Regulatory News:
Total Gabon (Paris:EC):
Main Financial Indicators
Q3 17 Q2 17 Q3 17
vs.
Q2 17
9M 17
9M 16
9M 17
vs.
9M 16
Average Brent price $/b
52.1
49.6 +5%
51.8 41.9
+24% Average Total Gabon crude price $/b
50.3
45.5 +11%
48.1
36.4 +32% Crude oil production from fieldsoperated by
Total Gabon kb/d1
52.5 52.3
-
52.6 55.2 -5% Crude oil
production from Total Gabon interests2 kb/d
46.3 44.2 +5%
45.3
47.0 -4% Sales volumes Mb3
4.77
4.62 +3%
13.17
13.35 -1% Revenues $M
255
225 +13%
681 546
+25% Funds generated from operations $M
87
111
-22%
293 104
x3
Capital expenditures $M
32 73
-56%
123 108 +14% Net
income (loss) $M
9 1 x9
21 -1 N/A
(1) kb/d: Thousand barrels per day
(2) Including tax oil reverting to the Gabonese Republic as per
production sharing contracts.
(3) Mb: Million barrels.
Third-Quarter 2017 Results
Selling Prices
Reflecting the higher Brent price and strong Asian demand for
West African crude oil grades, the selling price of the Mandji and
Rabi Light crude oil grades marketed by Total Gabon averaged
50.3 $/b, up 11% compared to second-quarter 2017.
Production
Total Gabon's equity share of operated and non-operated oil
production1 increased 5% compared to second-quarter 2017, due
mainly to the acquisition of an additional 50% interest in the
Baudroie-Mérou license held by MPDC GABON Co., Ltd on June 30,
2017, increasing the Company’s interest to 100%.
Revenues
Third quarter revenues were 255 Million USD (M$), up 13%
compared to second-quarter 2017, thanks mainly to a higher average
selling price (+4.8 $/b or +23 M$) and higher volumes sold over the
period linked to the lifting schedule (+140 kb or +7 M$).
Funds generated from operations
Funds generated from operations were down 24 M$ compared to
second-quarter 2017, with the increase of revenues being mitigated
by the net impact of Rabi Light liftings. Rabi Light sales, which
were higher than production, were monetized using the average
quarterly price (50.6 $/b) whereas over-lifting was accounted for
at the higher end-of-quarter price (55.5 $/b).
Capital expenditures
Capital expenditures were 32 M$ and include integrity works
offshore (Anguille, Torpille, Grondin) and onshore (Cap Lopez
terminal), a coiled tubing campaign on Torpille and development and
geoscience studies. As a reminder, second-quarter capital
expenditures included 40 M$ for the acquisition of an additional
50% interest in the Baudroie-Mérou license.
Net Income
Net income was 9 M$, an 8 M$ increase compared to
second-quarter 2017, primarily due to higher prices, higher
production and the impact in the second quarter of non-recurrent
expenses linked to the transformation plan implemented by the
Company following the transaction to refocus on its principal
offshore assets (as mentioned below under Highlights).
1 Including tax oil reverting to the Gabonese Republic as per
production sharing contracts.
Nine-month 2017 Results
Selling Prices
Reflecting the higher Brent price and strong Asian demand for
West African crude oil grades, the selling price of the Mandji and
Rabi Light crude oil grades marketed by Total Gabon averaged
48.1 $/b, up 32% compared to the prior-year period.
Production
Total Gabon's equity share of operated and non-operated oil
production1 declined 4%, due mainly to an increase of produced
water content, the presence of sulfide deposits in the Anguille
sector and the natural decline in fields, partly offset by better
availability of facilities and the acquisition of an additional 50%
interest in the Baudroie-Mérou license in June 2017.
Revenues
Revenues were 681 M$, up 25% compared to the prior-year period
thanks mainly to higher selling prices of the crude oil grades
marketed (+11.7 $/b or +155 M$), partly offset by lower volumes
sold over the period, linked to the lifting schedule (-180 kb or -8
M$), and lower revenues from third parties (-12 M$).
Funds generated from operations
Funds generated from operations were 293 M$, three times
higher compared to the prior-year period thanks to higher revenues
and lower operating costs as a result of the cost-cutting program
implemented by the Company.
Capital expenditures
Capital expenditures were 123 M$, up 14% compared to the
prior-year period. This includes the acquisition of an additional
50% interest in the Baudroie-Mérou license held by MPDC GABON Co.,
Ltd, integrity works offshore (Anguille, Torpille, Grondin) and
onshore (Cap Lopez terminal), a coiled tubing campaign on Anguille
and Torpille and development and geosciences studies.
Net Income
Net income for the first nine months of 2017 was 21 M$, a
significant improvement over the prior-year period (-1 M$) thanks
primarily to higher revenues in the context of higher crude prices
and to the cost-cutting program implemented by the Company.
1 Including tax oil reverting to the Gabonese Republic as per
production sharing contracts.
Highlights since the beginning of the third quarter
2017
Board of Directors Meeting on July 27, 2017
The Board of Directors met on July 27, 2017 and reviewed the
financial accounts for the first-half 2017 which were published
through a press release and on the Company's website.
The Company's Interim 2017 Financial Report for the period
ending June 30 was published on its website on August 30, 2017.
Refocusing of Total Gabon on its principal offshore
assets
On October 31, 2017 Total Gabon finalized its refocusing on its
principal offshore assets via the sale to Perenco of interests in
five mature fields and the Rabi-Coucal-Cap Lopez pipeline network
as announced on February 27, 2017. 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.
Announcement of change to IFRS of company accounts as from
the 2017 Annual Financial Report
Incorporated under Gabonese law, Total Gabon publishes its
accounts under the OHADA accounting standard. As from its 2017
Annual Financial Report and at the request of the Autorité des
Marchés Financiers (French Financial Markets Authority), Total
Gabon will publish its accounts in accordance with IFRS
(International Financial Reporting Standards). The 2017 Annual
Financial Report, which will be published in April 2018, will
include a note describing the impact of this change of accounting
standard.
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.gaRegistered in
Port-Gentil: 2000 B 00011
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171114006399/en/
Media Contact:Total GabonFlorent
CAILLETflorent.caillet@total.com
Ecopetrol (NYSE:EC)
Historical Stock Chart
From Feb 2024 to Mar 2024
Ecopetrol (NYSE:EC)
Historical Stock Chart
From Mar 2023 to Mar 2024