Total Gabon’s First-Quarter 2013 Results

Total Gabon’s First-Quarter 2013 Results

Selling Price
In first-quarter 2013, Brent averaged $112.6 per barrel, down 5% from $118.6 in the prior-year period. The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged $106.7 per barrel during the period, down 4% from $111.5 a year earlier. The euro/dollar exchange rate averaged $1.32 per euro in first-quarter 2013, versus $1.31 in the prioryear period.
Production
Total Gabon’s equity share of operated and non-operated oil production1 averaged 44.0 kb/d during the quarter, down 10% from 49.1 Kb/d in first-quarter 2012. This was mainly attributable to:
 An 8% decrease resulting from production shut-ins related to operating incidents, such as the shutdown of the AGMP/C platform to repair a separation tank, the unavailability of the Barbier compressor and the shutdown of Hylia following a power cable break on Ayol, and from the industry-wide strike in March.
 A 2% decrease resulting from naturally declining output from certain fields, which was partially offset by workovers of existing wells and production from new wells.
Revenues
Revenues declined 6% to $390 million in first-quarter 2013, versus $416 million in the prior-year period. The decrease resulted from lower selling prices and lower volumes marketed.
See full report: Total Gabon
total gabon
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