BW Energy: Q4 2025 operational update

Core Viewpoint - BW Energy reported preliminary operational figures for Q4 2025, indicating a decrease in production due to maintenance issues and lower sales volumes compared to previous quarters [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, equivalent to 29.9 kbopd, which is near the lower end of the guided range of 11-12 mmbbls [3][4]. Operational Costs - 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]. Quarterly Comparison - Q4 2025 production decreased from 2.4 mmbbls in Q3 2025 and 3.1 mmbbls in Q4 2024 [4]. - 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]. Inventory and Sales - End of quarter stock inventory was 0.9 mmbbls, an increase from 0.3 mmbbls in Q3 2025 [4]. - Net volume sold in Q4 2025 was 1.8 mmbbls, down from 2.9 mmbbls in Q3 2025 and 3.2 mmbbls in Q4 2024 [4]. Company Overview - BW Energy focuses on low-risk phased developments in proven offshore oil and gas reservoirs, with significant interests in various fields in Gabon and Brazil [7]. - The company holds a 73.5% interest in the Dussafu Marine license in Gabon and a 100% interest in the Golfinho field in Brazil, among other assets [7]. - Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025 [7].