BW Energy delivered strong operational performance in the second quarter and first half 2026, with all major development projects progressing on schedule and within budget. The Company also made significant strategic progress, sanctioning the Bourdon development and Golfinho infill well projects, and commencing the MaBoMo Phase 2 drilling campaign. With these projects advancing as planned, BW Energy remains on track to increase net production to more than 100,000 barrels per day in 2028. Supported by a strong balance sheet and liquidity position, the Company has a solid foundation for delivering substantial long-term value for shareholders.
HIGHLIGHTS
(Numbers in parenthesis refer to Q1 2026 unless otherwise specified)
Strong operational performance
- Q2 2026 net production of 25.3 (25.2) kbopd, equal to 2.3 (2.3) million barrels (mmbbls)
- Sales of 3.2 (2.2) mmbbls and realised prices of USD 103.5 (79.0)/bbl
- Quarterly production cost1 of USD 24.0 (22.2) per barrel
Advancing organic growth portfolio
- Total project portfolio reached net 2P of 222 mmboe in execution
- Bourdon and Golfinho wells final investment decision (FID) in the second quarter added 68 mmboe2 with IRR at 25 and 50% respectively at USD 60/bbl oil price
- Maromba and Golfinho Boost projects progressing according to plan and cost
- MaBoMo Phase 2 campaign - appraisal drilling started
Excellent cash generation and strengthened financial position
- Record-high quarterly operating cash flow of USD 260.1 (outflow of 38.5) million
- Q2 2026 EBITDA of USD 140.6 (111.3) million and net profit of USD 43.9 (32.6) million
- Cash position of USD 254.0 (160.5) million and available liquidity of USD 544 (333) million at 30 June
- Dussafu RBL accordion of USD 100 million completed in Q2
- H1 EBITDA of USD 251.9 million, net income of USD 76.5 million and operating cash flow of USD 221.6 million
2026 guidance unchanged
- Production: 24-27 kbopd (8.8-9.9 mmbbls)
- Production cost1: USD 22-26 per barrel
- CAPEX: USD 600-650 million
- G&A: USD 12-14 million
1) Production cost excludes royalties, tariffs, workovers, crude oil purchases for domestic market obligations, production sharing costs in Gabon, any non-recurring special items, and incorporates the impact of IFRS 16 adjustments.
2) Management estimate
Comment from the CEO of BW Energy, Carl Arnet:
"BW Energy delivered a strong second quarter of 2026, with all-time-high operating cash flow and improved profitability, driven by higher oil prices and sales volumes. Our development projects, which are set to materially increase production from proven reserves, are progressing according to plan.
We maintain full focus on project execution following the recent sanction of the Bourdon development in Gabon and the Golfinho infill wells programme in Brazil - two high-return projects built on the same infrastructure-led model that has defined BW Energy since inception. The MaBoMo Phase 2 drilling programme commenced on schedule in early July and will contribute to increased production from 2027 with additional upside from ongoing appraisal wells.
With record cash generation in the quarter, we advance our investment programme backed by a strengthened balance sheet and liquidity position, on track to increase production to over 100,000 barrels per day in 2028 and deliver the next phase of value creation for BW Energy shareholders.”
PRESENTATION AND MATERIAL
Please find attached the first half 2026 report and presentation. The report, presentation, excel data book and webcast are all available on:
www.bwenergy.no/investors/reports-and-presentations
CONFERENCE CALL/WEBCAST
BW Energy will today hold webcast presentation, followed by a Q&A hosted by CEO Carl K. Arnet, COO Brice Morlot, and CFO Thomas Young at 14:00 CEST.
You can follow the presentation via webcast with supporting slides and a Q&A module, available on:
https://events.streamhub.no/viewer-registration/H8aDkTMu/register
For further information, please contact:
Martin Seland Simensen, VP Investor Relations
ir@bwenergy.no
About BW Energy:
BW Energy is a fast-growing independent oil and gas company creating value through low-risk, phased developments of proven offshore reservoirs, leveraging existing infrastructure and capital-efficient execution. The company owns and operates production, development and exploration assets in Gabon, Brazil and Namibia. Total net 2P reserves exceed 240 million barrels of oil equivalent, with a further 390 million barrels classified as 2C resources, providing a strong foundation to organically increase production from around 30 kbopd in 2025 to over 100 kbopd in 2028.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.