BW Energy Q4 2025 Operational Update

BW Energy Services Limited has issued its preliminary operational update for the fourth quarter (Q4) of 2025 ahead of its scheduled full financial results release on 5 February 2026. The update outlines key production figures, trends, and operational developments for its core oil assets in Gabon and Brazil.

Overview of Q4 2025 Production

During Q4 2025, BW Energy delivered a total net oil production of approximately 2.3 million barrels of oil (mmbbls), equivalent to roughly 25.2 thousand barrels per day (kbopd). This output was generated from the company’s operated assets offshore Gabon and Brazil, specifically:

• Dussafu field (Gabon, 73.5 % working interest), contributing the majority of production; and
• Golfinho field (Brazil, 100 % working interest), which experienced a lower production rate compared to prior periods.

Production from the quarter was impacted by an extended maintenance period at the Golfinho field, which was successfully completed in November 2025. Additionally, the volume of oil sold in the quarter was reduced due to a lifting at the Dussafu field that took place after the quarter had ended.

Comparative Production Figures

Period	Total Production (mmbbls)	Dussafu (mmbbls)	Golfinho (mmbbls)
Q4 2025	2.3	2.1	0.3
Q3 2025	2.4	1.8	0.6
Q4 2024	3.1	2.5	0.6

This comparison shows that while total production was slightly lower than the previous quarter and significantly below the same quarter last year, the company continues to generate substantial output from its core producing licenses.

Net Volumes Sold and Inventory

Net volumes sold in Q4 2025 amounted to around 1.8 mmbbls, with the Dussafu field accounting for most of this volume. The Golfinho field maintained a steady contribution to sales volumes. At the end of the quarter, BW Energy reported approximately 0.9 mmbbls of oil in ending inventory across its assets.

Average Realised Prices

Oil prices realised by BW Energy in Q4 2025 were lower compared to prior periods, reflecting market conditions and sales timing variations. The average realised price per barrel across operations was:

• Dussafu: approx. USD 59.8/bbl
• Golfinho: approx. USD 68.8/bbl
• Overall: approx. USD 62.2/bbl

These prices were down relative to Q3 2025 and Q4 2024, when oil markets were relatively stronger.

Operational Costs

Operational costs in Q4 2025 averaged approximately USD 21.3 per barrel. The cost structure differed significantly between fields, with the Dussafu field maintaining lower costs, while the Golfinho field’s unit costs remained elevated due to maintenance impacts and production conditions.

Full-Year 2025 Production Performance

For the full year 2025, BW Energy reported net production of roughly 10.9 mmbbls, equating to around 29.9 kbopd. This total placed the company near the lower end of its guided range of 11–12 mmbbls for the year. The annual operational cost averaged around USD 20 per barrel, consistent with guidance.

Upcoming Financial Release and Investor Engagement

BW Energy confirmed that it will release its full Q4 2025 financial results on 5 February 2026. Management will also host a live webcast presentation later that day, which will include a Q&A session to discuss the company’s performance, operational developments, and outlook. Investors and analysts will be able to access the webcast through the company’s official investor relations website.

Company Strategy and Assets

BW Energy’s operational update reiterates its focus on offshore oil production through phased developments and access to established production facilities. Key assets include:

• The Dussafu Marine licence offshore Gabon;
• The Golfinho and Camarupim fields offshore Brazil;
• Interests in the Maromba field in Brazil and the Kudu field in Namibia;
• Equity stakes in other exploration licenses, including offshore Namibia.

The company holds a diversified portfolio of production and exploration assets and has continued to focus on delivering stable production while managing costs and maintenance schedules effectively.

Market Context and Outlook

While the operational update presents preliminary production figures, broader market dynamics such as crude oil price volatility, maintenance schedules, and logistical planning remain central to BW Energy’s forward strategy. The full financial results and investor webcast in February are expected to provide further context on financial performance, resilience, and strategic priorities heading into 2026.

Note: All figures in this summary are preliminary and subject to final audited results upon the release of the full financial report in February 2026.

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