Norway's BW Energy Q3 net production falls on technical issues

BW Energy

29/10/2026 06:10

Overview
Norway-based oil and gas producer's Q3 net production declined due to technical issues and liftings timing
Q3 EBITDA and net loss fell sharply from last year
Company delayed MaBoMo Phase 2, cut 2026 production guidance, and suspended capex outlook

Outlook
BW Energy lowers 2026 production guidance to ~23 kbopd from low end of 24-27 kbopd
Company maintains 2026 production cost guidance at $22-26 per barrel
BW Energy suspends 2026 CAPEX guidance due to well program rescheduling

Result Drivers
TECHNICAL ISSUES - Co said temporary technical issues affected production in Gabon and Brazil
LIFTINGS TIMING - Inventory increased due to timing of liftings, impacting financial results
RIG INCIDENT - MaBoMo Phase 2 delayed after Prospector 5 rig sank, schedule under review

Company press release: ID:nMFN1TVzh

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Net Loss
 
$700,000
 
Q3 EBITDA
 
$46.90 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for BW Energy Ltd is NOK77.00, about 26.9% above its October 28 closing price of NOK60.70
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

Reuters Recommended Reads
Oct 26 - Borr Drilling shares fall after rig sinks offshore Gabon
Oct 26 - Noble Q3 net loss widens on rigs transitioning between contracts; co lowers FY revenue guidance
Oct 27 - Baker Hughes Q3 net income down by a third on Chart deal costs despite revenue, adj EPS beat

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)