Oil and Gas: Understanding Oil and Gas Companies By Numbers

Oil & Gas
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Friday, January 15, 2021   / 06:00 AM / By Proshare Research/ Header Image Credit: EcoGraphics


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The O&G Business Gambit

 

Profitability - Priming the Money Pump

 

Revenue

 

Niger Delta Exploration & Production Plc (NDEP)

 

The latest result of NDEP shows an increase in earnings and financial position of the group despite instability in the industry which impacted the price of products and volume sold.

 

Revenue increased by +17.69% year-on-year (Y-o-Y) from N39.05bn in 2018 to N45.96bn for FY 2019, revenue from the sale of crude oil grew Y-o-Y by +30.18% while revenue from diesel and gas declined by -31.46% and -11.33% respectively.

 

Debt-to-revenue increased to 50.15% against 31.10% in 2018, this is as a result of +89.77% growth recorded in the debt size of the Company.

 

In USD terms, revenue for the upstream and downstream player in the O&G industry for 2019 was $127.24m against $149.73m for 2018 using the official CBN rate during the different periods (see chart 10 below).

 

Chart 10: NDEP - Revenue 

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Seplat Petroleum Development Company Plc
 (SPDC)

 

Oil price was heavily impacted by COVID-19 and KSA-Russia price war; the revenue of the company was not directly impacted by the COVID-19 pandemic, however, OPEC+ cuts are likely to impact the performance of the company.

 

Seplat Petroleum Development Company reported a -10.70% decline in its revenue for year-to-date (YTD) September 2020, this was against N151.88bn recorded in the same period of the previous year to N135.62bn. This was majorly driven by a -10.92% decline in gas sales despite a +7.88% increase in crude oil sales (see chart 11 below).

 

The company did not record revenue from gas processing as it has ceased to process gas for Nigerian Petroleum Development Company (NPDC).

 

In contrast to the -10.70% decline in Naira terms, in USD terms, SPDC's revenue declined by -28.07%. From $494.84m recorded in YTD September 2019 to $355.96m in YTD September 2020. The Company lost $85.92m as a result of the devaluation of the domestic currency, that is, USD terms translation cost.

 

Chart 11: SPDC - Revenue 

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11 Plc 


11 Plc (formerly Mobil Oil Nigeria) recorded a marginal decline in its financial position for 9months 2020, which shows the company was not heavily impacted by the COVID-19 pandemic and the oil price war. Revenue for the company has an upward trend, however, in 9months 2020 the company's revenue declined -18.91% year-on-year (Y-o-Y), from N141.51bn in 9months 2019 to N114.75bn in 9months 2020. The drop in revenue also translated to a drop in gross profit of the Company which declined by -30.69% despite the -17.87% decline in cost of sales.

 

In USD terms, the revenue of 11 Plc declined by -34.68% Y-o-Y from $461.07m in 9months 2019 to $301.17 in 9months 2020 using the CBN official rates at the respective periods (see chart 12 below). Foreign currency translation cost was $72.69m as a result of the devaluation of the domestic currency during the period.

 

Chart 12: 11 Plc's Revenue

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Ardova Plc

 

Revenue of Ardova Plc (formerly Forte Oil Plc) recorded an improvement for 9months 2020, this is despite the macroeconomic challenges caused by the COVID-19 pandemic. Revenue grew by +3.75% from N123.55bn in 9months 2019 to N128.18bn recorded in 9months 2019. This was majorly driven by a +4.82% increase in revenue from fuels and N5.21m revenue from Liquefied Petroleum Gas (LPG) and Cylinder Sales, this is despite a decline of -5.37% in Solar system revenue.

 

However, translating to USD terms, Ardova Plc recorded a decline of -16.42% in revenue for 9months 2020, from $402.54m recorded in 9months 2019 to $336.43m in 9months 2020 using the CBN official rate in the different periods (see chart 13 below). Foreign currency translation cost for the period was $81.20m as a result of the devaluation of the local currency.

 

 

Chart 13: Ardova Plc's Revenue

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Conoil Plc

 

The company's revenue from the sale of petroleum products declined in 9months 2020, revenue declined by -21.84% from N112.72bn recorded in 9months 2019 to N88.10bn. The drop in revenue also translated to a decline in gross profit of the company, gross profit declined by -28.15% despite the -21.16% decline in cost of sales for the period.

