Bw Energy Ltd. · OSL:BWE
Bw Energy — Q4 2024 Earnings Presentation
27 slides from Bw Energy's earnings presentation, Jan 31, 2025
Slide 1: Fourth quarter 2024 Presentation
Fourth quarter 2024 Presentation Carl K. Arnet, CEO Brice Morlot, CFO Lin Espey, COO 31 January 2025
Slide 2: Disclaimer
Disclaimer This Presentation has been produced by BW Energy Limited exclusively for information purposes. This presentation may not be r edistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance a
Slide 3: Q4 Highlights
Q4 Highlights Record quarterly EBITDA 32% increase in net production Dussafu net quarterly production at all-time-high 2.5 mmbbls Currently producing over 40,000 bbls/day gross at Dussafu 3
Slide 4: Q4 Key figures
Q4 Key figures1 Net Production Revenue OPEX / BBL 33.6k bopd $233.4M $25.6 Up 32% Up 107% Up 8% Down 6% Down 13% Down 28% from Q3 24 from Q4 23 from Q3 24 from Q4 23 from Q3 24 from Q4 23 EBITDA Net Profit Operating Cash Flow $141.6M $56.8M $117.7M Up 9% Up 6% Up 18% Down 29% Down 19% Up 18% from Q3
Slide 5: Full-year Key figures
Full-year Key figures1 Net Production Revenue OPEX / BBL 10.1M bbls $795.2M $30.1 Up 69% Up 57% Down 16% from 2023 from 2023 from 2023 EBITDA Net Profit Operating Cash Flow $457.4M $165.9M $347.6M Up 90% Up 105% Up 92% From 2023 from 2023 from 2023 1) Pre limin ary an d u naudited figures. 5
Slide 6: New wells and ESP change-outs positively impacting production
New wells and ESP change-outs positively impacting production bbls/day Tortue Hibiscus Golfinho 60,000 1st conventional ESP installed 50,000 Dussafu planned Golfinho planned maintenance maintenance 40,000 30,000 20,000 10,000 - Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 No
Slide 7: 2025 guidance
2025 guidance Net production1 Total 11–12 mmbbls Operating cost2 USD 18–22 per barrel Net Capex3 USD 260–285 million G&A4 USD 19–22 million 1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI) 2) Operating costs exclude Royalties, Tariffs, Workovers, Domestic Marke
Slide 8: Operations
Operations 8
Slide 9: Production update
Net production Production update kbbls/day • Dussafu net production ~2.5 mmbbls, up 36% 40 from Q3 2024 33.7 35 ‒ High operational uptime 6.4 ‒ Two new wells brought online and production restart from 30 26.9 27.3 three wells after workovers 25.6 25 23.6 ‒ Operating cost1 reduced to USD ~18.5/bbl, b
Slide 10: HSE performance
HSE performance Zero-harm objective TRIR and LTIR - rolling quarterly1 for people and environment 3.0 • One LTI recorded to date in 2024 2.5 • No environmental incidents in 2024 2.0 • Carrying out ESRS Double Materiality Assessment 1.5 1.13 1.0 0.5 0.38 0.0 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 LTIR TR
Slide 11: Field development
Field development 11
Slide 12: Maromba FID planned for Q1 2025
Maromba FID planned for Q1 2025 • Wellhead platform design near completion ‒ Dry-tree concept ‒ Geotech campaign ongoing on site • FPSO refurbishment commenced • Long lead items will be ordered by end March 2025 • Planned field delivery in Q3 2027 ‒ Investment budget USD 1.2 bn ‒ Phase 1 targeting l
Slide 13: Appraisal and exploration
Appraisal and exploration 13
Slide 14: Bourdon appraisal in Gabon – Q1 25
Bourdon appraisal in Gabon – Q1 25 DBM-1 Hibiscus • Drilling commenced in early 2025 • Targeting risked gross recoverable Hibiscus South reserves of ~30 mmboe1 • Results expected during Q1 Bourdon Gamba Prospect Bourdon Dentale Shallow Prospect 14 1). Management estimates, gross
Slide 15: Kharas appraisal well in Namibia – Q3 25
Kharas appraisal well in Namibia – Q3 25 Kharas • Well located in northern portion of Kudu licence • Drilling program on track with rig bids received, selection in progress • Working closely with other operators in the Orange Basin to explore common use of available resources • Kudu PSDM 3D seismic
Slide 16: Seismic campaign over new Gabon acreage
Seismic campaign over new Gabon acreage • Planning 3D seismic over Niosi Marin and Guduma Marin exploration blocks • BW Energy is operator1, holding 37.5% WI • Significant potential for infrastructure-led exploration • Adjacent to Dussafu Marin licence, covering a combined area of 4,918 km2 16 1) VA
Slide 17: Financials
Financials 7 t YR BW ENERGY
Slide 18: Income statement
Income statement1 USD million Income Statement Q4 2024 Q3 2024 FY 2024 FY 2023 Operating revenue 237.2 206.8 795.2 500.3 Gain/(loss) from oil derivatives (3.8) 8.6 0.0 7.0 Operating expenses (91.8) (85.4) (337.8) (266.3) EBITDA 141.6 130.0 457.4 241.0 Depreciation and amortisation (57.1) (51.6) (180
Slide 19: Cash flow overview Q4 2024
Cash flow1 overview Q4 2024 USD million 350 117.7 300 250 (76.6) 221.8 209.8 (29.1) 200 150 100 50 0 Cash Sep 30-2024 Operating cash flows Net investing activities Net financing activities Cash Dec-31-2024 19 1) Pre limin ary an d u naudited figures.
Slide 20: Investments in assets
Investments in assets USD million 20
Slide 21: Debt and maturity profile
Debt and maturity profile Balance sheet USD million supporting execution of growth strategy 600 500 Total assets NIBD1 USD 1.9bn USD 341m 400 300 Equity ratio NIBD/EBITDA1 200 43% 0.75x 100 0 Current 2025 2026 2027 2028 2029 MaBoMo Lease Dussafu RBL Golfinho prepayment Bond 21 1) NIBD (MaBoMo lease,
Slide 22: Lifting schedule and hedging
Quarterly liftings schedule to BW Energy Lifting schedule and hedging Q1 2025 schedule liftings ‒ Dussafu: 3x net ~950,000 bbls each 1 1 ‒ Golfinho: 1x in Feb ~500,000 bbls 1 1 Hedging 2 ‒ 4.9 mmbbls hedged for 2025 and 2026 ‒ Combination of puts, zero cost collars and swaps 3 3 2 2 1 1Q2024 2Q2024
Slide 23: Summary
Summary 23
Slide 24: Production outlook
Production outlook 73.5% WI in Dussafu licence 95.0% WI in Maromba licence Net kboepd/day 100% WI in Golfinho licence 100 Maromba Golfinho 80 Hibiscus / Ruche Tortue 60 40 20 0 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 24 1) Managemen t estimates
Slide 25: Upcoming milestones
Upcoming milestones Bourdon appraisal – Q1 2025 Maromba FID – Q1 2025 Kudu appraisal spud – Q3 2025 25
Slide 26: Q&A
Q&A Dummy images 26
Slide 27: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no 27