The Board of Directors of Total Gabon met on March 24, 2015 to approve the Company's financial statements for the year ended December 31, 2014.
The Brent price averaged $99.0/bbl in 2014, versus $108.7/bbl in 2013. Total Gabon's equity share of oil production averaged 47,000 barrels per day (bbl/d) in 2014, compared to the previous year's figure of 46,900 bbl/d.
The net income amounted to $88 million in 2014 versus $302 million in 2013. This decrease was mainly due to a lower Brent price and crude oil sales volumes, higher operating costs and the impact of the completed tax reassessment procedure.
Despite the fall of the Brent price since the second half of 2014, the Board of Directors considers that the fundamentals of the Company remain strong and therefore decided to recommend that the shareholders at the Annual Meeting on May 27, 2015 approve the payment of a dividend of $10.0 per share, representing a total of $45.0 million.
This dividend will be payable in euros (or the equivalent in CFA francs), based on the exchange rate for the U.S. dollar on the date of the Annual Meeting.