BW Energy: Second quarter and first half 2025 results

Core Viewpoint - BW Energy demonstrated strong operational performance in H1 2025, with high production uptime, competitive costs, and a solid safety record, positioning the company for growth and long-term shareholder value [1][5][9] Operational Performance - H1 2025 net production reached 6.2 million barrels, translating to 34.2 kbopd, exceeding guidance [6] - Operating costs were significantly reduced to USD 18.3 per barrel compared to USD 26.2 in H1 2024, with zero lost time incidents reported [6][5] - The company assumed operatorship of the BW Adolo FPSO, enhancing operational control [6] Project Development - Final investment decisions were made on the Maromba development and Golfinho Boost projects, marking significant progress in the project portfolio [6][7] - A substantial oil discovery of 25 million barrels was made at the Bourdon prospect, expanding the resource base [6][8] Financial Results - H1 2025 EBITDA was USD 281.1 million, up from USD 185.8 million in H1 2024, with a net profit of USD 109.7 million compared to USD 61.9 million [6] - Q2 2025 EBITDA was USD 99.0 million, with a net profit of USD 26.7 million [6] - Operating cash flow for H1 2025 was USD 162.0 million, and the cash position at the end of June was USD 192.9 million [6] Future Guidance - The company maintains its production guidance of 11-12 million barrels (30-32 kbopd) for 2025, with operating costs projected between USD 18-22 per barrel and CAPEX estimated at USD 650-700 million [6][4]