Q4 2021 BW Energy Ltd Earnings Call Transcript
Welcome to the BW Energy Q4 2021 presentation. (Operator Instructions) I'll now hand the floor to Carl Arnet, CEO. Please begin your meeting.
Welcome to BW Energy and our presentation of the fourth quarter 2021 and full year. This presentation will be hosted by our CFO, Knut Sæthre; our COO, Lin Espey; and myself, Carl Arnet. Please note our disclaimer.
Highlights of the fourth quarter and full year. We had an EBITDA of $147.2 million, which is 69% up on previous year; and a net profit of $52 million versus a loss of $41 million in 2020. Our Hibiscus/Ruche development is on track for first oil in late 2022, as previously announced, and we are pleased to say that there is no change to this target. Our balance sheet remains strong with no debt and a cash position of $150 million at the end of the year.
Our fourth-quarter EBITDA was $58.8 million, a product of two liftings in the quarter with 117 million (sic - see slide 3 - "1.17 million") barrels sold, including DMO volumes. And we had a net profit of $38.9
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