TotalEnergies EP Gabon Reports Mixed Financial Results for Q3 2024

TotalEnergies EP Gabon has released its financial results for Q3 2024 and the first nine months of the year. The average Brent price decreased to $80.3 per barrel, a 6% drop from Q2. Similarly, the company's crude price declined to $75.5 per barrel, reflecting the Brent trend. Despite this, crude oil production slightly decreased by 3%, and sales volumes surged by 43%, driving a 27% increase in quarterly revenues to $157 million.

Over the first nine months, crude production rose by 11%, and revenues increased by 20% to $401 million. Funds generated from operations during Q3 fell by 64% to $32 million, due in part to a negative working capital variation. However, for the first nine months, funds reached $217 million, marking a 33% increase. Capital expenditures decreased to $13 million in Q3, with a 17% decline over the nine-month period attributed to reduced activities.

Net income was $25 million for Q3, a decline from the previous quarter, but buoyed by a 37% increase over the nine-month period to $78 million compared to 2023. TotalEnergies announced an agreement to sell 15% of its interest in the Baudroie Mérou Marine II G5-143 license to Gabon Oil Company.