 

Revenue declined further after translating to USD terms, revenue declined by -37.04% from $367.27m in 9months 2019 to $231.24m in 9months 2020 using the official exchange rates at the different periods while foreign currency translation cost was $55.81m (see chart 14 below).



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Chart 14: Conoil Plc's Revenue

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Eterna Plc

 

The downstream operator of the Oil & Gas sector recorded a significant decline in its revenue, operations of The Group was heavily impacted by macroeconomic challenges which were caused by the COVID-19 pandemic. Revenue declined by -79.18% Y-o-Y, from N211.26bn recorded in 9months 2019 to N43.99bn in 9months 2020, this was majorly driven by -99.23% Y-o-Y decline recorded in revenue from trading, also, revenue from fuel and lubricants declined by -17.49% and -12.12% Y-o-Y respectively.

 

Translating to USD terms, the revenue of Eterna Plc declined by -83.23% from $688.32m in 9months 2019 to $115.45m in 9months 2020 using the official CBN exchange rates during the different periods (see chart 15 below). Foreign currency translation cost was $27.87m as a result of the devaluation of the domestic currency.

 

Chart 15: Eterna Plc's Revenue

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Japaul Gold and Ventures Plc

 

The exiting indigenous oil services company has a downward sloping revenue curve, the Group recorded a marginal decline in revenue for H1 2020. Revenue declined by -1.20% from N510.76m recorded in YTD September 2019 to N504.65m recorded. This was majorly by a decline in revenue from offshore, which declined by -19.05%, revenue from dredging, and quarry services increased by +72.22% and +20.68% respectively.

 

Translating to USD terms, the Group's revenue declined by -20.41% from $1.66m recorded in the same period of the previous year to $1.32m, foreign currency translation cost was $319,700 this was due to the currency devaluation by the CBN between the periods. (using the official CBN exchange rate) (see chart 16 below).

  

Chart 16:  Japaul Gold and Ventures Plc - Revenue

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MRS Oil Nigeria Plc

 

The downstream player in the Nigeria Oil Industry recorded a decline in its total revenue resulting from a decline in revenue from its different business units which was affected by the macroeconomic challenges caused by the COVID-19 pandemic and KSA-Russia Oil price war.

 

MRS revenue declined by -33.29% Y-o-Y, from N47.28bn in 9months 2019 to N31.54bn recorded in 9months 2020, this was majorly driven by -30.06%-88.15%, and -70.33% Y-o-Y decline in revenue from Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK) and Aviation Turbine Kerosene (ATK), respectively. This was despite a +19.62% increase in revenue from Liquefied Petroleum Gas (LPG).

 

Revenue declined further after translating to USD terms, it declined by -46.42% Y-o-Y from $154.51m recorded in the same period of 2019 to $82.78m recorded in H1 2020 using the official CBN exchange rateMRS lost $20.29m as a result of the devaluation of the domestic currency during the period (see chart 17 below).

 

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Chart 17: MRS Oil Nigeria Plc - Revenue

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Rak Unity Petroleum Company Plc

 

Revenue of the Company has a downward sloping curve, revenue declined by -60.61% Y-o-Y from N3.57bn in 9months 2019 to N1.41bn. This was majorly driven by a -62.42% decline in revenue from Automotive Gas Oil (AGO), revenue from PMS and DPK also declined by -52.50% and -42.40% respectively. The decline in revenue also translated to a decline in gross profit, which declined significantly by -41.81% Y-o-Y.

 

In USD terms, the revenue of Rak Unity declined by -68.27%, from $11.65m in 9months 2019 to $3.69m recorded in 9months 2020 using the official CBN exchange rate during the different periods. Foreign currency translation cost was $892,000 as a result of the devaluation of the domestic currency (see chart 18 below).

