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BW Energy (BWE) investor relations material
BW Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
On track to meet full-year production guidance with all major projects progressing on schedule and within budget.
Maromba project financing completed; Bourdon discovery and Kudu appraisal drilling advancing toward key milestones.
Achieved strong operational performance in Q3 2025 with high production uptime and efficient maintenance execution.
Strengthened financial structure with significant project and corporate financing milestones completed.
Financial highlights
Q3 2025 EBITDA was $96 million, net profit $20.1 million, and cash position at quarter-end was $259.3 million.
Q3 2025 revenue was $199.6 million, nearly flat year-over-year; average realized price was $68.5/bbl.
Operating cash flow reached $89.5 million, supported by timing of oil sales receipts and lower investment spend.
Year-to-date capital expenditure totaled $304 million, below expectations due to lease conversion of $108 million wellhead platform CapEx.
Total available liquidity at quarter-end was $529.3 million, including undrawn facilities.
Outlook and guidance
Full-year 2025 production guidance maintained at 11–12 million barrels (30,000–32,000 barrels/day).
Operating cost guidance narrowed to $19–$21 per barrel; YTD OPEX at $19.5/bbl.
Full-year CapEx guidance reduced to $475–$525 million, with increased spending expected as project activity ramps up.
Targeting production of around 90,000 barrels/day by 2028, driven by Maromba, MaBoMo phase II, and Golfinho Boost.
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