Regulatory News:
Total Gabon (Paris:EC):
Main Financial Indicators
Q2 16 Q1 16 Q2 16
vs.
Q1 16
H1 16
H1 15
H1 16
vs.
H1 15
Average Brent price $/b
45.6 33.9
+35%
39.8 57.8 -31% Average
Total Gabon crude price $/b
40.8 28.4
+44%
34.2 53.2 -36%
Crude oil production from fields operated
by Total Gabon
kb/d1
55.0 55.6 -1%
55.3 53.8 +3% Crude oil production from Total
Gabon interests2 kb/d
46.0 47.0
-2%
46.5 44.2 +5% Sales volumes
Mb3
4.33 4.91 -12%
9.24
8.11 +14% Revenues $M
194
161 +20%
355 466 -24% Funds
generated from operations $M
37 14
+164
51 73 -30% Capital
expenditures $M
37 36 +3%
73 150 -51% Net income (loss) $M
4 (16) N/A
(12) (27)
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.
Second-Quarter 2016 Results
Selling Prices
In second-quarter 2016, Brent averaged $45.6 per barrel, up 35%
from $33.9 in the first quarter. The selling price of the Mandji
and Rabi Light crude oil grades marketed by Total Gabon averaged
$40.8 per barrel, up 44% from $28.4 in the previous quarter. This
increase, greater than that of Brent, was due to narrower
differentials for these grades.
Production
Total Gabon’s equity share of operated and non-operated oil
production1 was 46,000 barrels per day in second-quarter 2016,
versus 47,000 barrels per day in the first quarter. This 2%
decrease was primarily due to:
- A shut-in for preventive maintenance of
the KY440 compressor on Torpille.
- Problems stabilizing output from some
Anguille wells after planned shut-ins.
- A reduction in potential resulting from
Rabi field’s decline.
These factors were partly offset by:
- Improved availability of the Torpille
wells.
- Increased production from Grondin as a
result of higher output from the GRM002, GRM004 and GNM021
wells.
- Choke opening and coiled tubing
interventions on the Anguille Nord Est field.
- Shut-ins on Coucal and Avocette and
plugging of well ATO012 on Atora in the first quarter of 2016.
Revenues
Revenues rose by $33 million to $194 million in
second-quarter 2016, up 20% from $161 million in first-quarter
2016. This improvement resulted mainly from higher selling prices
of the crude oil grades marketed by Total Gabon (up
$52 million) and trading on behalf of third parties (up
$7 million), partly offset by a decrease in volumes sold over
the period due to the lifting schedule (down $22 million) and
lower revenues from services provided to third parties (down
$2 million).
Funds Generated from Operations
Funds generated from operations amounted to $37 million in
second-quarter 2016, versus $14 million in the first quarter.
The increase was mainly due to:
- Higher revenues.
- Lower operating costs.
These factors were partly offset by:
- One-off financial expenses incurred
upon renewing the credit facility.
Capital Expenditures
Second-quarter 2016 capital expenditures stood at
$37 million, near the $36 million in the first quarter.
Outlays mainly related to the following projects:
- Coiled tubing interventions on Anguille
and Torpille.
- Completion of the Pageau project.
Net Income (Loss)
Net income of $4 million was reported in second-quarter
2016, a $20 million improvement over the $16 million loss
reported for the first quarter of the year. The increase was
primarily due to:
- Higher revenues.
- Lower operating costs as a result of
the cost-cutting program implemented by the Company.
- The capital gain realized upon the sale
of Mboga.
These factors were partly offset by:
- An increase in depreciation and
amortization expense following the commissioning of
work-in-progress (wells drilled).
- One-off financial expenses incurred
upon renewing the credit facility.
First-Half 2016 Results
Selling Prices
Brent averaged $39.8 per barrel in the first half of 2016, down
31% from $57.8 per barrel in the prior-year period. The selling
price of the Mandji and Rabi Light crude oil grades marketed by
Total Gabon averaged $34.2 per barrel over the period, down 36%
from $53.2 per barrel in the first half of 2015. This decrease,
greater than that of Brent, was due to wider differentials for
these grades.
Production
Total Gabon’s equity share of operated and non-operated oil
production1 was 46,500 barrels of oil per day during the first half
of 2016, up 5% from 44,200 barrels per day in the year-earlier
period, primarily due to:
- Improved availability of the Anguille
wells, which experienced issues with tubing deposits in 2015 and of
the Torpille wells and Anguille export pumps.
- Choke opening on Anguille Nord Est
(ANE) in the second quarter of 2016.
- These factors were partly offset by the
natural decline from fields, the sale of Mboga and the planned
shut-in of Coucal/Avocette in February 2016.
1 Including tax oil reverting to the Republic as per production
sharing contracts.
Revenues
First-half 2016 revenue was $355 million, down
$111 million (24%) from $466 million in the first half of
2015. The reduction resulted primarily from lower selling prices of
the crude oil grades marketed by Total Gabon (down
$152 million) and decreased crude trading with third parties
(down $23 million), partly offset by higher volumes sold over
the period due to the lifting schedule and services provided to
third parties (up $60 million and $4 million
respectively).
Funds Generated from Operations
Funds generated from operations stood at $51 million in the
first half of 2016, versus $73 million in the prior-year
period. The decrease was primarily due to
- Lower revenues.
- One-off financial expenses incurred
upon renewing the credit facility.
These factors were partly offset by:
- Lower operating costs as a result of
the cost-cutting program implemented by the Company.
Capital Expenditures
Capital expenditures totaled $73 million for the period,
versus $150 million in the first half of 2015. Outlays during
the period mainly concerned:
- The drilling program on Gonelle (GNM020
and GNM021).
- Coiled tubing interventions on Anguille
and Torpille.
- Work to improve the integrity and
longevity of offshore facilities on Anguille, Torpille and Grondin
and the onshore Cap Lopez terminal.
- Completion of the Pageau project.
- Geophysical and development
studies.
Net Income (Loss)
In a challenging business environment, where the price of the
crude oil sold fell by 36%, a net loss of $12 million was
reported in the first half of 2016, an improvement of
$15 million over the $27 million loss reported in the
first half of 2015. The main reasons for this were:
- Lower production costs as a result of
the cost-cutting program implemented by the Company.
- The capital gain upon the sale of
Mboga.
These factors were partly offset by:
- Lower revenues in an environment of
declining oil prices.
- An increase in depreciation and
amortization expense following the commissioning of
work-in-progress (wells drilled).
- One-off financial expenses incurred
upon renewing the credit facility.
Highlights Since the Beginning of Second-Quarter 2015
Corporate Governance
The Board of Directors met on May 25, 2016 to review the
six-year agreement to refinance the credit facility in the amount
of $340 million.
At the Total Gabon Annual Shareholders’ Meeting in Port-Gentil
on June 17, 2016, shareholders approved the payment of a 2015
dividend before tax of $4.50 per share, corresponding to a total
payout in 2016 of $20.25 million for fiscal year 2015.
The dividend was paid out from June 29 at an equivalent amount
of €3.99, based on the European Central Bank's rate of €0.8886 per
$1 on June 17, 2016.
Financing
The $300-million multilateral credit facility implemented in
2013 expired on May 31, 2016. It was repaid and replaced by a
six-year, $340 million multilateral facility.
Health, Safety and Environment
On July 6, 2016, Total Gabon reached 500 consecutive days worked
without a lost-time injury.
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/20160830006214/en/
Media Contact in Gabon:Mathurin Mengue-Bibang, + 241 1
55 63 29
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