Share Name Share Symbol Market Type Share ISIN Share Description
Total Ord LSE:TTA London Ordinary Share FR0000120271 TOTAL ORD SHS
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.255 € -0.58% 44.045 € 43.38 € 44.71 € - - - 965,410 16:35:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers - - - - 0.00

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Total Ord Daily Update: Total Ord is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker TTA. The last closing price for Total Ord was 44.30 €.
Total Ord has a 4 week average price of 43.07 € and a 12 week average price of 42.90 €.
The 1 year high share price is 47.83 € while the 1 year low share price is currently 0.00 €.
There are currently 1 shares in issue and the average daily traded volume is 962,141 shares. The market capitalisation of Total Ord is £44.05.
sarkasm: Total SA slashes spending. French oil giant Total (NYSE: TOT) outlined deeper cuts to spending on September 22, hoping to improve profitability. The moves call for sharper cuts to spending, boosting operational efficiency, and increase oil and gas production. Spending for 2017 will drop to between $15 billion and $17 billion, down from $18 billion to $19 billion this year. The adjustments will allow Total to cover capex, dividends, and resource renewal with cash flow, assuming an oil price of $55 per barrel in 2017. Total’s share price jumped by 3.7 percent on the news.
waldron: French oil firm Total bets on renewable energy with near €1bn bid for battery maker Saft Total employees Total is betting on renewable energy Agence France-Presse 9 May 2016 • 11:47am French oil giant Total is buying high-tech battery maker Saft for €950m (£749m) as it seeks to expand its electricity and renewable energy business. The offer values Saft's shares at €36.50 apiece, a 38pc premium to the company's share price on Friday, before the acquisition was made public. Total, which like other oil majors has been battling with persistently weak oil prices, said last month it would set up a new branch for gas, renewable energy and electricity. The company already has a more than 57pc stake in US solar panel and power station maker SunPower. "The combination of Saft and Total will enable Saft to become the group's spearhead in electricity storage," said Patrick Pouyanne, chairman and chief executive of Total. “The acquisition is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity." Saft, which employs more than 4,100 staff across 19 countries, designs and makes nickel and lithium batteries for industries including transportation and civil and military electronics. Total has sought to expand in clean energy, announcing last month it was combining its renewables, gas and power units with its energy innovation and efficiency business. In September, the company said it would invest $500m (£346m) a year in renewables to expand in biofuels and solar "Saft's renowned technological know-how and unique expertise have allowed it to develop innovative and competitive solutions for its clients. It will notably allow us to complement our portfolio with electricity storage solutions, a key component of the future growth of renewable energy," Mr Pouyanne added. The deal needs final approval from shareholders as well as from financial regulators.
maywillow: Total S.A. - Higher Earning Oil Major Yielding 6% Apr. 3, 2016 1:59 AM ET| About: TOTAL S.A. (TOT), Includes: CVX, XOM The Value Portfolio The Value Portfolio ⊕Follow (1,836 followers) Growth, long-term horizon, deep value, momentum Send Message Summary Total S.A. still yields almost 6% and has bounced up with what many consider to be a firm bottom for oil prices. The company continues earning increasing amounts and has managed to increase its production and its reserves. At the same time, the cycle is expected to last two years something that won't noticeably hurt Total S.A. in its long-term business plan. Introduction Total S.A. (NYSE:TOT) is a French multinational integrated oil and gas company. The company is one of six supermajor oil companies in the world with a $113 billion dollar market cap or roughly two-thirds that of Chevron (NYSE:CVX). At the same time, the company yields almost 6%, 5.95% to be exact as of its close for the last day of March 2015. Total S.A. Refueling Truck - Fortune Dot Com From the standpoint of oil majors, Total S.A. has had a less difficult time than most. While the company's stock price has dropped from a peak of over $72 in 2014 to recent lows of just under $40 the company experienced an impressive run up in 2014 and its current share price of just over $45 is in line with the company's stock price throughout the lower portions of 2013. Performance To start, let us talk about one of the factors that have been supporting Total S.A.'s stock price, its resilient performance. Total S.A. Safety Performance - Total S.A. Investor Presentation Total S.A. has had an impressive performance for the year with injuries dropping across the board. The total recordable injury rate has been dropping from a spike of over 2 in 2010 down to just over 1 in the current year. At the same time, the company's operational performance has been increasing as safety performance has been decreasing. This increase in utilization has been minimizing the company's costs while increasing its income. Total S.A. Integrated Model - Total S.A. Investor Presentation At the same time, Total S.A. has been