BW Energy: Second quarter 2025 operational update

Core Viewpoint - BW Energy reported a decrease in net production and operational metrics for Q2 2025 compared to Q1 2025, indicating potential challenges in maintaining production levels [1][2]. Production Metrics - Net production attributable to BW Energy was 2.9 million barrels of oil (mmbbls) in Q2 2025, down from 3.2 mmbbls in Q1 2025 and up from 2.1 mmbbls in Q2 2024 [1][2]. - Daily production rate was 32.3 thousand barrels of oil per day (kbopd) in Q2 2025, compared to 36.0 kbopd in Q1 2025 and 23.6 kbopd in Q2 2024 [2]. Field Performance - Dussafu field produced 2.4 mmbbls in Q2 2025, down from 2.6 mmbbls in Q1 2025 and up from 1.4 mmbbls in Q2 2024 [2]. - Golfinho field produced 0.5 mmbbls in Q2 2025, down from 0.7 mmbbls in Q1 2025 and unchanged from Q2 2024 [2]. Sales and Inventory - Net volume sold was 2.8 mmbbls in Q2 2025, down from 3.7 mmbbls in Q1 2025 and up from 1.9 mmbbls in Q2 2024 [2]. - Quarter-end stock inventory was 0.5 mmbbls, an increase from 0.2 mmbbls in Q1 2025 [2]. Pricing and Costs - Average realized price was USD 66.7 per barrel in Q2 2025, down from USD 74.8 in Q1 2025 and USD 83.8 in Q2 2024 [2]. - Operational costs were USD 20.4 per barrel in Q2 2025, up from USD 16.5 in Q1 2025 and down from USD 28.5 in Q2 2024 [2]. Company Overview - BW Energy focuses on growth in exploration and production (E&P) with a strategy targeting proven offshore oil and gas reservoirs through low-risk phased developments [5]. - The company holds significant interests in various fields, including 73.5% in the Dussafu Marine license in Gabon and 100% in the Golfinho field in Brazil [5]. - Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025 [5].