BW Energy (BWE) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 EBITDA of $141.6M and net profit of $56.8M, with Dussafu net production at an all-time high of 2.5 million barrels and current gross output over 40,000 barrels per day.

• Full-year 2024 net production rose 69% to 10.1 million barrels, with revenue up 57% to $795.2M and net profit up 105% to $165.9M year-over-year.

• Operational uptime was high at Dussafu, with two new wells online and three wells restarted after workovers; Golfinho experienced higher costs due to a pipeline shutdown but remains a focus for improvement.

• Strategic focus on growth with ongoing appraisal in Gabon, Maromba FID in Brazil, and Kudu appraisal in Namibia planned for 2025.

Financial highlights

• Q4 2024 revenue was $233.4M, OPEX at $25.6 per barrel, EBITDA at $141.6M, net profit at $56.8M, and operating cash flow at $117.7M.

• Full-year 2024 revenue was $795.2M, OPEX at $30 per barrel (down 16% YoY), EBITDA at $457.4M (up 90%), and net profit at $165.9M (up 105%).

• Cash position at year-end was $221.8M, with net interest-bearing debt of $341M and an equity ratio above 43%.

• Total drawn debt balance stood at $563M at year-end.

Outlook and guidance

• 2025 net production guidance is 11–12 million barrels, with operating costs expected at $18–$22 per barrel (excluding royalties and tariffs).

• Net CAPEX for 2025 is guided at $260–$285M, excluding Maromba and Golfinho boosting projects.

• G&A expected at $19–$22M for 2025.

• Dividend payments planned to commence after Maromba first oil in 2028.