Regulatory News:
Total Gabon (Paris:EC):
The Board of Directors of Total Gabon met on March 24, 2021 to
approve the financial statements for the year ending December 31,
2020.
Brent averaged $41.8 per barrel ($/b) in 2020, down 35% from
64.2 $/b in 2019.
Despite the operational constraints due to the Covid-19
pandemic, Total Gabon has maintained the continuity of its
operations on all its sites.
Total Gabon’s equity share of oil production1 averaged 25.6
thousand barrels of oil per day in 2020, compared to 31.2 thousand
barrel per day in 2019.
Given the changes in prices and volumes sold, revenues amounted
to $435 million in 2020, down 46% compared to previous year.
Despite an unfavorable environment, funds generated from
operations by the Company covered the capital expenditures of the
year and the dividend paid in June.
Net income amounted to $(87) million down compared to $50
million in 2019. It is mainly impacted by lower prices and
production, by the exceptional charge of assets depreciation ($34
million after tax) and by the charge resulting from the fiscal
control ($28 million).
Acknowledging the level of distributable results and confident
in the strong financial position of the Company, highlighted by the
lack of debt, the Board of Directors decided that it will recommend
at the Annual Shareholders’ Meeting on May 27, 2021 that
shareholders approve the payment of a dividend of $4.5 per share
for a total payout of $20.3 million for all shareholders.
The dividend will be payable in euros (or the equivalent in CFA
francs), based on the €/$ exchange rate on the date of the Annual
Meeting.
Main Financial Indicators
2020
2019
2020 vs 2019
Average Brent price
$/b
41.8
64.2
-35%
Average Total Gabon crude price(1)
$/b
36.5
61.8
-41%
Crude oil production from fields operated
by Total Gabon
kb/d(2)
19.1
23.1
-17%
Crude oil production from Total Gabon
interests(3)
kb/d
25.6
31.2
-18%
Sales volumes(1)
Mb(4)
10.2
11.9
-14%
Revenues(5)
$M
435
808
-46%
Funds generated from operations(6)
$M
112
480
-77%
Capital expenditure
$M
60
128
-53%
Net income
$M
(87)
50
n/a
(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.
2020 Results
Selling Price
In 2020, Brent averaged $41.8 per barrel ($/b), down 35% from
64.2 $/b in 2019. Reflecting the Brent prices, the average selling
price of the crude oil grade marketed by Total Gabon amounted to
36.5 $/b, down 41% compared to 2019.
Production
Total Gabon’s equity share of operated and non-operated oil
production 2averaged 25.6 thousand barrels per day in 2020, down
18% compared to 2019. This decrease is mainly due to:
- The unavailability of the Anguille field compressor from March
to July;
- A maintenance shutdown of the Torpille field compressor during
the fourth quarter;
- Delayed and less performing projects, as well as a partial
unavailability of compressors on the non-operated Grondin
sector;
- The limitations imposed by the OPEP+ quotas, mainly during the
third and fourth quarters,
- The natural field decline;
partially compensated by the contributions of:
- The gains from the well interventions campaign during the first
quarter on the operated fields.
Revenues
Revenues amounted to $435 million in 2020, down 46% compared to
2019, mainly due to the lower average price and production.
Funds Generated From Operations
Despite an unfavorable environment, funds generated from
operations by the Company covered the capital expenditures and the
dividend paid in June.
Capital Expenditure
Capital expenditure amounted to $60 million in 2020, down 53%
compared to 2019, in accordance with the savings plan announced in
April 2020. This includes mainly integrity works, a well
interventions campaign on the operated field and, on the
non-operated Grondin sector, the installation of a gas pipeline
intended at first to improve the gas lift activation of wells and
the conversion of well activation from gas-lift to electrical
submersible pumps of six wells. Work for commissioning the gas
pipeline has continued during the fourth quarter.
Net Income
Net income amounted to $(87) million down compared to $50
million in 2019. It is mainly impacted by lower prices and
production, by the exceptional charge of assets depreciation ($34
million after tax) and by the charge resulting from the fiscal
control (2$28 million).
Company’s project to refocus on its operated assets
As of today, discussions between stakeholders are on-going 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 fourth quarter 2020
Board of Directors Meeting on November 12, 2020
The Board of Directors reviewed and approved the budget for
2021.
Board of Directors Meeting on February 10, 2021
The Board of Directors reviewed and approved the recognition of
an exceptional intangible and tangible assets depreciation of $144
million in 2020.
----
1Including profit oil reverting to the Gabonese Republic as per
production sharing contracts. 2 Including profit oil reverting to
the Gabonese Republic as per production sharing contracts.
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210324005846/en/
Media contact: 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