BW Energy: Second quarter and first half 2025 results 

01 Aug 2025 07:00 CEST

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 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 Arnet:

"BW Energy delivered a strong first half of 2025, with production above the
upper end of our guidance range and operating costs at significantly more
competitive levels than in 2024. This reflects continued focus on safe,
efficient operations and disciplined cost management across the portfolio.

During the period, we moved key development projects into execution, marking an
important step forward in our growth strategy. The Maromba development in Brazil
is now underway and will be transformative for BW Energy, increasing production
to more than 90,000 barrels per day in 2028.

Furthermore, we strengthened our portfolio, confirming new resources at the
Bourdon prospect in the Dussafu licence. These are highly profitable barrels
that highlight our strategy of leveraging existing infrastructure and pursuing
fast?track developments to accelerate value creation.

Our financial foundation remains robust, with low leverage and strong underlying
cash generation. This gives us the resilience to navigate market volatility
while continuing to deliver growth and long?term value for our shareholders."


Please find attached the report for the first half of 2025 and the second
quarter presentation.

The report, presentation, excel data book and webcast will be available on:

www.bwenergy.no/investors/reports-and-presentations
(https://www.bwenergy.no/investors/reports-and-presentations)


CONFERENCE CALL/WEBCAST?

BW Energy will today hold a conference call followed by a Q&A hosted by CEO Carl
K. Arnet and CFO Brice Morlot at 14:00 CEST.?

The presentation may also be followed via webcast on:

https://events.webcast.no/viewer-registration/qQC1bQEB/register


Please note, that if you follow the webcast via the above URL, you will
experience a 30 second delay compared to the main conference call. The web page
works best in an updated browser - Chrome is recommended.


Conference call information:

To dial in to the conference call where the second quarter results and Q&A will
be hosted, please dial in to one of the following numbers:


Participants dial in numbers:

DK: +45 7876 8490
SE: +46 8 1241 0952
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646-787-0157
Singapore: 65-3-1591097
France: 33-1-81221259

Conference code:?980877


For further information, please contact:

Martin Seland Simensen, VP Investor Relations

+47 416 92 087

Martin.simensen@bwenergy.no (mailto:Martin.simensen@bwenergy.no)


About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting
proven offshore oil and gas reservoirs through low risk phased developments. The
Company has access to existing production facilities to reduce time to first oil
and cashflow with lower investments than traditional offshore developments. The
Company's assets are 73.5% of the producing Dussafu Marine licence offshore
Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in
the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95%
interest in the Kudu field in Namibia, all operated by BW Energy. In addition,
BW Energy holds approximately 7% of the common shares in Reconnaissance Energy
Africa Ltd. and a 20% non-operating interest in the onshore Petroleum
Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and
resources were 599 million barrels of oil equivalent at the start of 2025.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

651975_BWE Financial report - 1H 2025.pdf
651975_BWE Q2 presentation.pdf