 

Chart 18: Rak Unity Petroleum Company Plc - Revenue

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Total Nigeria Plc

 

Despite being a major player in the O&G industry in Nigeria, the Company was not spared the negative impact of the pandemic and crash in Oil prices. The revenue of the company declined Y-o-Y by -31.61% from N221.84bn in 9months 2019 to N151.71bn in 9months 2020, this was a result of a decline in revenue from the different business unit of the company. Revenue from petroleum products declined by -35.41% and revenue from lubricants also declined by -10.66%, drop in revenue translated to a decline in Gross Profit, it declined by -16.20% Y-o-Y (see chart 19 below).

 

Translating to USD terms, Total Nigeria's revenue declined by -44.91%, from $722.78m in 9months 2019 to $398.18m recorded in 9months 2020. (Using the official CBN exchange rate during the different periods). Foreign currency translation cost was $96.11m due to the devaluation of the domestic currency.


 

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Chart 19: Total Nigeria Plc - Revenue

 

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Oando Plc

 

The Group has an upward trending revenue growth, latest result released by Oando Plc (Q3 2019) shows that revenue declined by -18.08% in 2019 from N505.09bn recorded in the same period of the previous year. The debt to revenue for the period was 46.66% (see chart 20 below).

 

Translating to USD terms, the revenue of the Group declined by -18.17%, from $1.65bn recorded in 2018 (9 months) to $1.35bn recorded in 2019 99 months).

 

Chart 20: Oando Plc - Revenue

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Profit Before Tax (PBT)

 

Niger Delta Exploration & Production (NDEP)

 

Profit before tax for NDEP in 2019 declined by -29.80% from N29.33bn in 2018 to N20.59bn. The decline in PBT was majorly driven by non-recurrent costs (one-off costs) as stated in the financials of the company. Other drivers of the decline in PBT were the growth in the cost of sales and finance costs both increased by +84.61% and +333.41% respectively and the -72.39% decline in finance income.

 

In USD terms, PBT for 2019 was $95.57m against $67.09m for 2018 using the CBN official rate during the different periods (see chart 21 below).

 

Chart 21: NDEP - Profit Before Tax

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Seplat Petroleum Development Company Plc (SPDC)

 

Seplat recorded a significant decline in its gross profit which declined by -60.99% in YTD September 2020 from N81.22bn recorded in the same period of the previous year to N31.69bn. Profit/Loss before tax also declined significantly, PBT declined by -180.21% year-on-year (Y-o-Y), from N56.71bn recorded in YTD September 2020 to a loss of N45.49bn. This was majorly driven by a -74.72% decline in finance income and a +69.01% increase in finance cost Y-o-Y (see chart 22 below).

 


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Chart 22: SPDC's Loss Before Tax

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11 Plc

 

Operating profit declined significantly by -33.38% which translated to a -34.73% decline in profit before tax, from N9.4bn recorded in the same period of 2019 to N6.14bn in 9months 2020. This was despite a +55.19% growth in finance income, however, finance cost increased by +58.68%. PBT to Revenue for 9months 2020 was 5.35% against 6.64% recorded in 9months 2019.

 

Translating to USD terms, 11 Plc (formerly Mobil Oil Nigeria) recorded a significant decline of -47.42% in PBT, from $30.64m in 9months 2019 to $16.11m in 9months 2020 while foreign currency translation cost was $3.89m (see chart 23 below)

 

Chart 23: 11 Plc - Profit Before Tax

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Ardova Plc

 

The company's operating profit significantly declined by -30.16% Y-o-Y, Profit before tax also declined significantly by -62.97%, from N6.54bn recorded in 9months 2019 to N2.42bn in 9months 2020. The major driver of the decline in PBT was the finance income, it declined by -95.18% despite the -68.14% Y-o-Y decline in finance cost. PBT to Revenue declined to 1.89% in 9months 2020 from 5.29%  in 9months 2019 (see chart 24 below).

 

In USD terms, profit before tax declined by -70.17%, from $21.29m recorded in 9months 2019 to $6.35m in 9months 2020, using the official CBN rates at the different periods. Foreign currency translation cost for the period was $1.53m as a result of the devaluation of the local currency.

 

Chart 24: Ardova Plc - Profit Before Tax

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Conoil Plc

 

The downstream player recorded a significant decline in profit before tax for H1 2020, PBT declined by -33.41% Y-o-Y, from N2.45bn recorded in 9months 2019 to N1.63bn, this was despite a -54.89% Y-o-Y decline recorded in finance cost. PBT to Revenue for 9months 2020 was 1.85% against 2.18% recorded in the same period of 2019 (see chart 25 below).

