Regulatory News:
The Board of Directors of Total Gabon (Paris:EC) met on April 4,
2017 and approved the final accounts for the year ending December
31, 2016.
Brent averaged $43.7 per barrel ($/b) in 2016, 17% lower than in
2015 (52.4 $/b). Total Gabon’s equity share of oil production
averaged 47,400 barrels of oil per day (b/d) in 2016, compared to
47,300 b/d in 2015.
Revenues were 745 Million USD (M$), 11% lower than in 2015 (842
M$), with the decrease in crude sales prices partially offset by a
6% increase in sales volumes.
Despite lower revenues, net income of 2016 was 6 M$, compared to
a net loss of 28 M$ in 2015, due to a 14% decrease in operating
expenses, driven by the cost-cutting program implemented by the
Company, as well as the booking of the sale of the Mboga permit to
the Gabonese Republic.
Confident in the Company’s fundamentals, the Board of Directors
decided that it will recommend that shareholders at the Annual
Meeting on May 19, 2017 approve the payment of a dividend of $4.5
per share, equivalent to a total payout of 20.25 M$.
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
2016
2015
2016
vs.
2015
Average Brent price $/b
43.7 52.4
-17% Average Total Gabon crude price $/b
37.9 46.8 -19% Crude oil production from
fields operated by Total Gabon kb/d(1)
55.0
57.2 -4% Crude oil production from Total Gabon
interests(2) kb/d
47.4 47.3 -
Sales volumes Mb(3)
17.6 16.6
+6% Revenues $M
745 842 -11%
Funds generated from operations $M
199
124 +60% Capital expenditure $M
158
271 -42% Net Income (Loss) $M
6
-28 N/A
(1) kb/d: Thousands of barrels a day.(2) Including tax oil
reverting to the Republic as per production sharing contracts.(3)
Million barrels.
2016 Results
Selling Prices
In 2016, Brent averaged $43.7 per barrel ($/b), 17% lower than
in 2015 (52.4 $/b). The selling price of the Mandji and Rabi Light
crude oil grades marketed by Total Gabon averaged 37.9 $/b, 19%
lower than in 2015 (46.8 $/b).
Production
Total Gabon’s equity share of operated and non-operated oil
production1 was 47,400 b/d in 2016, versus 47,300 b/d in 2015. This
stability was due to improved facility availability on Anguille and
Torpille and well work-overs on Rabi Kounga, offsetting the natural
decline of fields and the sale of the Mboga permit.
Revenues
Revenues were 745 Million USD (M$), versus 842 M$ in 2015. This
11% decrease was due to lower crude sales prices, partially offset
by a 6% increase in sales volumes, linked to the lifting
schedule.
Funds Generated from Operations
Funds generated from operations amounted to 199 M$ in 2016,
versus 124 M$ in 2015. This increase of 75 M$ was due mainly to the
decrease in operating expenses, driven by the cost-cutting program
implemented by the Company, partly offset by lower revenues and
one-off financial charges linked to the renewal of the credit
facility.
Capital Expenditures
In 2016, capital expenditures were 158 M$, a 42% decrease
compared to 2015 (271 M$), and included mainly the drilling
campaign on the Gonelle field (GNM020 and GNM021 wells), integrity
works offshore (Anguille, Torpille and Grondin) and onshore (Cap
Lopez terminal) and well work-overs on Rabi Kounga.
Net Income
Net income was 6 M$ in 2016, versus a loss of 28 M$ 2015,
despite lower revenues. This increase was mainly due to a decrease
in operating expenses, driven by the cost-cutting program
implemented by the Company, and the booking of the sale of the
Mboga permit.
Highlights Since the Beginning of
Fourth-Quarter 2016
Board of Directors Meeting on November 30, 2016
The Board of Directors reviewed and approved the proposed budget
for 2017.
Refocusing by Total Gabon on its principal offshore
assets
On February 27, 2017 Total Gabon announced a refocusing on its
principal offshore assets via the sale to Perenco of interests in
five mature onshore fields and the Rabi-Coucal-Cap Lopez pipeline
network. The production from the fields being divested represents
about 5,000 b/d, or 10% of Total Gabon’s 2016 production. The
transaction represents a value of 177 M$ before adjustments and is
subject to approval by the Gabonese authorities.
___________________________________________________
1 Including tax oil reverting to the Republic as per production
sharing contracts.
Société anonyme incorporated in Gabon
with a Board of Directors and share capital of
$76,500,000Headquarters: Boulevard Hourcq, Port-Gentil, BP
525, Gabonese Republicwww.total-gabon.comRegistered
in Port-Gentil: 2000 B 00011
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version on businesswire.com: http://www.businesswire.com/news/home/20170404006163/en/
Total GabonMedia Contact:Florent
CAILLETflorent.caillet@total.com
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