Total Gabon: First Half 2021 Financial Statements
24 August 2021 - 8:36PM
Business Wire
Regulatory News:
Total Gabon (Paris:EC):
Main Financial Indicators
Q2 21
Q1 21
Q2 21
vs.
Q1 21
H1 21
H1 20
H1 21
vs.
H1 20
Average Brent price
$/b
69.0
61.1
+13%
65.0
40.1
+62%
Average Total Gabon crude price (1)
$/b
65.1
54.4
+20%
61.5
30.7
+100%
Crude oil production
from fields operated by Total Gabon
kb/d (2)
14.4
18.5
-22%
16.4
20.3
-19%.
Crude oil production
from Total Gabon interests (3)
kb/d
22.6
26.8
-16%
24.7
26.6
-7%
Sales volumes (1)
Mb (4)
2.34
2.08
+13%
4.40
5.18
-15%
Revenues (5)
M$
172
139
+24%
311
187
+66%
Funds generated from operations (6)
M$
34
88
-61%.
122
85
+44%.
Capital expenditure
M$
18
18
0%
36
16
+125%
Net income
M$
13
-1
n.a
12
-59
n.a
- Excluding profit oil reverting to the Gabonese Republic as per
production sharing contracts.
- kb/d: Thousand barrels per day
- Including profit oil reverting to the Gabonese Republic as per
production sharing contracts.
- Mb: Million barrels.
- Revenue from hydrocarbon sales and services (transportation,
processing and storage), including profit oil reverting to the
Gabonese Republic as per production sharing contracts.
- Funds generated from operations are comprised of the operating
cash flow, the gains or losses on disposals of assets and the
working capital changes.
Second quarter and first half 2020 statements
Selling Price
The selling price of the crude oil grade marketed by Total Gabon
averaged $65.1 per barrel, during the second quarter 2021, up 20%
compared to first quarter 2021.
The selling price for the first half 2021 averaged 61,5 $/b, up
100% compared to the first semester 2020, reflecting the increase
in the average Brent price as well as a the significant improvement
in crude oil differentials from fields operated by Total Gabon.
Production
Total Gabon’s equity share of operated and non-operated oil
production(1) amounted to 22,600 barrels per day during the second
quarter 2021 up 16% compared to the first quarter 2021, mainly due
to:
- the five-year shutdown of the Torpille field in May.
Total Gabon’s equity share of operated and non-operated oil
production(1) amounted to 24,700 barrels per day during the first
half 2021 up 7% compared to the first half 2020, mainly due to:
- the five-year shutdown of the Torpille field in May;
- a partial production unavailability on the Baudroie operated
field due to damage to an evacuation line;
- the natural decline of the fields.
This was partly offset by:
- the gains on the non-operated Grondin sector, from the
conversion campaign of well activation from gas-lift to electrical
submersible pumps.
The five-year shutdown of the Torpille field took place in May
in line with the planned program and schedule. During this
shutdown, regulatory inspections and maintenance activities were
carried out, as well as efficiency improvement works on the main
compressor reliability and performance.
Revenues
Despite the production drop during Torpille field planned
shutdown, average selling price improvement allows second quarter
2021 revenues to increase by 24% to $172 million compared to the
first quarter 2021.
Revenues amounted to $311 million in the first half 2021.
Although impacted by less favorable lifting program, they increased
by 66% compared to the first half 2020 due to average selling price
strong improvement.
Funds generated from Operations
Cash flow from operations amounted to $34 million in the second
quarter 2021, down 61% compared to the first quarter 2021. The
variance is mainly explained by the higher need in working capital,
notably driven by the increase in receivables driven by the
increase of prices during the period.
Cash flow from operations amounted to $122 million in the first
half 2021, up 44% compared to the first half 2020.
Capital Expenditure
Capital expenditure amounted to $36 million during the first
half 2021, up 125% compared to the first half 2020. This includes,
mainly five-year shutdown of Torpille field and integrity works on
the operated sector; mainly the completion of the conversion
campaign of well activation from gas-lift to electrical submersible
pumps and the installation of a gas pipeline on Grondin
non-operated sector.
Net Income
Net income for the second quarter 2021 amounted to $13 million
and $12 million for the first half 2021, sharp increase compared to
the first quarter 2021 and the first half 2020. The increase is
mainly explained by the average selling price improvement.
Highlights since the beginning of second quarter 2021
Corporate governance
Total Gabon's ordinary Shareholders' Meeting was held on May 27,
2021 in Libreville and approved the payment of a net dividend of
$4.50 per share related to the financial year 2020, representing
$20.25 million.
This dividend was paid on June 10, 2021 in an equivalent amount
of €3.69 per share based on the European Central Bank’s rate of
$1.2198 for one euro on May 27, 2021.
Société anonyme incorporated in Gabon with a
Board of Directors and share capital of $76,500,000 Headquarters:
Boulevard Hourcq, Port-Gentil, BP 525, Gabonese Republic
www.total.ga Registered in Port-Gentil: 2000 B 00011
(1) Including profit oil reverting to the Gabonese Republic as
per production sharing contracts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210824005776/en/
actionnariat-totalgabon@total.com
TotalEnergies EP Gabon (EU:EC)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
TotalEnergies EP Gabon (EU:EC)
Historical Stock Chart
Von Apr 2023 bis Apr 2024
