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Total Gabon

Publié le 19 novembre 2014

Total Gabon: Third Quarter 2014 Results

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Total Gabon: Third Quarter 2014 Results

Société anonyme incorporated in Gabon with a Board of Directors and share capital of $76,500,000

Headquarters: Boulevard Hourcq, Port-Gentil, BP 525, Gabonese Republic www.total-gabon.com

Registered in Port-Gentil: 2000 B 00011

NEWS RELEASE

THIRD-QUARTER 2014 RESULTS

Port-Gentil - November 14, 2014

Main Financial Indicators

Q3 14

Q3 14

Q2 14 Q1 14 Q3 13 vs.

Q2 14

9M 14

9M 14

9M 13 vs.

9M 13

Average Brent price $/b

101.9

109.7 108.2 110.3 -7%

106.5

108.5 -2%

Average Total Gabon crude price $/b

98.0

104.9 104.2 107.1 -7%

102.2

103.9 -2%

Crude oil production from fields operated by (1)

Total Gabon kb/d

60.3

57.9 57.0 60.0 +4%

58.4

58.5 -

Crude oil production from Total Gabon

interests(2) kb/d

48.4

48.1 47.3 49.7 +1%

47.9

48.4 -1%

Revenues $M(3)

425

490 299 444 -13%

1,214

1,244 -2%

Funds generated from operations $M

214

217 233 253 -1%

664

756 -12%

Capital expenditure $M

148

224 138 241 -34%

510

632 -19%

Net income $M

(35)

50 67 76 N/A

82

225 -64%

(1) Thousands of barrels per day.

(2) Including tax oil reverting to the Gabonese Republic as per the production sharing contracts.

(3) Millions of U.S. dollars.

Third-Quarter 2014 Results

Selling Prices

In third-quarter 2014, Brent averaged $101.9 per barrel, down 7% from $109.7 in the second quarter of the year. The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged $98.0 per barrel in the third quarter, a decrease of 7% from $104.9 per barrel in the second quarter.

Production

Total Gabon's equity share of operated and non-operated oil production(1) rose slightly to 48,400 barrels per day in the third quarter, versus 48,100 barrels per day in the previous quarter. The increase in operated production due to output from the new wells drilled on Anguille, workovers on existing wells on Grondin and Torpille and improved compressor availability was partly offset by decreased production from the Shell-operated Rabi field.

Revenues

Third-quarter revenues amounted to $425 million, a 13% decline from $490 million in the second quarter, broken down as follows: 7% due to lower crude oil prices, 5% due to the reduction in volumes sold and 1% due to reduced swaps with partners.

Funds Generated from Operations

Funds generated from operations amounted to $214 million in the third quarter, versus $217 million in the second quarter. The decrease is mainly due to lower revenues.

Capital Expenditures

Capital expenditures totaled $148 million, versus $224 million in the second quarter. The reduction stems from completion of the surface work for Phase 3 of the Anguille redevelopment and of the major integrity work program on Grondin and Torpille. Outlays during the period mainly concerned:
- As part of the Anguille redevelopment, the drilling of wells by two rigs, the Setty (Phase 3) and the

Constellation II (last wells of Phase 2).

- The workover of a well on Grondin by a light intervention unit to maintain production level.
- The ongoing 3D Ocean Bottom Node (OBN) seismic acquisition on Torpille.
- The start-up of the 3D seismic survey on the western part of the deep offshore Diaba exploration license.

Net Income

A net loss of $35 million was reported in the third quarter, versus a net income of $50 million in the second quarter, mainly due to lower revenues, higher operating costs related to integrity works on existing wells and the impact of the tax reassessment settlement.

(1) Including tax oil reverting to the Gabonese Republic as per the production sharing contracts.

Nine-Month 2014 Results

Selling Prices

Brent averaged $106.5 per barrel in the first nine months of 2014, down 2% from $108.5 per barrel in the first nine months of 2013. The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged
$102.2 per barrel in the first nine months, a decrease of 2% from $103.9 a year earlier.

Production

Total Gabon's equity share of operated and non-operated oil production(2) averaged 47,900 barrels per day during the first nine months of 2014, compared to 48,400 barrels per day in the first nine months of 2013. This decrease of
0.6% stems from a sharp decrease in production from the Shell-operated Rabi field which was impacted by the disappointing outcome of the well intervention program and operational problems, partially offset by the increased output from fields operated by Total Gabon driven by higher potential as a result of new wells and interventions on existing wells.

