TotalEnergies EP Gabon 2024 Half-Year Financial Report

TotalEnergies EP Gabon's first-half 2024 financial report reveals encouraging results. The average price of Brent stood at $85.0/b, marking a 2% increase compared to the previous quarter. Crude oil production reached 17.4 kb/d, slightly up compared to the first quarter. Revenues amounted to $124 million, up 3%.

For the full half, production increased by 8% compared to 2023, reaching 17.3 kb/d. This growth is based on improved operational efficiency and successful well interventions. Half-year revenues amounted to $244 million, up 15% thanks to higher prices and volumes of crude sold.

Half-year cash flow reached $185 million, up 53% compared to the same period in 2023. However, oil investments decreased by 22%, reaching $38 million. Net income stood at $53 million, an increase of 36% year-on-year.

Among the highlights, the General Meeting decided to pay a dividend net of tax of $22.22 per share. In addition, an audit of the accounting for the financial years 2019 to 2023 conducted by the Tax Administration is underway.