Total announces first quarter 2012 Results
The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged $111.5 per barrel in the first quarter of 2012, up 8% from $103.0 a year earlier and 6% over the fourth-quarter 2011 average of $105.6 per barrel. The euro/dollar exchange rate averaged $1.31 per euro in the first quarter 2012, versus $1.37 in the prior-year period and $1.35 in fourth-quarter 2011.
ProductionTotal Gabon’s equity share of operated and non-operated oil production1 averaged 49,100 barrels per day during the quarter, compared with 48,400 barrels in first-quarter 2011. This increase can be attributed to fewer unscheduled shut-ins and to production from new wells on Anguille, Torpille and Avocette, which offset natural decline from fields.
RevenuesFirst-quarter 2012 revenues rose 9% to $416 million from $382 million in the prior-year period, mainly due to higher average selling prices.
Net IncomeFirst-quarter 2012 net income declined 10% to $76 million from $84 million in the prior-year period. The decrease comes from a change in the mix of production sold, with different tax rates applicable depending on whether the oil is produced under concession agreement or operating and production sharing contracts.
Capital ExpenditureCapital expenditure stood at $185 million in first-quarter 2012, up from $93 million in the first three months of 2011. First-quarter 2012 capital spending mainly consisted of continued redevelopment of the Anguille field, the program to replace electrical systems on the Anguille and Torpille fields, and drilling programs on the Torpille and Avocette fields.
Funds Generated from OperationsIn light of the above, funds generated from operations amounted to $113 million in first quarter 2012, against $215 million in the prior-year period.
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