Q4 2024 BW Energy Ltd Earnings Call Transcript
Key Points
- BW Energy Ltd (BWERY) achieved a record quarterly EBITDA with a 32% increase in production.
- Net production reached an all-time high of 2.5 million barrels, with current production around 40,000 barrels per day.
- Operating costs were reduced to $18.5 per barrel, below the year-end 2024 levels.
- The company reported a strong net profit of $56.8 million for the fourth quarter.
- BW Energy Ltd (BWERY) has a solid balance sheet with a 43% equity ratio, supporting its growth strategy.
- The Petrobras gas import pipeline shutdown led to increased operating costs of $56.4 per barrel for certain operations.
- There was a lower realized price in Q4, around $72 compared to $82 in previous quarters.
- The company experienced a $3.8 million unrealized loss on hedging.
- Production in certain areas was patchy due to operational issues, affecting overall output.
- There is inherent risk in drilling activities, particularly related to seal and reservoir quality.
Warm welcome to this fourth quarter presentation. Fourth quarter, 2024 by BW Energy. As usual, this presentation will be hosted by Brice MLO, our CFO Lynn ESPI, our Chief Operating Officer and myself, Carl Arnet.
I have two things that I would like you to notice. First of all, our disclaimer and also notice that all our figures presented in this presentation are un audited. The audited figures will be available at the release of our annual report later in February, then onwards to the Q4 highlights. We had a record quarterly ABI D A and a 32% increase in that production. The dou net quarterly production was at an all time high of 2.5 million barrels and we are currently producing around 40,000 barrels per day gross at dou.
Then on to a lot of figures this time. This is the fourth quarter. First, our net production was 33,600 barrels per day, which is significantly up over the third quarter and the fourth quarter, 23 our revenue again 2,200 and 33 million and significantly up same OPECS, but OPECS was down due to the higher production
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