benefiting from an integrated model that has seen it produce $8 billion of downstream cash generation and increasing production growth by 9.4%. The company has been exceeding its cash reduction targets, which while respectable, is not surprising given how fast prices for exploration have dropped. Commodity Prices Now that we have talked about the company's recent results, let us spend some time talking about the commodity prices crash and what has happened. Commodity Price Drop - Total S.A. Investor Presentation The above graphic shows how crude oil and natural gas prices have fared in the past decade. Henry Hub natural gas prices experienced two peaks one in 2007 at over $10 / Mbtu and another smaller one in 2014 at $4 / Mbtu. From both instances, natural gas prices are currently noticeably lower than they were a year ago. Similarly, oil prices experienced peaks in both 2014 and 2007 of more than $100 per barrel before dropping down to recent lows of less than $30. And currently, in most investor presentations from these oil majors, you'll see them increasingly focused on a single sector of profits, downstream profits. That is because most of these oil majors are losing massive amounts of money from the upstream sector, and find the need to highlight downstream profits. Still most of these companies have upstream prices noticeably above downstream prices and are still having negative earnings. Oil Deand and Supply Blance - Seeking Alpha Looking at the oil demand and supply balance, we see that the supply and demand balance isn't expected to come into balance until late 2016. The original oil crash was caused by an oversupply in late 2013 and it took approximately a year until prices began crashing down. Approximately 6-8 months from the start of the crash, prices hit what could be considered the first real bottom. From that picture, we should expect prices to begin recovering sometime in mid-2018 or another dismal two years for the oil majors. While a grim picture, for a long-term investor in Total S.A., the investor should be able to comfortable expect continued growth and dividend as two-years is a short timeframe in the lifetime of an oil majors. Total S.A. Cash Flow and Capex Now that we have talked about Total S.A.'s performance as well as the overall oil market as a whole and when we can expect a recovery, it is time to talk about Total S.A.'s cash flow and capex. Total S.A. Cash Flow Allocation - Total S.A. Investor Presentation Since the start of the oil crash, Total S.A. has put itself in the ring with the more elite oil majors by maintaining positive cash flow allocation. The company's 2015 cash flow was a respectable $22.6 billion of which the majority was generated organically. While the company has to sell assets and use financing, it continued to remain strong paying out its easily covered dividend and organically investing $23.0 billion and impressive amount for a company worth just over $100 billion. Total S.A. Reserves - Total S.A. Investor Presentation And this continued investment in its business paid off in a big way. Total S.A. beat ExxonMobil by managing to increase its reserves by 7% for a 107% reserve replacement ratio, a feat not even accomplished by ExxonMobil (NYSE:XOM). At the same time, these continued profits allowed the company's net debt to equity ratio to decrease from 31% to 28%. While other companies such as Chevron have been rapidly increasing their debt pile, Total S.A. has decreased its debt pile. 2016 Outlook With the company's impressive 2015 results, the company continues to have strong plans for 2016. Total S.A. 2016 Spending Plan - Total S.A. Investor Presentation The company plans to continue decreasing Capex in the coming years while decreasing spending. The company's 2016 Organic Capex is $19 billion and from 2017 onwards, the company's Organic Capex is $17 - $19 billion onwards. The majority of this 2016 organic Capex is the development of valuable upstream assets. The company is focused on assets that have a higher rate of return hoping to develop them for increased long-term profits. Total S.A. Production Growth - Total S.A. Investor Presentation More so, as the result of impressive new project start ups, the company expects to continue increasing production by 5% per year from 2014 - 2019 which should result in a total production increase of almost 30%. With the company's Capex decreasing and its costs coming down the company should be able to reach a point in the next year to two where it can manage its Capex and dividend without asset sales of financial offerings. At the same time, the company's retail network for retail gasoline and lubricants is expected to continue growing by almost 10% per year and currently contributes more than $2 billion of cash flow. This growth will bring the company hundreds of millions of additional cash flow which should minimize its costs. Conclusion Total S.A. has had a difficult time recently watching its stock price take a big hit. However, since the start of this crash, the company has put itself in the running for the best oil majors managing to decrease its debt, increase its production, and increase its reserves. The company has done this while spending 20% of its entire market cap annually on Capex growth. Many lament the death of the oil business as a result of the growth of renewables. And while that is likely true a hundred years from now, there is no denying that oil remains one of the few high dividend high growth industries that continues generating its investors massive profits. As a result, I recommend investors use the price drop from the crash to open or increase their long-term position in Total S.A. Disclosure: I am/we are long XOM, TOT, CVX. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
