BW Energy reported strong financial performance in the second quarter and first half of 2024.

From GlobeNewswire: 2024-08-29 01:30:00

In the second quarter of 2024, BW Energy reported EBITDA of USD 75.9 million and a net profit of USD 14.5 million. The first half of 2024 saw EBITDA of USD 185.6 million and a net profit of USD 61.9 million. Operating cash flow was USD 85.1 million, with a cash position of USD 244.2 million. First oil was achieved from Hibiscus South in early March, with additional reserves discovered.

Total revenues for the first half of 2024 reached USD 346.2 million, up from USD 169.8 million in the same period in 2023. Net sold volumes were 3.7 million barrels, compared to 1.7 million barrels in H1 2023. EBITDA for the period was USD 185.6 million, an increase from USD 57.8 million, driven by increased production from key fields such as Tortue and Golfinho.

BW Energy’s total equity at the end of June 2024 was USD 759.8 million, with an equity ratio of 38.4%. The company reported total available liquidity of USD 244.2 million, with USD 30.3 million reserved for debt service. Production in the first half of 2024 was impacted by maintenance periods, but net production averaged 16,900 barrels of oil per day.

Total production for 2024 is projected to be between 10 and 11 million barrels, with an expected production cost of USD 30 to 35 per barrel. Net capital expenditures are forecasted to be around USD 350 million, due to ongoing investments in production facilities and exploration activities. BW Energy continues to focus on maximizing value creation potential in its existing asset base.



Read more at GlobeNewswire:: Second Quarter and First-Half 2024 Results