2026 Second quarter and first half results
PORT-GENTIL, Gabon--(BUSINESS WIRE)--August 27, 2026--
Regulatory News:
TotalEnergies EP Gabon (Paris:EC):
Main Financial Indicator
Q2 26 H1 26
vs vs
Q2 26 Q1 26 Q1 26 H1 26 H1 25 H1 25
--------------------- --------- ------ ----- ------ ----- ------ ------
Average Brent Price $/b 103.8 81.1 +28% 92.3 71.9 +28%
--------------------- --------- ------ ----- ------ ----- ------ ------
Average TotalEnergies
EP Gabon crude price
(1) $/b 100.2 93.5 +7% 96.9 68.5 +41%
--------------------- --------- ------ ----- ------ ----- ------ ------
Crude oil production
from fields operated
by TotalEnergies EP
Gabon kb/d (2) 15.0 16.1 -7% 15.6 15.4 +1%
--------------------- --------- ------ ----- ------ ----- ------ ------
Sales volumes (3) Mb (4) 1.0 1.0 0% 2.0 3.1 -35%
--------------------- --------- ------ ----- ------ ----- ------ ------
Revenues (5) M$ 111 98 +13% 209 217 -4%
--------------------- --------- ------ ----- ------ ----- ------ ------
Cash flow from
operations (6) M$ 50 -4 ns 46 -183 -125%
--------------------- --------- ------ ----- ------ ----- ------ ------
Capital expenditure M$ 15 15 0% 30 39 -23%
--------------------- --------- ------ ----- ------ ----- ------ ------
Net Income M$ 6 45 -87% 51 22 132%
--------------------- --------- ------ ----- ------ ----- ------ ------
(1) The crude price calculation excludes profit oil reverting to the
Gabonese Republic as per production sharing contracts, these barrels
being handed over in kind to the host state.
(2) kb/d: Thousand barrels per day (excluding gas production).
(3) Sales volume excludes profit oil reverting to the Gabonese Republic as
per production sharing contracts, these barrels being handed over in
kind to the host state.
(4) Mb : Million of barrels.
(5) Revenue from hydrocarbon sales and services, including profit oil
reverting to the Gabonese Republic as per production sharing contracts.
(6) Funds generated from operations are comprised of the operating cash
flow, the gains or losses on disposal of assets and the working capital
changes.
2026 Second quarter and first half results
Selling price
In the second quarter of 2026, the average price of Brent stood at $103.8 per barrel ($/b), up 28% compared to the first quarter of 2026. The average selling price of the crude oil grade marketed by TotalEnergies EP Gabon reached $100.2/b, up 7% compared to the first quarter of 2026, which had benefited from particularly favourable market conditions for Mandji crude.
Over the first half of 2026, the average selling price of the crude oil grade marketed by TotalEnergies EP Gabon ($96.9/b) was up 41% compared to the first half of 2025. Crude prices have risen significantly since March due to the conflict in the Middle East, while a favourable lifting schedule enabled TotalEnergies EP Gabon to market its volumes at a price above the average Brent price at the beginning of the year.
Production
TotalEnergies EP Gabon's crude oil production amounted to 15.0 kb/d in the second quarter of 2026, down 7% compared to the first quarter of 2026, due to the natural decline of the fields and production shutdowns for integrity works on the Anguille/Ile Mandji -- Cap Lopez export pipeline and the Anguille/Torpille gas pipeline.
In the first half of 2026, TotalEnergies EP Gabon's crude oil production stood at 15.6 kb/d, slightly up compared with the first half of 2025.
Revenues
Revenues for the second quarter of 2026 amounted to $111 million, up 13% compared to the first quarter of 2026, mainly reflecting the increase in average selling prices over the period.
For the first half of 2026, revenue stood at $209 million, down slightly by 4% compared to the first half of 2025, due to the lifting schedule, which resulted in lower volumes sold over the period.
Cash flow from Operations
Cash flow from operations represented $50 million in the second quarter of 2026, a significant increase compared to the first quarter of 2026, mainly driven by higher revenues (+$13 million) and a favourable change in working capital (+$52 million). These positive effects were partially offset by higher current taxes (-$7 million) and increased operating expenses and non-operational and financial charges (-$4 million).
Over the first six months of 2026, cash flow from operations stood at $46 million, a significant increase compared to the first half of 2025, mainly due to the payment in 2025 first quarter of 2023 complementary dividend ($320 million). This effect was partially offset by an increase in working capital driven by higher prices (-$83 million), and by lower revenues resulting from reduced crude volumes sold over the period (-$8 million).
Capital Expenditure
Oil investments amounted to $15 million in the second quarter of 2026, stable compared to the first quarter of 2026. They mainly covered site integrity works on the sites and production initiatives.
In the first half of 2026, the oil investments equaled $30 million, compared to $39 million in the first half of 2025.
Net Income
Net income for the second quarter of 2026 was $6 million, down compared to the first quarter of 2026. This decrease was mainly attributable to the variation of the stock position (-$69 million) and higher operating expenses and other non-operational and financial charges (-$6 million). These effects were partially offset by higher revenues (+$13 million), as well as lower income tax (+$21 million) and depreciation charges (+$5 million).
In the first half of 2026, net income was $51 million, a significant increase compared to the first half of 2025. The increase was supported by a favourable price environment in 2026, particularly impacting the variation of the stock position (+$65 million), partially offset by higher income tax (-$26 million) and a slight decline in revenues (-$8 million).
Highlights since the beginning of second quarter 2026
Corporate governance
TotalEnergies EP Gabon's ordinary shareholders' meeting was held on May 7(th) , 2026, in Libreville and approved the payment of a net dividend of $22.22 per share referring to the financial year 2025, representing $100 million.
This dividend was paid on June 9(th) , 2026, in an equivalent amount of EUR18.88 per share based on the European Central Bank's rate of $1.1770 for one euro on May 7(th) , 2026.
***
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
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
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CONTACT: Contacts TotalEnergies EP Gabon
actionnariat-epgabon@totalenergies.com
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