TotalEnergies EP Gabon
2023 Financial Results - Seite 3
Production
The TotalEnergies EP Gabon crude oil production amounted to 15.8 kb/d in 2023, stable compared to previous year, improved operational efficiency and confirmed first positive
results from the wells interventions campaign having offset the natural decline of the fields. With these pursued efforts, average production reached 16.9 thousands of barrels (kb/d) in the fourth
quarter.
Revenues
In 2023, the revenues amounted $444 million, down 15% compared to 2022 ($521 million). This variation reflects the selling average price decline over the period (-18%),
partially offset by the increase of TotalEnergies EP Gabon marketed crude oil volumes (+6%).
Funds generated from operations
TotalEnergies EP Gabon funds generated from operations has reached $226 million in 2023, stable compared to 2022 ($225 million). Indeed, the decline in
revenue over the period is fully offset by the application in 2023 of the new fiscal terms signed with the Gabonese Republic, the improvement of both remuneration of cash surpluses and working
capital requirements over the period.
Net investments
Net investments amounted to $86 million in 2023, down 15% compared to 2022. They essentially include the start of the wells interventions campaign with two
interventions in 2023, integrity works on the sites, various operations and studies on the facilities including those relating to the reduction of emissions on the Company activities.
Net income
Net income for 2023 year was $26 million, compared to $340 million in 2022. This significant decline is mainly due to exceptional items: the recognition in 2022 of deferred
tax income related to the fiscal terms revision concluded with the Gabonese Republic ($279 million) and an increase in asset impairment charge in 2023 (amounting to $43 million after tax). Net
income was also impacted by the decline in the average selling price over the period.
Highlights since the beginning of fourth quarter 2023
Budget project for 2024
The Board of Directors reviewed and approved the proposed budget for the year 2024.
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Additional information
Since November 20, 2023, TotalEnergies EP Gabon has been hosting the Inspectors-Auditors of the Tax Administration of the Ministry of Economy and Participations
of the Gabonese Republic, for a general audit of the accounting for the fiscal periods 2019 to 2023.
About TotalEnergies EP Gabon
TotalEnergies EP Gabon is 58.28% owned by TotalEnergies SE, 25% by the Gabonese Republic and 16.72% by the public.
About TotalEnergies