| The Board of Directors of Elf Gabon, chaired by Michel Bénézit, met on March 6, 2001 and approved the final accounts for the year ended December 31, 2000.
Net income increased 58% to $181.1 million in 2000 from $114.3 million in 1999.
Revenues increased 25% thanks to higher oil prices (an average of $26.37 per barrel in 2000 compared to $17.00 per barrel in 1999 for Gabonese crude, +55%), and in spite of a 18% decline in production (-13% for operated production and -26% for non-operated production). Continued efforts in reducing costs (-20% compared to 1999) also contributed to the improved results.
Capital expenditure increased 31% over the previous year:
- Development work more than doubled for operated activity, with continued development work on Atora and drilling on Baudroie Nord, Mboumba and Coucal. Spending on non-operated activity declined significantly.
- Exploration activity remained low.
Main Financial Indicators
|
(in $ million) |
2000 |
1999 |
| Sales |
890.9 |
714.8 |
| Funds generated from operations |
265.6 |
218.0 |
| Capital expenditure |
48.1 |
36.8 |
. Exploration/Appraisal |
2.8 |
4.4 |
. Development |
44.8 |
31.0 |
. General |
0.5 |
1.4 |
| Net income |
181.1 |
114.3 |
The Board has decided to propose the distribution of a net dividend of $40 per share, or a total amount of $180 million to all shareholders at the Annual Shareholders’ Meeting, scheduled for June 8, 2001.
The dividend is payable in French francs or euros (or the equivalent in CFA francs), based on the exchange rate for the US dollar on the date of the Annual Shareholders’ Meeting, and will qualify for a limited tax credit of $0.497 per share, corresponding to the amount withheld at the source in Gabon.
Elf Gabon is a majority-owned subsidiary of TotalFinaElf Group. |
