2023-06-01 09:21:03
Subsidiary of the TotalEnergies group, TotalEnergies EP Gabon published its results for the first quarter of 2023. Net income stood at 22 million dollars, stable compared to the first quarter of 2022 (21 million dollars). This net result is positively impacted by the drop in operating costs, depreciation and the current tax charge. It was negatively impacted by the decline in the average selling price and the volumes of crude oil marketed by TotalEnergies EP Gabon.
Over this period, operating cash flow was $58 million versus $30 million. It was positively impacted by the change, between the periods compared, in the working capital requirement (+30 million dollars), mainly due to a favorable effect of the change in prices.
Its sales for the first quarter of 2023 amounted to $105 million, down 44% compared to the first quarter of 2022, mainly due to the drop in the average selling price of the crude oil quality marketed by TotalEnergies EP Gabon and the drop in volumes sold in connection with a less favorable collection program.
In this first quarter, its crude oil production amounted to 16.2 kb/d, down slightly compared to the first quarter of 2022 (16.5 kb/d) mainly due to lower availability of the gas compressor lift on the Torpille field, and the natural decline of the fields.
In the first quarter of 2023, the average price of Brent stood at 81.2 dollars per barrel ($/b), down 21% compared to the first quarter of 2022 (102.2 $/b). In a bearish oil price environment, the average selling price of crude oil quality marketed by TotalEnergies EP Gabon amounted to $74.3/b, down 24% compared to the first quarter of 2022.
Oil investments were $24 million in the first quarter of 2023, compared to $6 million in the first quarter of 2022, mainly due to the increased pace of activities on the well intervention project and the emissions reduction projects direct greenhouse gas emissions linked to its activities.
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