BW Energy Limited (BWERY) Q2 2026 Earnings Call Transcript

BW Energy Limited ( BWERY ) Q2 2026 Earnings Call July 30, 2026 8:00 AM EDT Company Participants Carl Arnet - CEO & Director Brice Morlot - Chief Operating Officer Thomas Young - Chief Financial Officer Presentation Operator Welcome to the BW Energy Q2 presentation. My name is Allen. I'll be your coordinator for today's event. Please note, this call is being recorded. Operator Instructions I will now hand you over to your host, Carl Arnet, to begin today's conference. Thank you. Carl Arnet CEO & Director Thank you, operator. A warm welcome to this BW Energy Second Quarter 2026 Update. This update will be hosted, as usual, by our Chief Operating Officer, Brice Morlot; and our Chief Financial Officer, Thomas Young; and myself, Carl Arnet. Please note our disclaimer. And then on to the second quarter highlights. We have just started the MaBoMo Phase 2 drilling campaign. Super exciting. And more of that will follow later on in the presentation. All development projects are on plan and budget. And we had, of course, a record high cash flow on the current oil prices in the quarter, which has strengthened our financial position with respect to sources and uses. We are very much on track to deliver above 100,000 barrels production per day in 2028. On the Q2 results, we had revenues of $296 million in the second quarter. We had a net profit of $44 million. Cash from operations, we're at $260 million. And we had a very healthy cash position of $254 million end of Q2. BW Energy is executing on 5 projects currently, which will add 222 million barrels of reserves, 2P reserves. And all these have low breakevens and rapid payback. This will take us to 100,000 barrels per day. We will double production in '27, and we will double again in 2028 from current levels