grupo guitarlumber: Market Movers • Eni (NYSE: E) finally began producing from its Goliat platform in the Arctic, the northernmost platform in the world. The offshore oil field, the first producing field in the Barents Sea, suffered from repeated delays and cost overruns. The $6 billion project will eventually produce 100,000 barrels per day. • The government of Tanzania said that Total SA (NYSE: TOT) has the funds to build a major oil pipeline from Uganda to a port on the Tanzanian coast, and construction should begin as quickly as possible. The $4 billion pipeline could connect Uganda’s oil fields to the global market, opening up a regional hub for East African oil exports that could benefit multiple companies prospecting in the area. Despite the government’s statement, Total declined to comment. • Linn Energy (NASDAQ: LINE) said in its Q4 results that it “does not expect to remain in compliance with all of the restrictive covenants contained in its credit facilities throughout 2016.” That “raises substantial doubt about the Company’s ability to continue as a going concern.” Linn Energy’s share price traded down by almost 20 percent in early trading on March 15. Tuesday March 15, 2016 Oil prices lost some of their shine over the past week, as reality set in. Oil markets remain oversupplied, inventories are still rising, and hopes have faded surrounding OPEC’s ability to negotiate some kind of production cut. Iran punctured bullish sentiment when it said that it would not accept the OPEC-Russia production freeze deal until it had returned output to pre-sanctions level, which means that it has no intention of choking off output until it ramps up production by an additional 1 million barrels per day. Rally is too early. Even leaving aside Iran and the record high levels of oil sitting in storage, there could be a ceiling to the oil price rally due to the responsiveness of U.S. shale. A rally above $40 or $50 would bring U.S. shale production back online, due to the short lead times between new drilling and production. That would send prices back down. The key to a sustained rally is a more substantial cut back in production, which can only be possible if drillers are starved of capital, Goldman Sachs concluded recently. “An early rally in prices before a deficit materializes would prove self-defeating,̶1; Jeffrey Currie, head of commodities research at Goldman Sachs, wrote in a March 11 report. A reaction from the shale industry could take longer than expected, others argue. With battered balance sheets, thousands of laid off workers, idled equipment, and depleted access to capital, it is not as if oil drillers can spring into action immediately. For example, North Dakota’s Director of Mineral Resources, Lynn Helms, thinks it could take oil prices rising above $60 per barrel before drilling picks up. “If you’ve been on a strict diet for a long period of time, it takes a while to put the weight back on,” Helms told reporters last week. As a result, even if oil prices rise, it will take time for damaged drillers to repair their balance sheets. “Light at the end of the tunnel” for oil prices. The IEA, for its part, weighed in last week with a cautiously optimistic take. The Paris-based energy agency said in its latest Oil Market Report that oil prices may have reached a bottom. Supply disruptions from Iraq to Nigeria, coupled with falling U.S. production and a weaker U.S. dollar are all working together to push oil prices up from their lows. That could mean that oil prices have “bottomed out.” The IEA revised its estimate for supply cuts, expecting a deeper contraction than it did in last month’s report: increasing its estimated cuts from non-OPEC producers from 600,000 barrels per day to 750,000 barrels per day. Iran’s expected ramp up in production has also been less impressive than expected. The oil markets will remain oversupplied through much of this year, but the supply and demand will converge much more rapidly in the second half of 2016. There is a lot of uncertainty, to be sure, but the IEA said that there is “light at the end of the tunnel.” Obama admin cuts off Atlantic drilling. There was growing speculation that the Obama administration would take initial steps to open up the Atlantic seaboard to oil and gas drilling as part of the Interior Department’s latest five-year plan. Instead, the administration surprised the industry by removing the suspected lease sale for the Atlantic Ocean in its 2017 to 2022 proposed plan, released on March 15. The oil and gas industry have expressed strong interest in exploring the Atlantic outer continental shelf, which could hold 3.5 billion barrels of oil and 30 trillion cubic feet of natural gas. But the latest development may not be all that significant, given the fact that a new administration next year can reverse course. No drilling had been expected before the end of the decade anyways. Low oil prices would also mean that any E&P companies would probably proceed slowly with high-cost exploration. For now, though, the region remains off limits. Apache and