 

In USD terms, Conoil Plc recorded a -46.36% Y-o-Y decline in PBT, from $7.93m in 9months 2019 to $4.29m in 9months 2020 using the official CBN rate during the different periods while foreign currency cost was $1.03m for the period.

 

Chart 25: Conoil Plc - Profit Before Tax

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Eterna Plc

 

Operating profit for the Group grew by +1.58% Y-o-Y which was majorly driven by a -29.50% decline in finance cost.  Profit before tax increased significantly by +84.36% Y-o-Y from N220.86m recorded in 9months 2019 to N407.18m in 9months 2020, despite a -97.50% decline recorded in finance income and -387.25% decline recorded in foreign exchange gains for the period. (see chart 26 below).

 

Translating to USD terms, PBT of Eterna Plc declined by +48.51% from $719,600m recorded in 9months 2019 to $1.07m in H1 2020, using the CBN official rate during the different period. However, the foreign exchange translation cost for the period was $257.950 as a result of the devaluation of the local currency. 


Chart 26: Eterna Plc - Profit Before Tax

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Japaul Gold and Ventures Plc

 

Loss before tax has trailed the Midstream player of the oil industry, however, for YTD September 2020, the Group recorded a significant rebound in profit, PBT grew by +95.68% Y-o-Y, from a loss position of N2.11bn recorded in YTD September to N91.05m. The growth in profit before tax was majorly driven by over +16000% Y-o-Y increase in other income which comprises of sundry income, a -86.80% decline in finance cost which led to a +95.65% increase in operating profit.

 

PBT to revenue also improved significantly, from a negative threshold of -413.03% recorded in H1 2019 to 18.04% in H1 2020 (see chart 27 below).

 

Converting to USD term, The Group recorded an improvement in PBT of +96.52% from a loss position of $6.87m recorded in YTD September 2019 to $238.98 using the official CBN rates during the different periods.

 

Chart 27:  Japaul Gold and Ventures Plc - Profit Before Tax

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MRS Oil Nigeria Plc

 

MRS continued its losing streak, the downstream player in the O&G industry posted an improvement in its loss position, loss before tax improved significantly by+163.49%, from a loss position of N1.43bn recorded in the same position of 2019 to a loss of N909.72m. The improvement in the loss was majorly driven by a -125.19% Y-o-Y decline recorded in finance cost.

 

Also, operating loss improved in 9months 2020 by +14.82%, PBT to revenue improved to -2.88% in 9months 2020 from -3.03% in 9months 2019 (see chart 28 below).


In USD terms, MRS Oil Nigeria recorded a +48.85% improvement in its loss before tax, from a loss of $4.67m in 9months 2019 to a loss of $2.39m in 9months 2020.

 

Chart 28: MRS Oil Nigeria Plc - Loss Before Tax

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Rak Unity Petroleum Company Plc

 

The downstream player in the oil & gas sector continued its losing streak in its 9months 2020, although loss for 9months 2020 improved significantly by +45.98% Y-o-Y from a loss of N55.54m recorded in 9months 2019 to a loss of N30.01m recorded in H1 2020. This was majorly driven by a -43.02% decline in operating expenses despite the -46.39% Y-o-Y decline in operating profit. PBT to revenue declined to -2.13% in 9months 2020 from -1.55% in 9months 2019 (see chart 29 below).

 

Translating to USD terms, Rak Unity recorded a loss of $78,750 in PBT for 9months 2020, that is, 56.48% lower than a loss of $80,970 recorded in the same period of 2019.


Chart 29: Rak Unity Petroleum Company Plc - Loss Before Tax

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Total Nigeria Plc

 

Profit before tax grew significantly by +680.58% Y-o-Y from a loss position of N116.95m in the same period of 2019 to N912m recorded in 9months 2020. The growth in PBT was majorly driven by a decline in finance cost, it declined by -58.25% Y-o-Y, despite the decline in other income and operating income, they both declined by -15.86% and -77.68% respectively. However, finance income grew significantly by +664.27% Y-o-Y (see chart 30 below).

