Total Gabon: 2016 Revenues

PORT-GENTIL, Gabon--(BUSINESS WIRE)--Regulatory News:

Total Gabon (Paris:EC):

Main Financial Indicators

		2016	2015	2016 vs 2015
Average Brent price	$/b	43.7	52.4	-17%
Average Total Gabon crude price	$/b	37.9	46.8	-19%
Crude oil production from fields operated by Total Gabon	kb/d ^(1)	55.0	57.2	-4%
Crude oil production from Total Gabon interests^(2)	kb/d	47.4	47.3	-
Sales volumes	Mb ^(3)	17.6	16.6	+6%
Revenues^(4)	$M	745	842	-11%

(1) kb/d: Thousands of barrels a day
(2) Including tax oil reverting to the Gabonese Republic as per production sharing contracts.
(3) Mb: Million barrels
(4) Hydrocarbon sales and services provided to third parties (transportation, treatment and storage).

2016 REVENUES

Selling prices

Brent averaged $43.7 per barrel in 2016, down 17% from $52.4 in 2015. The selling price of the Mandji and Rabi Light crude oil grades marketed by Total Gabon averaged $37.9 per barrel in 2016, down 19% from $46.8 a year earlier.

Production

Total Gabon’s equity share of operated and non-operated oil production⁽¹⁾ averaged 47,400 barrels per day (b/d) in 2016, compared to 47,300 barrels per day in the prior-year period. This stability was mainly due to:

• Improved availability of the Anguille and Torpille installations
• Successful coiled tubing interventions on Anguille Nord Est (ANE) and choke opening of well ANE008 in the second quarter of 2016.
• Well workovers on the Rabi Kounga license.

These factors were offset by:

• The natural decline in fields.
• The sale of Mboga.
• The planned shut-in of Coucal/Avocette in February 2016.

Revenues

Revenues amounted to $745 million in 2016, down 11% from $842 million in 2015. The decrease was driven mainly by the lower average selling price for Total Gabon’s crude oil grades, partially offset by the increase by 6% of volumes sold over the period due to the lifting schedule.

The 2016 results news release will be published on March 30^th 2017, after the market closes.

⁽¹⁾ Including tax oil reverting to the Gabonese Republic as per production sharing contracts.

Société anonyme incorporated in Gabon with a Board of Directors and share capital of $76,500,000
Headquarters: Boulevard Hourcq, Port-Gentil, BP 525, Gabonese Republic
www.total.ga
Registered in Port-Gentil: 2000 B 00011