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.
@TotalEnergies TotalEnergies TotalEnergies
TotalEnergies
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
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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