 

PBT to revenue improved in 9months 2020 to 0.60% from 0.05% recorded in 9months 2019.

 

In USD terms, Total Nigeria recorded a Y-o-Y growth of +528.81% in PBT from $381,000 in 9months 2019 to $2.39m recorded in 9months 2020 using the official CBN rate during the different periods. Foreign currency translation cost was $578,000 as a result of the devaluation of the domestic currency. 

 

Chart 30: Total Nigeria Plc - Before Tax

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Oando Plc

 

The latest results released by the Company shows that profit before tax declined significantly by -293.46% Y-o-Y, to a loss of N9.23bn recorded in 9 months of 2019 from N4.77bn recorded in the same period of the previous year. Operating profit declined Y-o-Y by -31.05% and finance income declined by -6.81% while finance cost increased by +9.31%. PBT to revenue declined to 2.23% in 9 months 2019 from 0.94% recorded in the same period of the previous year (see chart 31 below).

 

Chart 31: Oando Plc- Loss Before Tax

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TOTAL ASSETS

 

Niger Delta Exploration & Production Plc (NDEP)

 

Total assets grew on the back of the expansion project embarked by the Group, with the completion of Wells #10 and #11. Total assets increased Y-o-Y by +18.44% from N199.73bn in 2018 to N236.55bn recorded in 2019. Other drivers of the growth in total assets were growth in property, plant and equipment, financial assets and trade, and other receivables, they increased by +30.80%+155.74%, and +20.56% respectively.

 

The working capital of the Group for the period was N10.55bn while the current ratio and quick ratio (acid-test ratio) were 1.61 and 1.49 respectively.

 

In USD terms, total assets for 2019 was $650.74m against $770.64m in 2018 using the official CBN rate during the different periods (see chart 32 below).

 

Chart 32: NDEP- Total Assets

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Seplat Petroleum Development Company Plc (SPDC)

 

SPDC's total asset for the period (9 months 2020) was N1.09trn which shows a growth of +40.92% from the same period in the previous year. The increase in total assets was majorly driven by oil and gas properties, deferred tax, inventories and trade, and other receivables, they all grew by +56.07%+133.72%+5.96%, and +113.56% respectively.

 

Working capital was in the positive threshold which indicates a good liquidity position, using the latest data released by the company, working capital stood at N73.63bn for 9 months ended 2020, current ratio and quick ratio for the company stood at 1.43 and 1.26 respectively (see chart 33 below).

 

Translating to USD terms, the total asset for the period was $2.89bn against $2.54bn recorded in the same period in the previous year which shows a growth of +13.52%. The percentage change in Naira terms was higher than the percentage change in USD, showing the impact of devaluation.

 

Chart 33: SPDC- Total Assets

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11 Plc

 

Total assets for 11 Plc grew by +21.86% Y-o-Y, from N78.24bn recorded in 9months 2019 to N95.35bn for 9months 2020. The major driver of the growth recorded in total assets was the property, plant, and equipment which grew by +195.85%. Prepayments and cash and cash equivalents both declined Y-o-Y by -3.88% and -41.50% respectively (see chart 34 below).

 

Working capital for the period was negative at N9.99bn which indicates liquidity tightness in the company, while the current ratio and quick ratio were 0.78 and 0.39, respectively.

 

Translating to USD terms, the company recorded $254.94m in 9months 2019 to $250.25m for 9months 2020, that is, a marginal decline of -1.84% in total assets. Foreign exchange translation cost was $60.40m as a result of the devaluation of the domestic currency.

 

Chart 34: 11 Plc- Total Assets

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Ardova Plc

 

The erstwhile Forte Oil recorded a marginal decline in total assets for the period (9 months ended 2020), total assets declined by -7.14%, from N53.65bn recorded in the same period of the previous year to N49.81bn recorded in 2020 9 Months ended. The driver of the decline in total assets was the decline recorded in current assets which declined by -15.42%, major drivers of the decline in current assets were the trade and other receivables, and inventories, they both declined Y-o-Y by -23.40% and -16.25% respectively (see chart 35 below).