Shell drill in Egypt. Apache Corp. (NYSE: APA) and Royal Dutch Shell (NYSE: RDS.A) are set to start drilling Egypt’s first unconventional gas well by the end of March, with production slated for June. The projected will be located in Egypt’s Western Desert and will be a milestone for Egypt, a country that is in desperate need of natural gas. The project comes as Eni is also developing a massive offshore deposit of natural gas. Electricity sales down in the U.S. In a new report, the EIA found that electricity sales in the U.S. declined on an absolute basis in 2015, down by 1.1 percent from the previous year. Steadily increasing energy efficiency, particularly from appliances, combined with slow economic growth have cut into electricity consumption. It was also the fifth time in eight years that electricity sales declined. As efficiency continues to improve, the growth prospects for utility companies are highly questionable. U.S. West Coast LNG export terminal rejected. The Federal Energy Regulatory Commission rejected a permit for an LNG export terminal in Oregon late last week. The Jordon Cove LNG export terminal has been seeking permits for years, but FERC said the developers failed to demonstrate how the benefits from a pipeline that would feed the terminal would outweigh the adverse effects on landowners. The more than $5 billion project was one of the leading candidates to export natural gas from North America’s west coast. Russia announces withdrawal from Syria. In a surprise move, Russian President Vladimir Putin announced the withdrawal of troops from Syria on March 14, after declaring victory. Putin had propped up his ally, Syrian President Bashar al-Assad, fighting off an array of opposition groups. UN-led negotiations are seeking an end to the multiyear war, and while any solution remains extremely difficult, there are glimmers of hope that a political settlement can be reached by all parties involved. We invite you to read several of the most recent articles we have published which may be of interest to you: IEA Sees “Light At The End Of The Tunnel” For Oil Markets Solar Power Is About To Get MUCH Cheaper Why Oil Prices May Not Move Higher U.S. and Canada Crack Down On Methane From Oil And Gas How To Successfully Invest In Energy Stocks How Lenders Control The Future Of Oilfield Services $67 Oil Has All The Majors Converging Here Choking And Lifting Preventing The Decline In U.S. Shale? Oil Price Crash Was Not Saudi Arabia’s Fault An Energy Pair Trade To Take Advantage Of Current Turmoil That’s all from your midweek intelligence report, we hope you enjoyed it and we´ll be back on Friday, with your latest energy market update, industry intelligence and special report. Best regards, Evan Kelly News Editor,
waldron: November 25, 2015 Paris - Total has successfully placed a new debt financing of $1.2 billion through a structure combining the issue of cash-settled convertible bonds with the purchase of cash-settled call options to hedge Total's exposure to the exercise of the conversion rights under the bonds. The “synthetic” bond financing resulting from these two products has no dilution impact on the equity. The transaction enables Total to access a new investor base and to benefit from improved financing terms compared to a senior bond issuance. The bonds will mature on December 2, 2022, be issued at par, will bear a coupon of 0.50% and have a conversion price including a premium of 20% above the reference share price. This reference share price will be determined as the arithmetic average of Total’s daily volume weighted average share price on the Euronext Paris converted in dollars over a period of ten consecutive trading days on the Euronext Paris, commencing on November 26, 2015. Total intends to use the net proceeds of the transaction of the bonds for general corporate purposes. The book-runners will enter into transactions to hedge their respective positions under the call options, including transactions to be conducted during the period when the reference share price will be determined. - See more at: Http://
sarkasm: Total declares its first quarter 2015 interim dividend of 0.61 euro per share zoomin zoomout September 22, 2015 Paris – The Board of Directors of Total declared today a first quarter 2015 interim dividend of €0.61 per share and offered, under the conditions set by the fourth resolution at the Ordinary General Meeting of May 29, 2015, the option for shareholders to receive the first quarter 2015 interim dividend in cash or in new shares of the Company. The share price for the new shares which will be issued as payment of the first quarter 2015 interim dividend is set by the Board of Directors at €35.63. This price is equal to the average opening price on the Euronext Paris for the twenty trading days preceding September 22, 2015, reduced by the amount of the interim dividend, with a 10% discount, rounded up to the nearest cent. This price is the minimum price set by the fourth resolution at the Ordinary General Meeting of May 29, 2015. Shares issued in this way will carry immediate dividend rights and will accordingly give the right to any distribution decided from the date they are issued. An application will be made to admit the new shares for trading on the Euronext Paris market. The ex-dividend date for the first quarter 2015 interim dividend is set for September 28, 2015. The period for exercising the option will begin on September 28, 2015, and will end on October 12, 2015, both dates inclusive. The option may be exercised on request with authorized financial brokers. Any shareholder who does not exercise this option within the specified time period will receive the whole of the interim dividend due to them in cash. The date for the payment in cash is set for October 21, 2015. For shareholders who elect to receive the first quarter 2015 interim dividend in shares, the date for the delivery of shares is set for October 21, 2015. If the amount of the first quarter 2015 interim dividend for which the option of payment in shares is exercised does not correspond to a whole number of shares, the shareholder will receive the number of shares immediately below, plus a balancing cash adjustment. - See more at: Http://
