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Total Gabon - third quarter 2012 results

Thursday, Nov 15, 2012

In third-quarter 2012, Brent averaged $109.5 per barrel, down 3% from $113.4 in the prior-year period and up 1% from $108.6 in second-quarter 2012. The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged $104.7 per barrel during the period, down 3% from €108.1 in third-quarter 2011 and from €108.0 in second-quarter 2012.

Production Total Gabon’s equity share of operated and non-operated oil production

1 averaged 46,600 barrels per day during the quarter, down 1% from 47,000 barrels in third-quarter 2011. This was primarily due to naturally declining output from certain fields and the impact of shutdowns, which were partially offset by production from new wells.

Compared with the 43,700 b/d reported in second-quarter 2012, Total Gabon’s equity share of operated and non-operated oil production

1 rose by 7% in third-quarter 2012, mainly reflecting production from new wells and the impact of the Grondin shutdown in second-quarter 2012.

Revenues
Revenues for third-quarter 2012 declined by 8% to $420 million from $458 million in the prior-year period, impacted by lower average oil prices and the year-on-year decrease in volumes marketed.

Compared with the $426 million reported in second-quarter 2012, third-quarter 2012 revenues were down 1%, primarily as a result of the decline in the average selling price of the crude oil marketed by Total Gabon.

Net Income
Net income amounted to $83 million for the period, down 21% from $105 million in third-quarter 2011, mainly as a result of the decline in revenues and the increase in depreciation, amortization and provision expense. Compared with the $76 million reported in second-quarter 2012, third quarter 2012 net income was up 9% thanks to a decrease in depreciation, amortization and provision expense.

Source: Total

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