 

The current ratio and quick ratio of the company for the period were 1.24 and 0.88 respectively while working capital was N6.84bn which indicates liquidity in the company.

 

Foreign exchange translation cost was a loss of $31.56m as a result of the devaluation of the domestic currency. In USD terms, the company's total assets for the period declined by -25.19%, from $174.77m recorded in the same period of the previous year to $130.74m.

 

Chart 35: Ardova Plc- Total Assets

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Conoil Plc

 

The Company's total assets declined by -3.17% Y-o-Y, from N53.89bn in 9months 2019 to N52.18bn, which was majorly driven by a -3.81% decline in current assets. Major drivers of the decline in current assets were the prepayments and cash and bank balances, they both declined by Y-o-Y -79.09% and -73.50% respectively (see chart 36 below).

 

Working capital was N16.54bn while the current ratio and acid test ratio of the company were 1.55 and 1.34, respectively.

 

Translating to USD terms, Conoil Plc recorded $200.75m in total assets in 9months 2019 to $136.95m recorded in 9months 2020 showing a -22.0% Y-o-Y decline. Foreign currency translation cost was $33.05m as a result of the devaluation of the domestic currency.

 

Chart 36: Conoil Plc- Total Assets

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Eterna Plc

 

The Group's total assets declined Y-o-Y by -36.14%, from N51.44bn recorded in the same period of the previous year to N32.85bn recorded at the end of 9 months 2020 which was driven by a -53.09% decline in current assets. Drivers of the decline in current assets were the trade and other receivables and prepayments which both declined Y-o-Y by -73.50% and -62.01% respectively (see chart 37 below). 

 

Working capital for the period was in the positive threshold, working capital was N207.11m while the current ratio and quick ratio were 1.01 and 0.63, respectively.

 

In USD terms, Eterna Plc recorded $167.59mn in the same period of the previous year to $86.22m recorded for 9 months ended 2020 showing a -48.55% decline, using the official CBN rate for the different periods. USD terms translation cost was $20.79m as a result of the devaluation of the domestic currency.

 

Chart 37: Eterna Plc- Total Assets

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Japaul Gold and Ventures Plc

 

For 9 months ended 2020, total assets declined Y-o-Y by -6.51% from N23.23bn recorded in 2019 to N21.72bn, which was majorly driven by a -64.27% decline in property, plant, and equipment, -36.43% Y-o-Y decline in inventory, and -5.10% decline in cash and bank balances (see chart 38 below).

 

Working capital was in the negative, it stood at N897.41m for the period, the current ratio was 0.92 and the acid test ratio was 0.92 for the period.

 

Translating to USD terms, the Group recorded a -6.51% Y-o-Y decline in total assets from $75.68m in 9months 2019 to $57m recorded for 9months 2020 using the official CBN rate during the different periods. Foreign currency translation cost for the period was $13.75m.



Chart 38: Japaul Gold and Ventures Plc- Total Assets

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MRS Oil Nigeria Plc

 

Total assets for the period (YTD September 2020) declined by -11.58% Y-o-Y, from N42.57bn in YTD September 2019 to N37.64bn. Major drivers of the decline in total assets were the intangible assets, inventories, prepayments, and trade, and other receivables, they all declined Y-o-Y by -63.43%-39.73%-58.32%, and -33.82% respectively (see chart 39 below).

 

Working capital was N3.13bn, while the current ratio and quick ratio were 1.17 and 0.99, respectively.

 

In USD terms, The Company recorded a -28.76% decline in total assets, from $138.69m in YTD September 2019 to $98.80m in YTD September 2020 using the official CBN exchange rate during the periods. USD terms translation cost was $23.84m as a result of the devaluation of the domestic currency.

 

Chart 39: MRS Oil Nigeria Plc- Total Assets

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Rak Unity Petroleum Company Plc

 

The Company's total assets declined Y-o-Y by -41.95%, from N2.23bn recorded in H1 2019 to N1.69bn recorded in H1 2020. Current assets declined by -25.34% while non-current assets declined by -10.49% (see chart 40 below).

 

Working capital was positive for the period, working capital was N389.4m, the current ratio was 1.34, the quick ratio could not be calculated as the latest results released by the company did not record inventory.

