TotalEnergies EP Gabon: Results for the first half of 2024

TotalEnergies EP Gabon has released its results for the second quarter and first half of 2024. The average price of Brent increased by 2% to $85 per barrel in the second quarter of 2024. Crude oil production increased slightly to 17.4 kb/d. Revenues amounted to $124 million, up 3% compared to the first quarter of 2024.

For the first six months of 2024, TotalEnergies EP Gabon posted solid results. Half-year sales rose 15% to $244 million, driven by higher crude prices and volumes sold. Operating cash flow jumped 53% to $185 million. Net income also improved, reaching $53 million.

Oil capex was $20 million for the second quarter, slightly up from the previous quarter. For the half-year, capex declined to $38 million, primarily due to the completion of preparatory costs for the five-year shutdown of the Anguille site in 2023.

In terms of governance, the General Meeting of Shareholders approved a dividend of 22.22 US dollars per share for the 2023 financial year. At the same time, the Tax Administration is continuing its mission of verifying the accounting for the 2019 to 2023 financial years.