TotalEnergies Gabon Subsidiary Profit Up 36% to $53M in H1 2024
TLDR
- TotalEnergies EP Gabon reports $53 million net profit in H1 2024, a 36% increase from 2023.
- Growth attributed to 8% increase in crude oil sales volume and 9% rise in international oil prices.
- Turnover increases by 3% to $124 million due to operational efficiency and successful well interventions.
TotalEnergies EP Gabon reported a net profit of $53 million for the first half of 2024, marking a 36% increase compared to $39 million in the same period of 2023. That's thanks to an 8% increase in crude oil sales volume and a 9% improvement in international oil prices.
The company’s turnover grew by 3% to $124 million, driven by enhanced operational efficiency and successful well interventions that counteracted the natural decline of oil fields.
Lower operating costs and an increase in interest on cash deposits (+$9 million) also contributed to the positive performance, despite a $10 million decrease in investments. However, these gains were partly offset by higher production taxes, depreciation, and tax expenses, which amounted to $33 million.
Points clés à retenir
Despite challenges in 2023, the board of directors decided to distribute a dividend of $100 million to shareholders, with the Gabonese State, holding 25% of the company’s capital, receiving over 25 billion FCFA. The dividend distribution highlights the company's resilience and commitment to shareholder returns, with the Gabonese State benefiting significantly from its stake in the company.
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