Bw Energy Ltd (BWEFF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to BW Energy's second quarter 2025 presentation. For the first part of this call, all participants will be in a listen-only mode. Afterwards, there will be a question and answer session. To ask a question, please press 5 star on your telephone keypad. This call is being recorded. I will now hand it over to your speakers. Please begin. Thank you, operator. A warm welcome to the second quarter 2025 presentation by BW Energy. This presentation will be hosted by myself, Carl Arnett, and Brice Morlot, our CFO. Then straight into the highlights of the second quarter. We had a solid operational performance, which gave us an EBITDA in the second quarter of 99 million. and we had a second quarter net profit of 26.7 million. Our cash position is excellent at 192.9 million. All our projects are on track and our Moromba financing activities are progressing according to plans. And we have a robust financial position. The strong operational performance was caused by, of course, very good production availability on Ducifu with 99%. We also had golfino production availability at 80, a bit below our expectation, but still okay. We're working with, as you may remember, the Boost project to improve on the golfino, but we are currently seeing stable, good production also from golfino. The first half year of 2025 gave us a production of 6.2 million barrels, 34,200 barrels per day, which is according to our expectations and indicates a bit of or some reduced production due to decline. The guidance for 2025, as you may remember, is 11 to 12 million barrels, and we are doing well with respect to the guidance. The OPEX also developed very much in line with our expectations. We had a second quarter 2025 OPEX per barrel of 20.4, which gave us 18.3 per barrel for the first half of 2025....