Bw Energy Ltd. · OSL:BWE
Bw Energy — Q3 2024 Earnings Presentation
25 slides from Bw Energy's earnings presentation, Nov 15, 2024
Slide 1: Third quarter 2024 Presentation
Third quarter 2024 Presentation Carl K. Arnet, CEO Brice Morlot, CFO Lin Espey, COO 15 November 2024
Slide 2: Disclaimer
Disclaimer This Presentation has been produced by BW Energy Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance an
Slide 3: Q3 Highlights
Q3 Highlights • Net production of 25,570 barrels per day, including • Q3 2024 EBITDA of USD 130.0 planned Golfinho maintenance shutdown million with a net profit of USD 48.0 million • Dussafu gross quarterly production of 2.5 mmbbls • 3 liftings totalling 2.5 mmbbls1 highest since inception net at a
Slide 4: Third Quarter 2024 key figures
Third Quarter 2024 key figures Net Production Revenue OPEX / BBL 25.6k bopd $215.4M $29.6 Up 8.3% Up 20.4% Up 31% Up 145% Down 17% Down 7.3% from Q2 24 from Q3 23 from Q2 24 from Q3 23 from Q2 24 from Q3 23 31.0 215.4 Brazil 21% 29.6 87.9 Gabon 79% 3Q 2023 3Q 2024 3Q 2023 3Q 2024 EBITDA Net Income O
Slide 5: New wells and ESP change-outs positively impacting production
New wells and ESP change-outs positively impacting production bbls/day 60,000 1st conventional Tortue Hibiscus Golfinho ESP installed 50,000 Dussafu planned Golfinho planned maintenance maintenance 40,000 30,000 20,000 10,000 - Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Se
Slide 6: Zero-harm objective for people and environment
Zero-harm objective for people and environment Minimising impact Working for Strong governance to environment local society framework • One LTI recorded to date in 2024 • No environmental incidents to date in 2024 • Carrying out ESRS Double Materiality Assessment 6
Slide 7: Gabon & BW Energy
Gabon & BW ENERGY
Slide 8: Dussafu production
Dussafu production • Q3 net production ~1.9 mmbbls, equal to ~20,150 Dussafu net production bbls/day kbbls/day ‒ High operational uptime on BW Adolo and MaBoMo following completion of planned maintenance in Q2 20.2 ‒ Two new wells started producing in Q3 18.3 17.1 • OPEX at USD ~20.5/bbl due to incr
Slide 9: Nearing completion of the Hibiscus / Ruche phase 1 drilling campaign
Nearing completion of the Hibiscus / Ruche phase 1 drilling campaign • Two new wells on stream with conventional ESPs DHIBM-7P DHBSM-2P ‒ DHBSM-2H on Hibiscus South in July ‒ DHIBM-7H on northern flank of Hibiscus Main in early October • ESP replacement program on track ‒ DHIBM-3H (August), DHBSM-1H
Slide 10: Expanding resource potential offshore Gabon
Expanding resource potential offshore Gabon • PSCs signed for Niosi Marin and Guduma Marin exploration blocks • BW Energy holds 37.5% WI and is operator1 • Significant potential for infrastructure-led exploration • Adjacent to BW Energy’s Dussafu Marin licence, covering a combined area of 4,918 km2
Slide 11: Brazil
Brazil a »y BW ENERGY
Slide 12: Golfinho production
Golfinho production • Production 498,900 bbls, equal to ~5,400 bbls / day Golfinho net production due to annual FPSO maintenance kbbls/day1 11.2 • Production cost (excluding royalties) averaged USD 10.4 63.3/bbl 9.0 • Production availability to improve in Q4 with 8.0 maintenance completed on one gas
Slide 13: Maromba development
Maromba development • Accessing low-risk barrels in an oil rich area with multiple producing assets • Progressing towards FID in early 2025, targeting first oil 36 months after FID. and short pay-back time • Highly efficient concept with sustainable re-use of FPSO and a platform with dry trees and d
Slide 14: Namibia
Namibia 14 & BW ENERGY
Slide 15: Kudu appraisal program progressing to plan
Kudu appraisal program progressing to plan • Kharas - first appraisal well location defined Kharas • Long-lead items secured for H2 2025 drilling program • Rig bids received, selection in progress • Working closely with other operators in the Orange Basin to explore common use of available resources
Slide 16: Q3 2024 financials
Q3 2024 financials 16
Slide 17: Income statement
Income statement USD million Income Statement Q3 2024 Q2 2024 Operating revenue 206.8 165.9 Gain/(Loss) from oil derivatives 8.6 (1.5) Operating expenses (85.4) (88.5) EBITDA 130.0 75.9 Depreciation and amortisation (51.6) (35.3) Operating profit (EBIT) 78.4 40.5 Interest income 4.8 2.4 Interest exp
Slide 18: Balance sheet
Balance sheet USD million Assets Q3 2024 Q2 2024 Property, plant and equipment 1,093.9 1,119.4 Right-of-use assets 111.3 95.8 Intangible assets 279.6 269.5 Other non-current assets 91.3 86.5 Inventories 55.4 58.3 Trade receivables and other current assets 78.3 105.2 Cash and cash equivalents 209.8 2
Slide 19: Cash flow overview Q3 2024
Cash flow overview Q3 2024 USD million 450.0 400.0 144.9 350.0 300.0 244.2 (98.6) 250.0 209.8 200.0 (80.7) 150.0 100.0 50.0 0.0 Cash 30 June 2024 Operating cash flow Net investments Net financing activities Cash 30 September 2024 19
Slide 20: Net lifting schedule and hedging
Net lifting schedule and hedging Dussafu Quarterly liftings schedule to BW Energy ‒ Q3: 2 liftings • Jul: 796,000 bbls at USD 83/bbl • Aug: 779,700 bbls at USD 80/bbl ‒ Q4: 3 planned liftings 1 • Oct – Dec: ~767,000 bbls each Golfinho 1 1 ‒ Q3: 1 lifting 2 • Aug: 487,000 bbls at USD 81/bbl 3 ‒ Q4: 1
Slide 21: Summary
Summary ® BW ENERGY 21
Slide 22: 2024 guidance
2024 guidance Net Total 10 – 11 On track production1 million barrels Production USD 30 – 32 Lower Opex / bbl primarily due to higher production cost per barrel Net Capex USD ~350 million On track G&A USD ~25 million On track 22 1) Reflects net production from Dussafu (73.5% Working Interest) and Gol
Slide 23: Increased diversification and step-change in production
Increased diversification and step-change in production • Complete ESP program on Dussafu Production • Optimising Golfinho production from existing wells • Drill Bourdon appraisal well Exploration • Kudu drilling program sanctioned & Appraisal • Prepare for Niosi / Guduma well and planned 3D seismic
Slide 24: Q&A
Q&A 24
Slide 25: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no 25