Total Gabon announce third-quarter 2013 results

Total Gabon announce third-quarter 2013 results

Selling Prices
In third-quarter 2013, Brent averaged $110.3 per barrel, up 1% from $109.5 in the prior-year period and 8% from $102.4 in the second quarter of this year. The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged $107.1 per barrel in the third quarter of 2013, up 2% from $104.7 a year earlier and 9% from $98.2 in second-quarter 2013.

Total Gabon’s equity share of operated and non-operated oil production1 averaged 49.7 kb/d during the quarter, up 7% from 46.6 kb/d in third-quarter 2012. The increase was led by production from the AGMN512, AGMN070 and AGMN071 wells on Anguille Marine Nord (AGMN), brought on stream in the second quarter of 2013, and from the ANE012 well on Anguille Nord Est (ANE), as well as well workovers on Grondin and Gonelle.
Compared to the 51.1 kb/d reported in second-quarter 2013, Total Gabon’s equity share of operated and non-operated oil production1 shrank by 3% in the third quarter. The reduction primarily reflected the impact of shutdowns in the Grondin sector and compressor downtime on the Barbier, Gonelle and Mandji Island fields, which were only partly offset by workovers on Grondin and Gonelle existing wells and first oil from the Anguille Nord Est ANE012 well.

Third-quarter revenues increased by 6% to $444 million from $420 million in the prior-year period,boosted by higher average oil prices and the year-on-year increase in volumes marketed.
Compared with the $411 million reported in second-quarter 2013, third-quarter revenues were up 8%,primarily as a result of the increase in the average selling price of the crude oil marketed by Total Gabon over the period.

Net Income
Third-quarter net income decreased by 8% to $76 million from $83 million in the prior-year period,mainly as a result of higher exploration expenses. However, they rose 1% from second-quarter net income of $75 million.

Capital Expenditure
Capital expenditure stood at $241 million, down from $252 million in third-quarter 2012 and $247 million in second-quarter 2013. Outlays for the period mainly concerned the ongoing redevelopment of Anguille, work to ensure the integrity of existing facilities and extend their life, and the drilling of two wells, ATO012 and ANE013.

Funds Generated from Operations
In light of the above, funds generated from operations amounted to $253 million in third-quarter 2013,a 3% decrease from $260 million a year earlier and a 9% reduction from the second-quarter 2013 figure of $278 million.

Full Report: Total-Gabon-Financial-Results


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