Revenues

Revenues in the first nine months amounted to $1,214 million, down 2% from $1,244 million in the first nine months of 2013, mainly due to lower crude oil prices.

Funds Generated from Operations

Funds generated from operations totaled $664 million in the first nine months of the year, a decrease of 12% from
$756 million in the first nine months of 2013. The main reasons were lower revenues, higher operating costs related to integrity works on existing wells, increased logistic costs and a significant increase of the price of industrial fuel oil since the beginning of the year.

Capital Expenditure

Capital expenditure stood at $510 million in the first nine months of the year, down 19% from $632 million in the first nine months of 2013. The main reasons were reduced exploration costs (a well was drilled in the deep offshore Diaba license in 2013), completion of the surface work for Phase 3 of the Anguille redevelopment project in the second quarter, and completion of a major integrity work program on Grondin and Torpille.

Net Income

Net income in the first nine months of 2014 stood at $82 million, versus $225 million in the first nine months of
2013. This decrease is due to higher operating costs related to the integrity work program on existing wells, increased logistic costs, a significant rise in the price of industrial fuel oil since the beginning of the year and the impact of the tax reassessment settlement. This decrease was partly offset by lower exploration expenses (a well was drilled in the deep offshore Diaba license in 2013) and lower depreciation and amortization expenses.

(2) Including tax oil reverting to the Republic as per the production sharing contracts.

Highlights Since the Beginning of Third-Quarter 2014

Board of Directors Meeting on July 24, 2014

The Board of Directors met on July 24, 2014 and reviewed the financial accounts for first-half 2014. The
Company's Interim 2014 Financial Report for the period ending June 30 was published on its website on August
28.

Exploration

3D Ocean Bottom Node (OBN) seismic is being acquired on the Torpille field, with the twofold goal of derisking a satellite development - Torpille Nord Est - similar to what is being done on Anguille, and appraising the potential of the pre-salt layer under the fields in the area.
A 3D seismic survey of the western sector of the Diaba license began in September and is scheduled for completion in early 2015.
On the Perenco-operated Nziembou license, the well drilled in the Igongo prospect by the Caroil 7 rig encountered an oil and gas accumulation. An application has been made to the Ministry of Mines, Petroleum, Hydrocarbons for the exclusive rights to develop the discovery. Studies are in progress to determine whether the discovery is commercial and to appraise the license's residual potential.

Development

Anguille Field Redevelopment

Drilling of the Anguille redevelopment project's Phase 3 wells is continuing from the Anguille Marine Nord (AGMN)
platform with the Setty rig.
Phase 3 will comprise a total of 21 wells. The first 12 - ten producers and two injection wells - are now operational.
The Bellator light intervention unit is performing workovers to ensure well integrity and continued production.
Lastly, a decision was made to terminate the drilling program being conducted by the Constellation II rig, which was released in October after drilling the AGM7-85 well.

Other Operated Activities

The major integrity work program initiated to extend the service life of the Grondin and Torpille platforms was completed on August 15.

Tax Reassessment

Discussions with the Gabonese authorities resulted in the closure in early November of the tax assessment procedure Total Gabon was subject to for the years 2008 to 2010. The net income of Total Gabon as of end of September 2014 reflects the impact of the settlement of this procedure, under which the Company obtained a tax clearance certificate for the assessed period, extended to the years 2011 to 2013 inclusive.

Media Contact in Gabon: Mathurin Mengue-Bibang Tel.: + 241 01 55 63 29

Lire la suite de l'article sur www.noodls.com
Données et statistiques pour les pays mentionnés : Gabon | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Gabon | Tous

Total Gabon

CODE : EC.PA
ISIN : GA0000121459
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Total Gabon est une société de production minière de pétrole basée au Gabon.

Total Gabon est cotée en Allemagne et en France. Sa capitalisation boursière aujourd'hui est 702,0 millions €UR (801,4 millions US$, 702,0 millions €).

La valeur de son action a atteint son plus bas niveau récent le 15 mai 2020 à 100,00 €UR, et son plus haut niveau récent le 28 juin 2022 à 156,00 €UR.

Total Gabon possède 4 500 000 actions en circulation.

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Communiqués de Presse de Total Gabon
27/03/2015Total Gabon: 2014 Results
13/03/2015Total Gabon 2014 Revenues
19/11/2014Total Gabon: Third Quarter 2014 Results
12/03/2014Total Gabon 2013 Revenues
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