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Name | Symbol | Market | Type |
---|---|---|---|
Ecopetrol SA | NYSE:EC | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.13 | 1.13% | 11.67 | 11.64 | 11.49 | 11.58 | 1,441,778 | 23:30:11 |
Regulatory News:
Total Gabon (Paris:EC):
Main Financial Indicators
Q2 16 Q1 16 Q2 16vs.
Q1 16
H1 16
H1 15
H1 16vs.
H1 15
Average Brent price $/b 45.6 33.9 +35% 39.8 57.8 -31% Average Total Gabon crude price $/b 40.8 28.4 +44% 34.2 53.2 -36%Crude oil production from fields operated by Total Gabon
kb/d1 55.0 55.6 -1% 55.3 53.8 +3% Crude oil production from Total Gabon interests2 kb/d 46.0 47.0 -2% 46.5 44.2 +5% Sales volumes Mb3 4.33 4.91 -12% 9.24 8.11 +14% Revenues $M 194 161 +20% 355 466 -24% Funds generated from operations $M 37 14 +164 51 73 -30% Capital expenditures $M 37 36 +3% 73 150 -51% Net income (loss) $M 4 (16) N/A (12) (27) N/A(1) kb/d: Thousand barrels per day
(2) Including tax oil reverting to the Gabonese Republic as per production sharing contracts.
(3) Mb: Million barrels.
Second-Quarter 2016 Results
Selling Prices
In second-quarter 2016, Brent averaged $45.6 per barrel, up 35% from $33.9 in the first quarter. The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged $40.8 per barrel, up 44% from $28.4 in the previous quarter. This increase, greater than that of Brent, was due to narrower differentials for these grades.
Production
Total Gabon’s equity share of operated and non-operated oil production1 was 46,000 barrels per day in second-quarter 2016, versus 47,000 barrels per day in the first quarter. This 2% decrease was primarily due to:
These factors were partly offset by:
Revenues
Revenues rose by $33 million to $194 million in second-quarter 2016, up 20% from $161 million in first-quarter 2016. This improvement resulted mainly from higher selling prices of the crude oil grades marketed by Total Gabon (up $52 million) and trading on behalf of third parties (up $7 million), partly offset by a decrease in volumes sold over the period due to the lifting schedule (down $22 million) and lower revenues from services provided to third parties (down $2 million).
Funds Generated from Operations
Funds generated from operations amounted to $37 million in second-quarter 2016, versus $14 million in the first quarter. The increase was mainly due to:
These factors were partly offset by:
Capital Expenditures
Second-quarter 2016 capital expenditures stood at $37 million, near the $36 million in the first quarter. Outlays mainly related to the following projects:
Net Income (Loss)
Net income of $4 million was reported in second-quarter 2016, a $20 million improvement over the $16 million loss reported for the first quarter of the year. The increase was primarily due to:
These factors were partly offset by:
First-Half 2016 Results
Selling Prices
Brent averaged $39.8 per barrel in the first half of 2016, down 31% from $57.8 per barrel in the prior-year period. The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged $34.2 per barrel over the period, down 36% from $53.2 per barrel in the first half of 2015. This decrease, greater than that of Brent, was due to wider differentials for these grades.
Production
Total Gabon’s equity share of operated and non-operated oil production1 was 46,500 barrels of oil per day during the first half of 2016, up 5% from 44,200 barrels per day in the year-earlier period, primarily due to:
1 Including tax oil reverting to the Republic as per production sharing contracts.
Revenues
First-half 2016 revenue was $355 million, down $111 million (24%) from $466 million in the first half of 2015. The reduction resulted primarily from lower selling prices of the crude oil grades marketed by Total Gabon (down $152 million) and decreased crude trading with third parties (down $23 million), partly offset by higher volumes sold over the period due to the lifting schedule and services provided to third parties (up $60 million and $4 million respectively).
Funds Generated from Operations
Funds generated from operations stood at $51 million in the first half of 2016, versus $73 million in the prior-year period. The decrease was primarily due to
These factors were partly offset by:
Capital Expenditures
Capital expenditures totaled $73 million for the period, versus $150 million in the first half of 2015. Outlays during the period mainly concerned:
Net Income (Loss)
In a challenging business environment, where the price of the crude oil sold fell by 36%, a net loss of $12 million was reported in the first half of 2016, an improvement of $15 million over the $27 million loss reported in the first half of 2015. The main reasons for this were:
These factors were partly offset by:
Highlights Since the Beginning of Second-Quarter 2015
Corporate Governance
The Board of Directors met on May 25, 2016 to review the six-year agreement to refinance the credit facility in the amount of $340 million.
At the Total Gabon Annual Shareholders’ Meeting in Port-Gentil on June 17, 2016, shareholders approved the payment of a 2015 dividend before tax of $4.50 per share, corresponding to a total payout in 2016 of $20.25 million for fiscal year 2015.
The dividend was paid out from June 29 at an equivalent amount of €3.99, based on the European Central Bank's rate of €0.8886 per $1 on June 17, 2016.
Financing
The $300-million multilateral credit facility implemented in 2013 expired on May 31, 2016. It was repaid and replaced by a six-year, $340 million multilateral facility.
Health, Safety and Environment
On July 6, 2016, Total Gabon reached 500 consecutive days worked without a lost-time injury.
Société anonyme incorporated in Gabon with a Board of Directors and share capital of $76,500,000Headquarters: Boulevard Hourcq, Port-Gentil, BP 525, Gabonese Republicwww.total.gaRegistered in Port-Gentil: 2000 B 00011
View source version on businesswire.com: http://www.businesswire.com/news/home/20160830006214/en/
Media Contact in Gabon:Mathurin Mengue-Bibang, + 241 1 55 63 29
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