BW Energy: Q4 2025 operational update

Core Viewpoint - BW Energy reported preliminary operational figures for Q4 2025, indicating a decrease in production and sales volumes compared to previous quarters, primarily due to maintenance activities and late lifting issues [2][3]. Production Summary - Net production for Q4 2025 was 2.3 million barrels of oil (mmbbls), averaging 25.2 thousand barrels of oil per day (kbopd) [2][4]. - For the full year 2025, net production totaled 10.9 mmbbls, averaging 29.9 kbopd, which is near the lower end of the guided range of 11-12 mmbbls [3][4]. Operational Costs and Sales - Net operational costs for the full year 2025 were reported at 20 USD per barrel, within the guided range of 19-21 USD per barrel [3]. - Average realized price for Q4 2025 was 62.2 USD per barrel, down from 68.5 USD in Q3 2025 and 72.6 USD in Q4 2024 [4]. Field Performance - Production from the Dussafu field was 2.1 mmbbls in Q4 2025, while the Golfinho field contributed 0.3 mmbbls [4]. - The Dussafu field's production increased from 1.8 mmbbls in Q3 2025, while Golfinho's production decreased from 0.6 mmbbls in both Q3 2025 and Q4 2024 [4]. Inventory and Sales Volume - End of quarter stock inventory was 0.9 mmbbls, up from 0.3 mmbbls in Q3 2025 [4]. - Net volume sold in Q4 2025 was 1.8 mmbbls, a decrease from 2.9 mmbbls in Q3 2025 and 3.2 mmbbls in Q4 2024 [4]. Company Overview - BW Energy focuses on growth in offshore oil and gas reservoirs through low-risk phased developments, with significant interests in various fields including Dussafu in Gabon and Golfinho in Brazil [6]. - The company holds approximately 599 million barrels of oil equivalent in total net 2P+2C reserves and resources at the start of 2025 [6].