Total Gabon: First-Quarter 2021 Results
27 Maggio 2021 - 8:32PM
Business Wire
Regulatory News:
Total Gabon (Paris:EC):
Main Financial
Indicators
Q1 21
Q1 20
Q1 21 vs Q1 20
Average Brent price
$/b
61.1
50.1
+22%
Average Total Gabon crude price (1)
$/b
54.4
40.6
+34%
Crude oil production from fields operated
by Total Gabon
kb/d (2)
18.5
21.7
-15%
Crude oil production from Total Gabon
interests (3)
kb/d
26.8
27.9
-4%
Sales volumes (1)
Mb (4)
2.08
2.34
-11%
Revenues (5)
$M
139
113
+23%
Funds generated from operations (6)
$M
88
55
+60%
Capital expenditure
$M
18
11
+64%
Net income
$M
-1
-8
n/a
The indicators presented above include assets whom disposal
project has been announced on July 30, 2020. As of March 31, 2021,
the disposal had not been finalised.
(1)
Excluding profit oil reverting to the
Gabonese Republic as per production sharing contracts.
(2)
kb/d: Thousand barrels per day
(3)
Including profit oil reverting to the
Gabonese Republic as per production sharing contracts.
(4)
Mb: Million barrels.
(5)
Revenue from hydrocarbon sales and
services (transportation, processing and storage), 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.
First Quarter 2021
Results
Selling Price Brent averaged $61.1 per barrel during the
first quarter 2021, up 22% compared to the first quarter 2020.
Reflecting the higher Brent price, the selling price of the crude
oil grade marketed by Total Gabon averaged $54.4 per barrel, during
the first quarter 2021, up 34% compared to first quarter 2020,
benefiting from improved price differential between Brent and
Mandji qualities.
Production Total Gabon’s equity share of operated and
non-operated oil production1 amounted to 26,8 kb/d during the first
quarter 2021 down 4% compared to the first quarter 2020, mainly due
to:
- A partial shutdown on the operated Baudroie field caused by a
damage on an export pipe.
- 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.
Revenues Despite an unfavourable lifting program,
revenues amounted to $139 million in the first quarter 2021, up 23%
compared to the first quarter 2020, mainly thanks to improved
average selling price during the quarter.
Funds Generated from Operations Cash flow from operations
amounted to $88 million in the first quarter 2021, up 60% compared
to the first quarter 2020.
Capital Expenditure Capital expenditure amounted to $18
million in the first quarter 2021, up 64% compared to the first
quarter 2020. This mainly includes integrity works, and for the
non-operated Grondin sector, the end of the conversion campaign of
well activation from gas-lift to electrical submersible pumps.
Net Income Net income for the first quarter 2021 balanced
at -1 million dollars, mainly thanks to the improved average
selling price.
Project to refocus the Company on its operated assets As
of today, discussions are on-going between stakeholders for the
disposal project announced on July 30, 2020. The transaction
remains subject to the approval of the Gabonese authorities.
Highlights since the beginning of the
first quarter 2021
Board of Directors Meeting of March 24, 2021 The Board of
Directors approved on March 24, 2021 the accounts for the year
ending December 31, 2020 and decided that it will recommend at the
Annual Meeting on May 27, 2021 that shareholders approve the
payment of a dividend of $4.5 per share, for a total pay-out of
$20.25 million.
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/20210527005816/en/
Media: actionnariat-totalgabon@total.com
Grafico Azioni TotalEnergies EP Gabon (EU:EC)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni TotalEnergies EP Gabon (EU:EC)
Storico
Da Apr 2023 a Apr 2024