Brief: Esso End-September Net Loss Narrows To 120 Million Euros

North Atlantic Energies SA

12/11/2021 10:38

Nov 12 (Reuters) - Esso Societe Anonyme Francaise SA
 ESSF.PA :
    * Q3 REFINED PRODUCT SALES VOLUMES WERE 6.4 MILLION M³, UP
3.6%
YOY
    * DOMESTIC SALES VOLUMES (EXCLUDING DIRECT REFINERY SALES
AND
OFFSHORE SALES) UP 11.3% TO 4 MILLION M³
    * CRUDE OIL PROCESSED AT BOTH REFINERIES AT 3.8 MILLION TONS
IN
Q3, DOWN 5% YOY
    * END-SEPTEMBER VOLUMES OF PRODUCTS REFINED BY THE GROUP
AMOUNTED
TO 18.3 MILLION M³, UP 4.9% YOY
    * QUANTITIES SOLD ON THE FRENCH DOMESTIC MARKET INCREASED BY
8% TO
11.3 MILLION M³ COMPARED WITH 10.4 MILLION M³ IN 2020
    * END-SEPTEMBER REVENUES (EXCLUDING VAT) AT EUR 10.8 BILLION
EUROS, UP 38.2% YOY, REFLECTING THE INCREASE IN QUANTITIES SOLD
AS WELL AS THE RISE IN THE PRICE OF OIL PRODUCTS
    * END-SEPTEMBER NET FINANCIAL POSITION NEGATIVE FOR AN
AMOUNT OF
120 MILLION EURO. AT THE END OF JUNE 2021, THE NET FINANCIAL
POSITION WAS NEGATIVE BY 181 MILLION EURO FOR SHAREHOLDERS'
EQUITY OF 445 MILLION EURO
    * OUTLOOK : DESPITE THE ECONOMIC RECOVERY OBSERVED SINCE Q2,
THE
LEVEL OF DEMAND FOR PETROLEUM PRODUCTS REMAINS LOWER THAN IT WAS
BEFORE THE CRISIS AND CONTINUES TO WEIGH HEAVILY ON FUEL
REFINING MARGINS
    * OUTLOOK : THE GROUP WILL CONTINUE THE COST REDUCTION
EFFORTS
BEGUN IN 2020 TO SAFEGUARD ITS COMPETITIVENESS
    * THE REORGANIZATION PROJECT WHICH WILL RESULT IN A
REDUCTION OF
APPROXIMATELY 8% IN THE GROUP'S WORKFORCE AND FOR WHICH THE COST
OF IMPLEMENTATION HAS ALREADY BEEN PROVISIONED IN THE FY 2020
ACCOUNTS, IS UNDERWAY AND WILL BE COMPLETED BY YEAR-END

Source text for Eikon:  ID:nGNE33wGCg 
Further company coverage:  ESSF.PA 

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