Total Gabon
2019 Financial Results
Regulatory News:
The Board of Directors of Total Gabon (Paris:EC) met on March 25, 2020 to approve the financial statements for the year ending December 31, 2019.
Brent averaged $64.2 per barrel ($/b) in 2019, down 10% from 71.3 $/b in 2018. Total Gabon’s equity share of oil production1 averaged 31,200 barrels of oil per day (b/d) in 2019, compared to 36,100 b/d in 2018.
Taking into account the changes in price and volume sold, revenues amounted to $808 million in 2019, down 11% compared to previous year.
Net income amounted to $50 million down compared to $258 million in 2018. It should be reminded however that 2018 net income included the disposal of the remaining interest of Total Gabon in the Rabi-Kounga field.
Despite an unfavorable environment, funds generated by operations amounted to 480M$, up 21% compared to 2018.
Acknowledging the level of distributable results and confident in the strong financial position of the Company, the Board of Directors decided that it will recommend at the Annual Shareholders’ Meeting on May 29, 2020 that shareholders approve the payment of a dividend of $11 per share, same as last year, for a total payout of $49.5 million for all shareholders.
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The dividend will be payable in euros (or the equivalent in CFA francs), based on the €/$ exchange rate on the date of the Annual Meeting.
Main Financial Indicators
|
|
2019 |
2018 |
2019 vs 2018 |
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Average Brent price |
$/b |
64.2 |
71.3 |
-10% |
||
Average Total Gabon crude price(1) |
$/b |
61.8 |
66.3 |
-7% |
||
Crude oil production from fields operated by Total Gabon |
kb/d(2) |
23.1 |
24.7 |