 

Translating to USD terms, the Company recorded $7.27m in H1 2019 to $4.68m recorded in H1 2020 showing a -35.59% decline, using the official CBN rate during the different periods. USD terms translation cost for the period was $824.59 resulting from the devaluation of the domestic currency.

 

Chart 40: Rak Unity Petroleum Company Plc- Total Assets

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Total Nigeria Plc

 

Total Nigeria recorded a -14.89% Y-o-Y decline in total assets, from N145.27bn recorded for YTD September 2019 to N123.64bn recorded in YTD September 2020. Current assets were the major drivers of the decline in total assets, inventories, trade, and other receivables and prepayments declined by -46.03%-46.33%-15.26%, and -51.78% respectively (see chart 41 below).

 

Working capital was negative, the Company's working capital for the period was N13.35bn, while the Company's quick ratio and current ratio were 0.65 and 0.85, respectively.

 

In USD terms, total assets declined by -31.43%, from $473.28m recorded in the same period in the previous year to $324.52m recorded in YTD September 2020 using the official CBN rate during the different periods. USD terms translation cost was $78.29m as a result of the devaluation of the domestic currency.

 

Chart 41: Total Nigeria Plc- Total Assets

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Oando Plc

 

The latest results released by the Group shows total assets grew marginally by +3.36%, from N1.04trn recorded in FY 2018 to N1.08trn recorded in YTD 2019. This was majorly driven by N42.89m recorded in prepayment for YTD September 2019 as results from the Group did not record any prepayment in the previous year.

 

Inventories and cash and cash equivalents increased by +39.39% and +64.29% respectively (see chart 42 below).

 

Working capital was negative during the period, the Group recorded N330.19bn, while the current ratio and acid test ratio of the Group was 0.28 and 0.27, respectively.

 

In USD terms, the company recorded $3.50bn for YTD 2019 against $3.39bn recorded for FY 2018.

 

Chart 42: Oando Plc- Total Assets

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TOTAL SHAREHOLDER'S FUND

 

Niger Delta Exploration & Production Plc (NDEP)

 

Conversion of the African Capital Alliance convertible loan to ordinary shares at a premium led to the +15.48% Y-o-Y growth in total shareholders fund, from N159.79bn in 2018 to N184.53bn recorded in 2019 (see chart 43 below).

 

Chart 43: NDEP- Total Shareholder's Fund

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Seplat Petroleum Development Company Plc (SEPLAT)

 

Total shareholders fund grew Y-o-Y by +18.01%, from N542.16bn ($1.77bn - using the official CBN exchange rate as of September 2019) recorded in YTD September 2019 to N639.79bn ($1.68bn using the official CBN exchange rate as of September 2020) recorded in YTD September 2020. The major driver of the growth in total equity was the USD terms translation reserve which increased by +63.24%. issued share capital and share premium also increased Y-o-Y by +2.45% and +6.45% respectively (see chart 44 below).

 

The debt to equity ratio of the company for the period stood at 41.09%.

 

Chart 44: SPDC- Total Shareholder's Fund

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11 Plc

 

The Company's total shareholders fund increased Y-o-Y by +17.94%, from N37.14bn ($121m - using the official CBN exchange rate as of September 2019) in the same period of 2019 to N43.80bn ($114.97m) for 9months 2020. This was as a result of the +18.03% Y-o-Y growth in retained income and other reserves (see chart 36 below).

 

The company had no record of debt for the period; therefore, the debt-to-equity ratio was 0%.

 

Chart 45: 11 Plc - Total Shareholder's Fund

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Ardova Plc

 

Ardova Plc recorded a marginal increase in its total shareholder's fund for the period, total equity increased by +3.10%, from N17.51bn ($57.04m - using the official rate as of September 2019) recorded in the same period of the previous year to N18.05bn ($47.38m) recorded in YTD September 2020. This was a result of a +5.31% increase recorded in retained earnings (see chart 46).

 

The debt to equity ratio was for the period was 23.71%. in USD terms, the company recorded a decline of -16.94% as a result of the devaluation of the domestic currency.

