BW Energy: Q1 2025 operational update

Core Viewpoint - BW Energy reported a net production of 3.2 million barrels of oil (mmbbls) in Q1 2025, reflecting a daily production rate of 36,000 bbls, with contributions from the Dussafu licence in Gabon and the Golfinho field in Brazil [1][2]. Production and Sales - Net production increased from 3.1 mmbbls in Q4 2024 to 3.2 mmbbls in Q1 2025, with Dussafu contributing 2.6 mmbbls and Golfinho contributing 0.7 mmbbls [2]. - Net volume sold rose to 3.7 mmbbls in Q1 2025 from 3.2 mmbbls in Q4 2024, with Dussafu sales at 3.2 mmbbls and Golfinho sales remaining steady at 0.5 mmbbls [2]. Financial Performance - The average realized price for Dussafu was USD 74.8 per barrel, up from USD 72.5 in Q4 2024, while Golfinho's price decreased from USD 83.5 to USD 75.0 per barrel [2]. - Operating costs were reported at USD 9.9 per barrel for Q1 2025, with a significant increase in production costs leading to an operating cost of USD 42.2 per barrel for another project [6]. Development Projects - BW Energy anticipates announcing the Final Investment Decision (FID) for the Maromba development project in the coming weeks [4]. - The FID for the Golfinho Boost project has been made, aiming to enhance uptime and add approximately 3,000 barrels per day of incremental oil production starting in 2027 [6]. Operational Highlights - The company achieved record quarterly production since inception, with production availability at approximately 93% on FPSO BW Adolo and 99% on MaBoMo [6]. - The company has a period-end cash balance of USD 286 million, an increase from USD 221 million at the end of December 2024, reflecting positive cash flow from operations and debt repayment [6]. Debt and Liquidity - BW Energy entered into a new and increased Dussafu Reserve-Based Lending (RBL) facility, with gross debt at USD 583 million, which includes various financing arrangements [7].