TotalEnergies EP Gabon doubles quarterly profit

During the period, the average price of Brent stood at 81.1 dollars, up 7% compared to the first quarter of 2025. However, the group benefited from an even more favorable commercial environment, with the average selling price of its crude rising to 93.5 USD, a 24% year-on-year increase.

This performance was driven by the surge in prices in March amid geopolitical tensions in the Middle East, as well as an advantageous lifting schedule that allowed the company to sell its production at a premium to the Brent average.

Crude oil production came in at 16.1 kb/d, a limited 4% decrease compared to last year. The decline primarily reflects natural field depletion as well as an unplanned production outage related to integrity work on the Anguille/Ile Mandji-Cap Lopez export pipeline.
Quarterly revenue nevertheless stood at 98 MUSD, compared to 117 MUSD a year earlier, representing a 16% decrease.

The group attributed this decline to a 33% drop in volumes sold, resulting from an unfavorable lifting schedule during the period. However, the increase in crude selling prices helped mitigate the impact.
Operating cash flows remained negative at -4 MUSD, but showed a very strong improvement compared to the -229 MUSD recorded a year earlier. Excluding changes in working capital requirements, cash flows rose to 111 MUSD, compared to 73 MUSD in the first quarter of 2025, supported by high sales in March and rising oil prices.

The change in working capital requirements continues to weigh on the accounts. In 2025, this had been heavily impacted by the exceptional payment of a 320 MUSD supplementary dividend. In 2026, the rise in crude prices at the end of the quarter led to a significant valuation of inventories and trade receivables related to oil sales.

Oil investments reached 15 MUSD for the quarter, compared to 19 MUSD a year earlier. These were mainly focused on facility integrity work and initiatives designed to support production.

Driven by higher crude prices and lower operating expenses, quarterly net income more than doubled to 45 MUSD, up from 22 MUSD a year earlier. The group also highlighted a decrease in depreciation and amortization, while higher taxes and the slight decline in production partially offset this growth.

Finally, the Board of Directors meeting on March 24 approved the 2025 accounts and decided to propose a dividend payment of 22.22 USD per share to shareholders at the Annual General Meeting scheduled for May 7, 2026.