Regulatory News:
The Board of Directors of TotalEnergies EP Gabon (Paris:EC)
meeting on March 18, 2024, under the chairmanship of Mike Sangster,
chairman of the Board of Directors, approved the Company’s
financial statements for 2023 financial year.
In an uncertain economic environment, illustrated by an average
Brent price of $82.6 per barrel, down 18% compared to 2022, crude
oil production related to TotalEnergies EP Gabon's interests
remains stable in 2023 compared to 2022, at 15.8 thousands barrels
per day. The Company's net income and cash flow from operations
were $26 million and $226 million, respectively. The Board of
Directors, considering the Company's residual level of
distributable earnings and confident in the strength of its balance
sheet, particularly with the absence of debt, has decided to
propose to the Ordinary General Meeting of Shareholders, convened
on May 30, 2024, the renewal of an ordinary dividend of $22.22 per
share, or $100 million for all shareholders.
This dividend will be payable in euros (or its equivalent in CFA
francs) based on the euro/dollar exchange rate on the date of the
Shareholders’ Meeting.
Main Financial
Indicators
2023
2022
2021
2023
vs
2022
Average Brent Price
$/b
82.6
101.3
70.9
-18%
Average TotalEnergies EP Gabon
crude price (1)
$/b
77.5
94.2
64.8
-18%
Crude oil production from fields
operated by TotalEnergies EP Gabon
kb/d (2)
15.8
15.8
15.0
-
Sales volumes (3)
Mb (4)
5.4
5.1
8.9
+6%
Revenues (5)
M$
444
521
655
-15%
Funds generated from operations
(6)
M$
226
225
339
-
Net investments
M$
86
101
65
+55%
Net income
M$
26
340
33
-92%
(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 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.
2023 Results
Selling price Over 2023 year, the average Brent price
reached $82.6/b, down 18% compared to 2022 year ($101.3/b). In this
environment of bearish oil prices, the average selling price of the
quality of crude oil marketed by TotalEnergies EP Gabon amounted to
$77.5/b in 2023, down 18% compared to 2022 ($94.2/b).
Production The TotalEnergies EP Gabon crude oil
production amounted to 15.8 kb/d in 2023, stable compared to
previous year, improved operational efficiency and confirmed first
positive results from the wells interventions campaign having
offset the natural decline of the fields. With these pursued
efforts, average production reached 16.9 thousands of barrels
(kb/d) in the fourth quarter.
Revenues In 2023, the revenues amounted $444 million,
down 15% compared to 2022 ($521 million). This variation reflects
the selling average price decline over the period (-18%), partially
offset by the increase of TotalEnergies EP Gabon marketed crude oil
volumes (+6%).
Funds generated from operations TotalEnergies EP Gabon
funds generated from operations has reached $226 million in 2023,
stable compared to 2022 ($225 million). Indeed, the decline in
revenue over the period is fully offset by the application in 2023
of the new fiscal terms signed with the Gabonese Republic, the
improvement of both remuneration of cash surpluses and working
capital requirements over the period.
Net investments Net investments amounted to $86 million
in 2023, down 15% compared to 2022. They essentially include the
start of the wells interventions campaign with two interventions in
2023, integrity works on the sites, various operations and studies
on the facilities including those relating to the reduction of
emissions on the Company activities.
Net income Net income for 2023 year was $26 million,
compared to $340 million in 2022. This significant decline is
mainly due to exceptional items: the recognition in 2022 of
deferred tax income related to the fiscal terms revision concluded
with the Gabonese Republic ($279 million) and an increase in asset
impairment charge in 2023 (amounting to $43 million after tax). Net
income was also impacted by the decline in the average selling
price over the period.
Highlights since the beginning of
fourth quarter 2023
Budget project for 2024 The Board of Directors reviewed
and approved the proposed budget for the year 2024.
Additional information Since November 20, 2023,
TotalEnergies EP Gabon has been hosting the Inspectors-Auditors of
the Tax Administration of the Ministry of Economy and
Participations of the Gabonese Republic, for a general audit of the
accounting for the fiscal periods 2019 to 2023.
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.
Our more than 100,000 employees are committed to energy that is
ever more affordable, more sustainable, more reliable and
accessible to as many people as possible. Active in nearly 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" 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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