Q4 2022 BW Energy Ltd Earnings Call Transcript
Thank you, and welcome to BW Energy fourth-quarter and full-year 2022. Please note our disclaimer. Then on to our highlights for the fourth quarter and full year.
The Hibiscus/Ruche development I'm pleased to say is on track for first oil in the first quarter 2023. We have completed the installation of the platform, BW MaBoMo and subsea pipeline and flexibles, and we're all tied into Adolo, where some minor remaining work is ongoing. We are progressing towards closing on Golfinho and the two transactions there, and we are maturing the Kudu asset with a 3D seismic survey.
The fourth-quarter EBITDA ended at $21.8 million and for the full year, $154.2 million. The fourth quarter gave a net loss of $8 million, and we had a profit for the full year of $45 million. We had one lifting in the quarter of 680,000 barrels, but unfortunately, we received only a price of $73 and I will comment further on that later on in the presentation.
We still had a strong cash flow and the balance sheet was saying a cash position of $210 million at the end of the year.
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