FIRST QUARTER 2026 AND STRATEGY UPDATE

Summary by AI BETAClose X

BW Energy reported a strong first quarter of 2026 with net production of 25.2 kbopd and EBITDA of $111.3 million, significantly up from $37.1 million in the prior quarter, alongside a net profit of $32.6 million. The company achieved key strategic milestones including final investment decisions for the Bourdon development, adding 18 million barrels in net 2P reserves, and the Golfinho infill wells project, contributing 50 million barrels of net 2P reserves. The Dussafu Marin production licence was extended by 20 years to 2048, and progress continues on other development projects, positioning BW Energy to exceed 100,000 barrels per day in net production by 2028. The company also secured $80 million in liquidity through a sale and leaseback of the Akoum and a $100 million RBL accordion facility.

Disclaimer*

BW Energy delivered solid operational performance in the first quarter of 2026, advancing all major development projects on plan and cost. The start to the year has been marked by significant strategic progress, with final investment decision made on the Bourdon development and the Golfinho infill wells project. Combined with an extension of the highly prospective Dussafu Marin production licence and continued progress on the MaBoMo Phase 2, Maromba and Golfinho Boost developments, BW Energy is on track to increase net production to over 100,000 barrels per day in 2028 and create substantial long-term shareholder value.

HIGHLIGHTS
(Numbers in parenthesis refer to Q4 2025 unless otherwise specified)

Solid operational performance

  • Q1 2026 net production of 25.2 (25.2) kbopd, equal to 2.3 (2.3) million barrels (mmbbls)
  • Quarterly production cost1 of USD 22.2 (21.3) per barrel
  • Dussafu ESP successfully restored in March after impacting production since December 2025

Delivering on growth strategy

  • Bourdon final investment decision (FID) of 18 million barrels2 in net 2P reserves
  • Golfinho infill wells FID adding 50 million barrels of net 2P reserves
  • MaBoMo Phase 2 set to start with appraisal drilling – first oil moved to Q1 2027
  • Dussafu Marin production licence extended 20 years to 2048 with option for 5 more years
  • Maromba and Golfinho Boost projects progressing on plan and cost

Robust financial results

  • Q1 2026 EBITDA of USD 111.3 (37.1) million and net profit of USD 32.6 (3.3) million
  • Q1 operating cash outflow of USD 38.5 (inflow of 63.5) million
  • Cash position of USD 160.5 (150.5) million at 31 March
  • Short-term sale and leaseback of Akoum (former Jasmine Alpha) freeing up USD 80 million of liquidity
  • Dussafu RBL accordion of USD 100 million, fully committed by existing lenders, to be in place and effective from Q2 2026

2026 guidance updated

  • Production: 24-27 kbopd (8.8-9.9 mmboe)
  • Production cost1: USD 22-26 per barrel
  • CAPEX: USD 600-650 million
  • G&A: USD 12-14 million

Comment from the CEO of BW Energy, Carl K. Arnet:  

"BW Energy has had a solid start to 2026 with stable production, efficient operations and good cost control, resulting in a strong financial performance in the first quarter amid increased market volatility driven by geopolitical events. Our development projects, which are set to materially increase production from proven reserves, are progressing according to plan.

Furthermore, after the quarter-end, we sanctioned 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. We also secured a 20-year extension of the Dussafu production licence to 2048, providing a robust framework for continued investment and production growth in Gabon.

With these milestones in place, we are raising our 2028 production forecast to over 100,000 barrels per day. The projects driving industry-leading production growth are all sanctioned, financed and in execution, providing a clear path to delivering the next phase of cash flow generation and value creation for BW Energy shareholders."

PRESENTATION AND MATERIAL

Please find attached the first quarter 2026 update and presentation which includes all financial statements. The presentation, financial update, excel data book and webcast are all available on:

www.bwenergy.no/investors/reports-and-presentations 

CONFERENCE CALL/WEBCAST

BW Energy will today hold a presentation and webcast at Hotel Continental in Oslo, Norway, followed by a Q&A hosted by CEO Carl K. Arnet, COO Brice Morlot, and CFO Thomas Young at 09:30 CEST.

You can follow the presentation via webcast and enter questions digitally through:
Viewer registration Q1 2026:

https://events.streamhub.no/viewer-registration/gAVt5lLq/register

To call in and ask questions live, please use the following link to register and receive a dial-in number:

https://event.loopup.com/SelfRegistration/registration.aspx?booking=uiJfECkr8KHb5rua0tbTwAyqwRYSwwdCTu6j3TZDpKA=&b=2389e96d-457b-46a8-bebb-fec356d5b031

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.

Attachments
Q1 2026 And Strategy Update Presentation
BW Energy Q1 2026
Earnings Tables Q1 26
Q1 2026 And Strategy Update Final

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