TotalEnergies EP Gabon's net profit drops 87% in Q2 2026 despite favorable oil market

This reduction occurred even as revenue increased by 13% to 111 million dollars, driven by higher crude oil prices. The average Brent price rose by 28% to 103.8 dollars per barrel during the quarter. The primary reason for the profit decrease was a 69 million dollar impact from inventory position changes, alongside a 6 million dollar increase in operating and other non-operational and financial expenses.

These negative effects were partially offset by revenue growth, a 21 million dollar reduction in tax expenses, and a 5 million dollar decrease in depreciation. For the first half of 2026, TotalEnergies EP Gabon reported a solid net profit of 51 million dollars, an increase compared to the same period in 2025. This half-year performance benefited from favorable oil prices, which contributed a positive 65 million dollars to the inventory position.

However, this was partially counteracted by a 26 million dollar increase in tax expenses and an 8 million dollar decrease in revenue, which totaled 209 million dollars for the first half, down 4% year-on-year. This revenue decline was mainly due to lifting schedules, leading to lower volumes sold. The average selling price of crude oil for TotalEnergies EP Gabon reached 96.9 dollars per barrel, a 41% increase from the first half of 2025, influenced by rising prices since March amid