 

Chart 46: Ardova Plc - Total Shareholder's Fund

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Conoil Plc

 

Total shareholder's fund of the Company increased Y-o-Y by +10.56%, from N18.61bn ($60.65m - using the official CBN rate as of June 2019) recorded in the corresponding period to N20.58bn ($54.01m) recorded in 9months 2020. The major driver of the growth in shareholder's fund was the retained earnings which grew by +13.61% (see chart 47 below).

 

The Company's debt to equity ratio for the period was 0% as the Company had no record of debt. In USD terms, the Company's total shareholder's fund declined Y-o-Y by -10.94%.

 

Chart 47: Conoil Plc - Total Shareholder's Fund

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Eterna Plc

 

The Group's total shareholder's fund declined marginally by -0.79%, from N12.70bn ($41.39m - using the official CBN rate as of September 2019) recorded in the corresponding period of the previous year to N12.60bn ($33.07m - using the official CBN rate as of September 2020) recorded in YTD September 2020-1.60% Y-o-Y decline in retained earnings was responsible for the marginal decline recorded in shareholder's fund for the period (see chart 48 below).

 

Eterna Plc's debt to equity ratio for the period was 93.55%. translating to USD terms, the Group recorded a Y-o-Y decline of -20.08% in shareholder's fund.

 

Chart 48: Eterna Plc - Total Shareholder's Fund

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Japaul Gold and Ventures Plc

 

Total shareholder's fund for the Group grew significantly Y-o-Y, from a loss position of N37.65bn recorded in YTD September 2019 to N4.78bn recorded in YTD September 2020, this was as a result of a +83.54% increase recorded in AFS reserve (see chart 49).

 

Chart 49: Japaul Gold and Ventures Plc - Total Shareholder's Fund

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MRS Oil Nigeria Plc

 

The Company's total shareholder's fund declined marginally by -0.70% Y-o-Y, from N19.73bn ($64.28m) recorded in the same period of the previous year to N19.59bn ($51.42m) recorded for YTD September 2020. This was majorly driven by a -7.02% Y-o-Y decline recorded in retained earnings (see chart 50 below).

 

The Company's debt to equity ratio for the period was 9.26%. in USD terms, the Company recorded a Y-o-Y decline of -20.01% in its shareholder's fund.

 

Chart 50: MRS Oil Nigeria Plc - Total Shareholder's Fund  

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Rak Unity Petroleum Company Plc

 

Rak Unity's total shareholder's fund declined by -7.05% Y-o-Y, from N553.64m reported in the same period of the preceding year to N514.58m. major drivers to the decline in shareholder's fund were the -21.77% decline in retained earnings (see chart 51 below).

 

The debt-to-equity ratio of the company could not be calculated as the latest results released by the Company shows no record of current or non-current debt for the period.

 

Chart 51: Rak Unity Petroleum Company Plc - Total Shareholder’' Fund

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Total Nigeria Plc

 

Shareholder's funds improved marginally by +2.86% Y-o-Y, from N25.81bn reported in YTD September 2019 to N26.54bn. Retained earnings also recorded a +2.88% marginal growth which was the major driver of the growth in shareholders fund for the period (see chart 52 below).

 

Total Nigeria's Debt-to-equity ratio for the period was 95.13% against 208.75% recorded in the corresponding period of the previous year, which shows a significant decline in the debt of the company.

 

Chart 52: Total Nigeria Plc - Total Shareholder's Fund

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Oando Plc

 

The latest results released by The Group show shareholder's fund grew by +4.41% from N277.12bn for FY 2018 to N289.33bn for the period, which was driven by +4.07% growth in other reserve components of the financial statement of Oando Plc (see chart 53 below).

 

The debt-to-equity ratio for the period was 66.04% against 125.84% recorded in the preceding year indicating a reduction in the debt size of the Group.

 

Chart 53: Oando Plc - Total Shareholder's Fund

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Downloadable Version of Oil and Gas: Working the New Normal in the Time of a Pandemic Report (PDF)

1.    Full ReportOil and Gas: Working the New Normal in the Time of a Pandemic - Jan 11, 2021

2. Executive Summary: Oil and Gas: Working the New Normal in the Time of a Pandemic  - Jan 11, 2021


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