First Quarter 2025 Results
Regulatory News:
TotalEnergies EP Gabon (Paris:EC):
Main Financial Indicators
| Q1 25 | Q1 24 | Q1 25
| ||
Average Brent price | $/b | 75.7 | 83.2 | -9% |
Average TotalEnergies EP Gabon crude price (1) | $/b | 75.6 | 81.9 | -8% |
Crude oil production from fields operated by TotalEnergies EP Gabon (3) | kb/d (2) | 16.7 | 17.2 | -3% |
Sales volumes (4) | Mb (5) | 1.5 | 1.4 | +7% |
Revenues (6) | $M | 117 | 120 | -3% |
Cash flow from operations (7) | $M | -229 | 95 | -341% |
Capital expenditure | $M | 19 | 18 | +6% |
Net income | $M | 22 | 25 | -12% |
| (1) | The crude price calculation excludes profit oil reverting to the Gabonese Republic as per production sharing contracts, these barrels being handed over in kind to the host state. | |
| (2) | kb/d: Thousand barrels per day (excluding gas production). | |
| (3) | Including profit oil reverting to the Gabonese Republic as per production sharing contracts. | |
| (4) | Sales volume excludes profit oil reverting to the Gabonese Republic as per production sharing contracts, these barrels being handed over in kind to the host state. | |
| (5) | Mb: Million of barrels. | |
| (6) | Revenue from hydrocarbon sales and services (transportation, processing and storage), including profit oil reverting to the Gabonese Republic as per production sharing contracts. | |
| (7) | Funds generated from operations are comprised of the operating cash flow, the gains or losses on disposals of assets and the working capital changes. | |
First Quarter 2025 Results
Selling Price
In the first quarter of 2025, the average price of Brent crude settled at $75.7 per barrel ($/b), down 9% compared to the first quarter of 2024 ($83.2/b). The average selling price of the quality of crude oil marketed by TotalEnergies EP Gabon was $75.6/b, decreased by 8% compared to the first quarter of 2024 ($81.9/b).
Production
TotalEnergies EP Gabon's crude oil production in the first quarter of 2025 was 16.7 kb/d, down 3% compared to the first quarter of 2024 (17.2 kb/d). This slight variation is mainly explained by the natural decline of fields, partially offset by better availability of Anguille and Torpille facilities.
Revenues
Revenues for the first quarter of 2025 was $117 million, down 3% compared to the first quarter of 2023, due to decrease in the average selling price.
Cash flow from Operations
Cash flow from operations reached $91 million in the first quarter of 2025, excluding exceptional effect linked to delayed payment of 2023 complementary dividend (-$320 million) early January 2025, against $95 million in the first quarter of 2024. It is negatively impacted by the decrease between the two compared periods of gross margin (-$10 million), non-operational products (-$1 million) and interests on cash deposits (-$3 million), partially offset by other operating costs (+$2 million), and working capital (+$8 million) decrease.
Capital Expenditure
Oil investments were $19 million in the first quarter of 2025, against $18 million in the first quarter of 2024. During the first quarter of 2025, they mainly cover works on the sites, production initiatives, as well as other studies and facilities operations including those relating to the reduction of emissions from our activities.
Net Income
Net income for the first quarter of 2025 was $22 million, a decline to 12% compared to the first quarter of 2024 ($25 million). It has been negatively impacted by the decrease of gross margin (-$10 million), non-operational products (-$1 million), interests on cash deposits (-$3 million), and the increase of amortizations (-5 million) and financial provisions (-$1 million). These negative impacts are partially offset by the decrease of operating costs (+$2 million) and income tax (+$15 million).
Highlights since the beginning of first quarter 2025
Board of Directors Meeting on March 20, 2025
The Board of Directors approved on March 20, 2025, the financial statements for the year ending December 31, 2024, and decided to recommend to the Shareholders General Assembly scheduled on May 16, 2025, the payment of a dividend of $22.22 dollars per share.
About TotalEnergies EP Gabon
TotalEnergies EP Gabon is 58.28% owned by TotalEnergies S. E, 25% by the Gabonese Republic and 16.72% by the public.
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
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Cautionary Note
The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies' financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
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Contacts:
Contacts TotalEnergies EP Gabon
actionnariat-epgabon@totalenergies.com
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
