BW Energy Delivers Record Results in Q4 2024, Sets Stage for Future Growth

BW Energy, a leading independent oil and gas company, reported record-breaking financial and operational results for the fourth quarter of 2024. The company's strong performance was driven by increased oil sales, successful appraisal wells, and operational efficiencies. BW Energy's cash position and manageable debt levels reflect a robust financial health, enabling it to fund future projects such as the Maromba development and the Kudu appraisal well in Namibia.



In the fourth quarter of 2024, BW Energy achieved a record quarterly EBITDA of USD 141.6 million, up from USD 130 million in the previous quarter. The company's net profit for the quarter was USD 56.8 million. These impressive results were supported by a net production of 33,600 bbls/day, including the Tortue, Hibiscus, and Hibiscus South fields in the Dussafu licence and the Golfinho field. Full-year 2024 net production was approximately 10.1 million barrels of oil, up 69% from 2023.

BW Energy's operational updates in Gabon and Brazil highlight the company's strong performance and growth prospects. In Gabon, the company achieved record quarterly production since inception, with net production averaging ~27,300 bbls/day in Q4 2024, up 36% from the previous quarter. The successful completion of the ESP replacement program and the Hibiscus / Ruche development contributed to a gross production target of 40,000 bbls/day. In Brazil, net production from the Golfinho field averaged ~6,400 bbls/day in Q4 2024, up 17% from the previous quarter.



BW Energy's cash position and debt levels reflect a strong financial health, enabling it to fund future projects. As of 31 December 2024, the company had a cash balance of USD 221.8 million, compared to USD 209.8 million at the end of September 2024. The company's total drawn debt balance was USD 563 million, including the MaBoMo lease, the Dussafu RBL, the Golfinho prepayment facility, and bond debt. BW Energy's ability to generate significant cash flow from operations and successfully complete development projects further supports its financial capacity to fund future projects like the Maromba development and the Kudu appraisal well in Namibia.



In conclusion, BW Energy's record-breaking financial and operational results in Q4 2024, coupled with its strong cash position and manageable debt levels, position the company for future growth. The company's successful operational updates in Gabon and Brazil, as well as its plans to fund future projects, demonstrate BW Energy's commitment to executing its growth strategy and delivering value to shareholders.