TotalEnergies EP Gabon Sees Net Income Plummet 87% Despite Revenue Growth

TotalEnergies EP Gabon, an oil and gas company based in Gabon, has reported a significant decline in net income for the second quarter of FY26. The net profit fell by 87% compared to the previous quarter, reaching $6 million.

The revenue, however, rose by 13% to $111 million due to higher crude oil selling prices, which averaged at $100.2 per barrel during the quarter. This is a 28% increase from the first quarter's average Brent price of $103.8 per barrel.

Crude oil production declined by 7% to 15.0 kb/d due to natural field decline and planned integrity works on key export pipelines. The company's operating cash flow turned positive to $50 million, driven by favorable working capital changes and higher revenues.