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TGS Reported its Q2 2020 Results

Source: www.gulfoilandgas.com 7/23/2020, Location: North America

“Despite the unprecedented weak market conditions in Q2, TGS generated improved cash flow from operations compared to Q2 2019. During the quarter, TGS’ cost level has been reduced significantly in light of the weak market conditions. Lower cost and a continued strong balance sheet, place TGS in a unique position to continue generating strong cash flow and industry-leading return on capital,” says Kristian Johansen, CEO at TGS.

Net segment revenues* for the second quarter came in at USD 96 million, a 55% decline compared to Q2 2019. Investments in the multi-client library totaled USD 77 million and were supported by USD 38 million (49%) in prefunding. Q2 2020 EBITDA adjusted for non-recurring items was USD 69 million, down 61% from USD 178 million in Q2 2019 (pro-forma). The company completed its previously announced restructuring during Q2 and recognized non-recurring items of USD 16.8 million and impairment of selected projects in the multi-client library of USD 30 million. The Cash balance ending June 2020 was USD 198 million and supports continued dividend of USD 0.125 per share.

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