mmbbls (including 0.16 mmbbls of DMO deliveries) (3.2 mmbbls) at an average realised price of USD 62.2/bbl (USD 72.6). Volumes sold were affected by a late lifting at Dussafu, occurring after end of quarter. 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.

Depreciation was USD 35.9 (57.1) million and operating profit in the quarter was USD 1.2 million (USD 84.5) million. Net financial expense was USD 5.8 (11.7) million. Taxes resulted in a benefit of USD 7.9 million, compared to a tax expense of USD 16.8 million in the fourth quarter 2024. Net profit was USD 3.3 million, compared to a profit of USD 56.0 million in the fourth quarter of 2024.

Total equity at 31 December 2025 was USD 1,001 (861.6) million and the equity ratio was 40% (44%). Total available liquidity at 31 December 2025 amounted to USD 365.5 (271.8) million, of which USD 150.5 (221.8) million in cash and USD 215.0 (50.0) million undrawn debt across various facilities.

Net cash inflow from operating activities was USD 63.5 (117.7) million in the quarter, reflecting lower realised oil prices, maintenance and timing of one lifting. Net cash outflow from investing activities was USD 139.0 (76.6) million, mainly related to the Maromba development and the Kudu appraisal. Net cash outflow from financing activities was USD 33.3 (29.1), reflecting net debt proceeds offset by interest and lease payments.

For the full year 2025, net production to BW Energy amounted to 10.9 mmbbls, equivalent to 29.9 thousand barrels of oil per day (kbopd), near the lower end of the guided range of 11-12 mmbbls (30-32 kbopd). Net operational costs for the full year ended at 20 USD/bbl, in the middle of the guided range of 19-21 USD/bbl. Full-year EBITDA was USD 414.2 (2024: 457.4) million and net income was USD 133.1 (2024: 165.9) million. The full-year numbers are preliminary and unaudited.

CORPORATE

During the quarter, BW Energy signed a long-term lease agreement for Maromba drilling and wellhead platform with Minsheng Financial Leasing Co. Ltd. (MSFL), replacing the earlier short-term agreement. The new lease covers the rig purchase and all costs required to make the wellhead platform ready for drilling and production. This funds USD 274 million of the Maromba CAPEX, with an efficient financing structure for the development phase followed by a ten-year lease term at a fixed dayrate of USD 120,500 which commence upon Maromba first oil.

BW Energy also announced a potential strategic entry offshore Angola through an agreement targeting the acquisition of net 10% non-operated interest in Block 14 and net 5% in Block 14K from Azule Energy as part of a consortium with Maurel & Prom. Gross production from the combined blocks today are approximately 40 kbopd, with a potential net to BW Energy at 4 kbopd. Current producing reserves are estimated at 9.3 mmbbls net to BW Energy, with several identified opportunities to further increase recoverable volumes.

The transaction carries a base cash consideration of USD 97.5 million net to BW Energy, of which USD 6 million was paid in December, with the balance to be settled at completion. There are additional contingent payments of up to USD 57.5 million upon the occurrence of specific upside events related to oil price and production milestones. Completion is subject to regulatory approvals, pre-emption rights and customary closing conditions, with closing expected by mid-2026.

OPERATIONS

Gabon
Net production from the Dussafu licence averaged 22.4 kbopd, a decrease compared to the year-ago period due to natural decline and downtime of an ESP occurring late in the quarter. Dussafu production availability was 99.1%. Quarterly operating cost amounted to USD 12.5/bbl (USD 11.7/bbl), reflecting lower production compared to the year-ago period. For full-year 2025, production averaged 24.4 (2024: 20.4) kbopd and operating cost was USD 12.9/bbl (2024: USD 16.2/bbl).

Brazil
Net production from the Golfinho field averaged 2.7 kbopd, or approximately 0.3 mmbbls for the quarter, down from 0.6 mmbbls in year-earlier period due to longer-than-expected maintenance period, which was completed in November. Production availability was 54% in the quarter. Operating cost averaged USD 93.8/bbl (USD 45.3/bbl). The increase reflects the extended maintenance period. For the full-year 2025, production averaged 5.5 (2024: 7.2) kbopd and operating cost was USD 51.1/bbl (2024: USD 44.0/bbl).

EXPLORATION AND DEVELOPMENT

In Gabon, execution of the MaBoMo Phase 2 project in the Dussafu licence progressed towards the planned drilling start in July 2026. The drilling programme comprises four production wells, with two additional appraisal wells under consideration. In addition, the Bourdon discovery progressed towards final investment decision, based on three initial wells and a development concept aligned with the MaBoMo development.

In Brazil, the Maromba development and the Golfinho Boost project progressed to plan. The jack-up rig which will be converted to a combined wellhead and drilling platform is at the yard in Dubai. Initial inspections were completed and the conversion work has commenced.

In Namibia, the Kharas-1A appraisal well was completed in November, confirming a working petroleum system with condensate and/or light oil. Further analysis is ongoing to determine the extent of the system and to characterise reservoir properties and appraisal options. BW Energy is in the process of establishing next steps for the licence and preparations for a data room.

KeyFacts Energy: BW Energy Namibia country profile   l   BW Offshore Brazil country profile   l   BW Energy Gabon country profile