2025 Third quarter and nine first months results
Regulatory News:
TotalEnergies EP Gabon (Paris:EC):
Main Financial Indicator
| Q3 25 | Q2 25 | Q3 25 vs. Q2 25 | 9M 25 | 9M 24 | 9M 25 vs. 9M 24 | ||
Average Brent Price | $/b | 69.1 | 67.9 | +2% | 70.9 | 82.8 | -14% |
Average TotalEnergies EP Gabon crude price (1) | $/b | 68.6 | 61.6 | +11% | 68.5 | 79.1 | -13% |
Crude oil production from fields operated by TotalEnergies EP Gabon | kb/d (2) | 16.2 | 14.1 | +15% | 15.7 | 17.2 | -9% |
Sales volumes (3) | Mb (4) | 1.1 | 1.6 | -31% | 4.1 | 4.8 | -15% |
Revenues (5) | M$ | 80 | 100 | -20% | 297 | 401 | -26% |
Cash flow from operations (6) | M$ | 73 | 46 | +59% | -109 | 217 | ns |
Capital Expenditures | M$ | 11 | 20 | -45% | 50 | 53 | -6% |
Net Income | M$ | 13 | 0 | ns | 35 | 78 | -55% |
- 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.
- kb/d: Thousand barrels per day (excluding gas production).
- 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.
- Mb: Million of barrels.
- Revenues from hydrocarbon sales including profit oil reverting to the Gabonese Republic as per production sharing contracts.
- Funds generated from operations are comprised of the operating cash flow, the gains or losses on disposals of assets and the working capital changes.
2025 third quarter and first nine months results
Selling price
In the third quarter of 2025, the average Brent crude price stood at $69.1 per barrel ($/b), up 2% compared to the second quarter 2025 ($67.9/b). The average selling price of the crude oil grade marketed by TotalEnergies EP Gabon reached $68.6/b, an increase of 11% compared to second quarter 2025 ($61.6/b), due to the rise in Brent and more favorable market conditions for Mandji crude.
During the first nine months of 2025, the average selling price of the crude oil grade marketed by TotalEnergies EP Gabon ($68.5/b) showed a decrease of 13% compared to the first nine months of 2024 ($79.1/b), owing to the decline in Brent.
Production
TotalEnergies EP Gabon crude oil production in third quarter 2025 amounted to 16.2 kb/d, an increase of 15% compared to second quarter 2025 (14.1 kb/d), mainly due to planned shutdowns on Anguille and Torpille sites realized during the second quarter.
During the first nine months of 2025, TotalEnergies EP Gabon crude oil production stood at 15.7 kb/d, a decrease of 9% compared to the first nine months of 2024 (17.2 kb/d). This reduction in production is mainly explained by the planned shutdowns conducted in the second quarter of 2025.
Revenues
Revenue for the third quarter of 2025 amounted to $80 million, representing a 20% decrease compared to the second quarter of 2025 ($100 million), due to a 31% reduction in crude oil volumes sold by the Company because of a lifting schedule. The impact was partially offset by an increase in the average selling prices of crude oil marketed by TotalEnergies EP Gabon.
Over the first nine months of 2025, revenues totaled $297 million, down 26% compared to the first nine months of 2024, owing to the combined effects of a 15% decline in volumes sold by the Company and the deterioration in the average selling prices of crude oil marketed by TotalEnergies EP Gabon.
Cash flow from operations
Cash flow from operations stood at $73 million in the third quarter 2025, compared to $46 million in the second quarter 2025, driven by higher production (+$20 million) and an increase in the average selling price of crude oil marketed by TotalEnergies EP Gabon (+$5 million).
Over the first nine months of 2025, cash flow from operations amounted to -$109 million, down from $217 million in the first nine months of 2024, mainly due to the payment in 2025 first quarter of 2023 complementary dividend ($320 million). This decrease was further accentuated by lower production and average crude price, reduced other financial and non-operational income, and was partially offset by a working capital improvement during the first nine months of 2025.
Capital expenditures
Petroleum investments amounted to $11 million in the third quarter 2025, decline (-$9 million) compared to the second quarter 2025, mainly due to costs incurred for the planned shutdowns on Anguille and Torpille sites during the second quarter 2025.
Over the first nine months of 2025, petroleum investments stood at $50 million, down 6% compared to the first nine months of 2024 ($53 million). For the 2025 financial year, these investments primarily covered the planned shutdowns on Anguille and Torpille sites, integrity works on sites, and operations related to the reduction of emissions from our activities.
Net income
In the third quarter of 2025, net income reached $13 million. This improvement compared to the second quarter ($0 million) is explained by higher production (+$20 million) and an increase in the average selling price of the crude oil marketed by TotalEnergies EP Gabon (+$5 million). These gains were partially offset by higher amortization (-$7 million) linked to production levels, increased tax expenses (-$3 million), and other non-operational charges (-$2 million).
Over the first nine months of 2025, net income amounted to $35 million, compared with $78 million in the first nine months of 2024. This 55% decrease is mainly due to the decline in production and the average crude oil price.
Highlights since the beginning of third quarter 2025
The Board of Directors of TotalEnergies EP Gabon, met on August 27, 2025 in Paris, approved the Company's financial statements for the first-half 2025. The half-year financial report was filed with the "Autorité des marchés financiers (AMF)" on August 29, 2025 and made available to the public on the Company's website.
About TotalEnergies EP Gabon
TotalEnergies EP Gabon is 58.28% owned by TotalEnergies SE, 25% by the Gabonese Republic and 16.72% by the public.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Its more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 120 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
X @TotalEnergies LinkedIn TotalEnergies Facebook TotalEnergies Instagram TotalEnergies
Cautionary Note
The terms "TotalEnergies", "TotalEnergies Company" and "Company" appearing in this document are used to refer to TotalEnergies SE and the consolidated entities that TotalEnergies SE controls directly or indirectly. Similarly, the terms "we", "us", "our" may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE holds a stake directly or indirectly are separate and autonomous legal persons. TotalEnergies SE cannot be held liable for acts or omissions emanating from these companies.
This document may contain forward-looking statements. They may prove to be inaccurate in the future and are dependent on risk factors. Neither TotalEnergies SE nor any of its subsidiaries undertakes or assumes any commitment or responsibility to investors or any other stakeholder to update or revise, in particular as a result of new information or future events, any or all of the statements, forward-looking information, trends or objectives contained in this document. Information regarding risk factors that could have a material adverse effect on TotalEnergies' financial results or operations is also available in the most up-to-date versions of the Universal Registration Document filed by TotalEnergies SE with the Autorité des marchés financiers and Form 20-F filed with the United States Securities and Exchange Commission ("SEC").
View source version on businesswire.com: https://www.businesswire.com/news/home/20251208484767/en/
Contacts:
TotalEnergies EP Gabon
actionnariat-epgabon@totalenergies.com
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
