Third Quarter 2023 results
Regulatory News:
TotalEnergies EP Gabon (Paris:EC):
Main Financial Indicator
Q3 23 | Q2 23 | Q3 23 vs. Q2 23 | 9M 23 | 9M 22 | 9M 23 vs. 9M 22 | ||
Average Brent Price | $/b | 86.7 | 78.1 | +11% | 82.1 | 105.5 | -22% |
Average TotalEnergies EP Gabon crude price (1) | $/b | 81.1 | 75.8 | +7% | 77.2 | 96.7 | -20% |
Crude oil production from fields operated by TotalEnergies EP Gabon | kb/d (2) | 14.4 | 15.7 | -8% | 15.5 | 15.5 |
|
Sales volumes (3) | Mb (4) | 1.4 | 1.3 | +8% | 4.0 | 4.1 | -2% |
Revenues (5) | M$ | 120 | 107 | +12% | 332 | 415 | -20% |
Funds generated from operations (6) | M$ | 42 | 63 | -33% | 163 | 163 |
|
Capital Expenditures | M$ | 15 | 25 | -40% | 64 | 27 | x2.4 |
Net Income | M$ | 18 | 17 | +6% | 57 | 41 | +39% |
(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. |
Third quarter and first nine months 2023 statements
Selling price
The selling price of the crude oil grade marketed by TotalEnergies EP Gabon averaged $81.1/b in the third quarter 2023, up 7% compared to second quarter 2023 in relation with average Brent price increase (11%) and despite market conditions less favourable for Mandji quality crude with sea freight tariffs up.
In the first nine months of 2023, the average selling price of the crude oil grade marketed by TotalEnergies EP Gabon amounted to $77. 2/b, down 20% year-on-year ($96.7/b), in line with Brent price evolution over the period.
Production
TotalEnergies EP Gabon crude oil production in third quarter 2023 amounted 14.4 kb/d, down 8% compared to the second quarter 2023 (15.7 kb/j). It is mainly impacted by the lower availability of gas-lift compressors on Anguille, Torpille and Île Mandji fields and fields natural decline, partially offset by the first positive results of workover campaign.
In the first nine months of 2023, TotalEnergies EP Gabon crude oil production amounted to 15.5 kb/d, stable compared to first nine months of 2022 (15.5 kb/d).
Revenues
Revenues in third quarter 2023 amounted to $120 million, up 12% compared to second quarter 2023 ($107 million), in line with the improvement in the average price of crude oil grade marketed by TotalEnergies EP Gabon.
In the first nine months of 2023, revenues amounted to $322 million, down 20% compared to first nine months 2022 ($415 million). This variation is explained by the decline in the average selling price ($ 77.2 b compared to $96.7/b).
Funds generated from operations
Third quarter 2023 cash flow from operations amounted to $42 million, against $63 million for the second quarter 2023, impacted negatively by the increase in working capital between the two quarters in relation with sales receivables increase.
During the nine first months of 2023, cash flow from operations reached $163 million, stable year-on-year.
Investments
Capital expenditures amounted to $15 million in the third quarter 2023, declining by 40% compared to second quarter 2023 ($25 million). The investments during the third quarter cover the workovers campaign preparation on Anguille fields, our projects aiming at reducing direct greenhouse gas emission, and integrity works.
In the first nine months of 2023, capital expenditure amounted to $64 million, up compared to first nine months of 2022 ($27 million), reflecting workovers campaign start, integrity works acceleration and our projects aiming at reducing direct greenhouse gas emission.
Net income
The net income amounted to $18 million in the third quarter 2023, slightly improved compared to second quarter 2023 ($17 million). It is positively impacted by the increase of average selling price of crude oil marketed by TotalEnergies EP Gabon, partially offset by the tax charge increase.
In the first nine months of 2023, net income was $57 million, against $41 million in the first nine months of 2022. It is positively impacted by the application of new tax terms in accordance with the agreements signed in December 2022 and by the improvement in the remuneration of cash positions over the period, and negatively by the decline in average selling prices and volume of crude oil marketed by TotalEnergies EP Gabon and less favourable euro/dollar exchange rate
Highlights since the beginning of third quarter 2023
The Board of Directors of TotalEnergies EP Gabon, meeting on August 30, 2023, in Paris, approved Company's financial statements for the first-half 2023. The press release and the Interim 2023 Financial Report were published the same day, and made available to the public on the Company's website.
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 multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Its more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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Cautionary Note
The terms "TotalEnergies", "TotalEnergies Company" and "Company" appearing in this document are used to refer to TotalEnergies SE and the consolidated entities that TotalEnergies SE controls directly or indirectly. Similarly, the terms "we", "us", "our" may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE holds a stake directly or indirectly are separate and autonomous legal persons. TotalEnergies SE cannot be held liable for acts or omissions emanating from these companies.
This document may contain forward-looking statements. They may prove to be inaccurate in the future and are dependent on risk factors. Neither TotalEnergies SE nor any of its subsidiaries undertakes or assumes any commitment or responsibility to investors or any other stakeholder to update or revise, in particular as a result of new information or future events, any or all of the statements, forward-looking information, trends or objectives contained in this document. Information regarding risk factors that could have a material adverse effect on TotalEnergies' financial results or operations is also available in the most up-to-date versions of the Universal Registration Document filed by TotalEnergies SE with the Autorité des marchés financiers and Form 20-F filed with the United States Securities and Exchange Commission ("SEC").
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Contacts TotalEnergies EP Gabon
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