BW Energy (BWE) Q2 2025 earnings summary

Executive summary

• Achieved strong operational performance in Q2 and H1 2025, with EBITDA of $99 million, net profit of $26.7 million for Q2, and high production uptime with zero lost time incidents.

• Maintained a robust financial position with cash of $192.9 million and resilient liquidity, positioning for long-term growth.

• All major projects, including Maromba, Golfinho Boost, and MaBoMo Phase 2, are progressing on schedule, with final investment decisions and significant oil discovery at Bourdon.

• Production for H1 2025 reached 6.2 million barrels (34,200 barrels/day), in line with guidance.

• Full-year guidance reaffirmed, supported by solid production and ongoing project execution.

Financial highlights

• Q2 2025 revenue totaled $193 million, with realized prices averaging $67 per barrel, and H1 2025 revenues reached $474.5 million, up year-over-year.

• Q2 2025 EBITDA was $99 million, net profit $26.7 million; H1 EBITDA $281.1 million, net profit $109.7 million.

• Operating cash flow for H1 2025 was $162 million; cash and cash equivalents at $192.9 million as of June 30.

• Net sold volumes were 6.5 million barrels in H1 2025.

• Equity ratio improved to 46%.

Outlook and guidance

• 2025 production guidance maintained at 11–12 million barrels (30–32 kbopd); H1 performance supports this target.

• Operating cost guidance for 2025 set at $18–22/bbl; H1 actual was $18.3/bbl.

• CAPEX for 2025 expected at $650–700 million, with $180 million spent year-to-date.

• On track to deliver net production above 90,000 barrels/day by 2028, driven by major projects.

• Kudu appraisal in H2 2025 may add further reserves and support gas-to-power initiatives.