TotalEnergies EP Gabon: Net Income of $51M in H1, More Than Double Year-on-Year
TotalEnergies EP Gabon released its financial information for the second quarter and first half of 2026 on August 27, 2026. Over six months, net income reached $51M, compared to $22M a year earlier, driven by a favorable price environment, while revenue declined 4% due to lower crude volumes marketed.
The Gabonese subsidiary of TotalEnergies thus illustrates the dominant effect of prices on its half-yearly results, with improved oil prices offsetting the decline in quantities sold.
Half-yearly Net Income of $51M, Driven by Crude Prices
In the first half of 2026, TotalEnergies EP Gabon's net income stood at $51M, compared to $22M in the first half of 2025. According to the press release, this increase was supported by a favorable price environment, with a notable impact from the change in stock position (+$65M), partially offset by an increase in tax charges (-$26M) and a decline in revenue (-$8M).
For the second quarter alone, net income came in at $6M, down from $45M in the first quarter of 2026. This change is mainly explained by the change in stock position (-$69M) and an increase in operating and other expenses (-$6M), effects partially offset by higher revenue (+$13M), a decrease in tax charges (+$21M) and depreciation (+$5M).
Volumes Down, Prices Up 41%
Half-yearly revenue amounted to $209M, down 4% compared to $217M in the first half of 2025. According to the press release, this decline is due to the lifting schedule, which resulted in selling fewer volumes during the period. Crude volumes sold thus declined 35%, to 2.0 Mb compared to 3.1 Mb a year earlier.
This decline in quantities contrasts with price trends. The average selling price of the crude quality marketed by TotalEnergies EP Gabon stood at $96.9/b for the half-year, up 41% year-on-year. The press release links this increase to the sharp rise in prices since March, due to the conflict in the Middle East, and to a lifting schedule that made it possible to market volumes at a price higher than the average Brent price at the beginning of the year.
In the second quarter, revenue reached $111M, up 13% compared to the first quarter, mainly due to higher average selling prices. Crude oil production came in at 15.0 kb/d in the second quarter, down 7% from the previous quarter, due to natural field decline and production shutdowns for pipeline integrity work. For the half-year, production stood at 15.6 kb/d, slightly up compared to 15.4 kb/d in the first half of 2025.
Cash Flow and Dividend of $100M Paid
Operating cash flow stood at $46M in the first half of 2026, compared to -$183M in the first half of 2025. The press release attributes this change primarily to the payment in the first quarter of 2025 of the supplementary dividend for fiscal year 2023 ($320M), an effect partially offset by an increase in working capital requirements linked to the rise in prices (-$83M) and by the decline in revenue (-$8M).
Oil investments reached $30M for the half-year, compared to $39M a year earlier, a decline of 23%. They mainly cover integrity work at sites and production initiatives.
Furthermore, the ordinary general meeting of shareholders, held on May 7, 2026 in Libreville, approved the payment of a net dividend of $22.22 per share for fiscal year 2025, totaling $100M. This dividend was paid on June 9, 2026 at a rate of €18.88 per share.
