2024 Second quarter and first half results
Regulatory News:
TotalEnergies EP Gabon (Paris:EC):
Main Financial Indicator
Q2 24
Q1 24
Q2 24
vs.
Q1 24
H1 24
H1 23
H1 24
vs.
H1 23
Average Brent Price
$/b
85.0
83.2
+2%
84.1
79.7
+6%
Average TotalEnergies EP Gabon crude price
(1)
$/b
81.4
81.9
-1%
81.6
75.1
+9%
Crude oil production from fields operated
by TotalEnergies EP Gabon
kb/d (2)
17.4
17.2
+1%
17.3
16.0
+8%
Sales volumes (3)
Mb (4)
1.44
1.42
+1%
2.86
2.66
+8%
Revenues (5)
M$
124
120
+3%
244
212
+15%
Funds generated from operations (6)
M$
90
95
-5%
185
121
+53%
Net investments
M$
20
18
+11%
38
49
-22%
Net Income
M$
28
25
+12%
53
39
+36%
(1)
The crude price calculation excludes
profit oil reverting to the Gabonese Republic as per production
sharing contracts, these barrels being handed over in kind to the
host state.
(2)
kb/d: Thousand barrels per day (excluding
gas production).
(3)
Sales volume excludes profit oil reverting
to the Gabonese Republic as per production sharing contracts, these
barrels being handed over in kind to the host state.
(4)
Mb: Million of barrels.
(5)
Revenue from hydrocarbon sales including
profit oil reverting to the Gabonese Republic as per production
sharing contracts.
(6)
Funds generated from operations are
comprised of the operating cash flow, the gains or losses on
disposals of assets and the working capital changes.
2024 Second quarter and first half
results
Selling price During the second quarter 2024, the average
Brent crude price amounted $85.0 per barrel ($/bbl), up 2% compared
to the first quarter 2024 ($83.2 /bbl). The average selling price
of the crude oil grade marketed by TotalEnergies EP Gabon was $81.4
/bbl in the second quarter 2024, light decrease compared to first
quarter 2024 (81.9 $/b), due to less favourable market conditions
for Mandji quality crude.
In the first half 2024, the average selling price of the crude
oil grade marketed by TotalEnergies EP Gabon ($81.6 /bbl) increased
by 9% compared to the first half of 2023 ($75.1/bbl), higher than
the evolution of Brent over the period.
Production TotalEnergies EP Gabon crude oil production
amounted 17.4 kb/d in second quarter 2024, light up compared to the
first quarter 2024 (17.2 kb/d).
In the first half 2024, TotalEnergies EP Gabon crude oil
production amounted to 17.3 kb/d, up 8% compared to first half 2023
(16.0 kb/j). This significant production increase is driven by the
facilities availability improvement and by the results of well
interventions that compensate the natural decline of fields.
Revenues The 2024 second quarter revenues amounted to
$124 million, up 3% compared to first quarter 2024 ($120
million).
In the first half 2024, revenues reached $244 million, up 15%
compared to first half 2023 helped by the combined effects of
improvement of the average selling price of the crude oil grade
marketed by TotalEnergies EP Gabon (+9%) and increase of the
production level and volumes of crude oil sold by the Company
(+8%).
Cash flow from Operations Cash flow from operations
amounted $90 million in the second quarter 2024, against $95
million in the first quarter 2024. It is impacted negatively by the
increase of under lifting position and receivables associated with
crude oil delivered for the domestic market obligation at the end
of the second quarter.
During the first six months of 2024 year, cash flow from
operations reached $185 million, up 53% compared to first half 2023
($121 million). It is positively impacted by the increase of prices
and volumes of crude oil sold (+$24 million), the effort to reduce
operating expenditures (+$6 million), higher interests on cash
deposits (+$9 million) and improved working capital requirement
(+$21 million) between the two compared periods.
Net investments Net investments amounted to $20 million
in the second quarter 2024, slight increase (+$2 million) compared
to first quarter 2024.
In the first half 2024, petroleum investments amounted to $38
million, down compared to first half 2023 ($49 million). In 2024,
it primarily cover workovers campaign, integrity works on the
sites, operations and studies aiming at reducing direct greenhouse
gas emission from our activities. In 2023, the higher investments
in the first half of the year, also included preparation costs for
the five-year shutdown of the Anguille site.
Net Income The net income of the second quarter 2024
amounted to $28 million, in progression of 12% compared to first
quarter 2024 ($25 million).
In the first half of 2024, net income was $53 million, compared
to $39 million in the first half of 2023. It is positively impacted
by the revenues increase (+$32 million), operating expenditures
decrease (+$6 million) and the interests on cash deposits (+$9
million) increase. These positive effects are partially offset by
the increases of tax production, amortization and income tax (-$33
million) between the two periods.
Highlights since the beginning of
second quarter 2024
Corporate governance TotalEnergies EP Gabon’s ordinary
shareholders’ meeting was held on May 30th, 2024, in Port-Gentil
and approved the payment of a net dividend of $22.22 per share
referring to the financial year 2023, representing $100
million.
This dividend was paid on June 28th, 2024, in an equivalent
amount of €20.55 per share based on the European Central Bank’s
rate of $1.08 for one euro on May 30th, 2024.
Additional information The Tax Administration continues
the mission started on November 20th, 2023, for the general audit
of the Company's accounts for the 2019 to 2023 financial years. For
the 2019 financial year, the Administration's Inspectors-Auditors
provided the Company with their response to the taxpayer's
observations (ROC) on May 13th, 2024.
In response to the notification received and the collection
notice attached to it by the Administration, the Company has
submitted in accordance with the provisions of the General Tax
Code, an application for the suspension of the collection notice,
in order to pursue with the Administration the clarifications on
the tax required reassessments.
The review by the Inspectors-Auditors of the Accounting
Administration for the financial years 2020 to 2023 is continuing
in parallel.
About TotalEnergies EP Gabon TotalEnergies EP Gabon is
58.28% owned by TotalEnergies SE, 25% by the Gabonese Republic and
16.72% by the public.
About TotalEnergies TotalEnergies is a global integrated
energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our more than 100,000 employees are committed to provide as many
people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries,
TotalEnergies places sustainability at the heart of its strategy,
its projects and its operations.
TotalEnergies on social media
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Cautionary Note The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate
TotalEnergies SE and the consolidated entities that are directly or
indirectly controlled by TotalEnergies SE. Likewise, the words
“we”, “us” and “our” may also be used to refer to these entities or
to their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate legal entities.
TotalEnergies SE has no liability for the acts or omissions of
these entities. This document may contain forward-looking
information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither
TotalEnergies SE nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Information
concerning risk factors, that may affect TotalEnergies’ financial
results or activities is provided in the most recent Registration
Document, the French-language version of which is filed by
TotalEnergies SE with the French securities regulator Autorité des
Marchés Financiers (AMF), and in the Form 20-F filed with the
United States Securities and Exchange Commission (SEC).
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TotalEnergies EP Gabon
actionnariat-epgabon@totalenergies.com
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPR Investor Relations: +33 (0)1 47 44 46 46 l
ir@totalenergies.com
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