grupo guitarlumber: Sanofi hobbled by lack of investor support By Paul Betts Published: June 12 2009 02:46 | Last updated: June 12 2009 02:46 There is probably nothing more frustrating for a chief executive than answering to uncommitted core shareholders. Ask Louis Gallois. The EADS chief has long sought to pull off a US acquisition to expand the Franco-German aerospace group's defence activities and reduce its dependence on its Airbus civil aircraft business. But Mr Gallois' core industrial shareholders – France's Lagardère and Germany's Daimler – have systematically blocked his ambitions. Not so much because they consider such a move risky, but because they are anxious for EADS to preserve its cash and are reluctant to dig into their own pockets to support the longer-term development of a company they are both keen to exit. Largardère wants to focus on its multimedia activities, while Daimler's priority is its car business. Both have made it clear that they eventually want to dispose of their stakes. But in the current distressed aviation market, this is hardly the moment to sell. So their strategy seems to be to wait for the industry cycle to turn and the EADS shares to recover to enable them to dispose of their remaining stakes. In the meantime, the last thing they intend to do is increase their exposure to the aerospace business. The same fate now seems to have befallen Chris Viehbacher, the new chief executive of French pharmaceutical group Sanofi-Aventis. The former top GlaxoSmithKline executive was recruited last year by the group's core shareholders – the French oil major Total and the L'Oréal shampoo group – to shake up the pharmaceutical company's strategy and revive its languishing share price. Like other big international drug companies, Sanofi-Aventis is under pressure to replenish its pipeline as patents expire on its best-selling drugs. The company has been seeking to develop new drugs to replace these blockbusters, but the productivity of its own research and development departments has been disappointing. All in all, Sanofi now needs to make acquisitions to compensate for the sales it stands to lose from patent expiries – let alone to ensure its future growth. Mr Viehbacher has wasted little time in embarking on his new mission. From the beginning he said his strategy would be to make small to mid-size deals to boost the company's drug development and pipeline. He has already made several such acquisitions. But it also seems he had been entertaining grander plans. With his peers engaging in a significant new wave of consolidation, Mr Viehbacher could hardly sit back in his Paris office and look out of the window across the Seine. After all, Sanofi-Aventis, with its low debt, has all the financial resources to mount a mega-acquisition. Although the company on Thursday flatly denied that Mr Viehbacher had proposed making a big US acquisition to his board, that does not mean he did not consider one and informally discussed it with board members. Rumours on Thursday suggested he might have been thinking of Amgen, the big US biotechnology company with a market value of about $50bn. The obvious conclusion is that Total and L'Oréal simply did not want to know. The reason is that both companies, which have both repeatedly said they want to dispose of their remaining Sanofi stakes in a gradual and progressive manner, are above all interested in avoiding risky operations that could affect the recovery in Sanofi's share price. Download debacle The entertainment business applauded the French government's initiative to introduce legislation to crack down on the illegal downloading of music and films as a breakthrough in their battle against internet piracy. Unfortunately, for both the industry and President Nicolas Sarkozy's government, they had not banked on the French Constitutional Court ruling this week that such legislation would contravene basic civil rights, as defined in the 1789 Declaration of the Rights of Man and the Citizen. On this basis, the country's top court, whose judgment cannot be overturned, argued that free access to online services was a human right. What this means is that only a judge – and no longer the state regulatory agency the government is setting up – will have the power to cut off offenders from the web. This will undoubtedly make it all the more difficult, if virtually impossible, to enforce the new legislation given France's overstretched and lengthy judicial system. As a result, Mr Sarkozy is now caught in a difficult position as his government rewrites the law. He wants to please his friends in the arts and entertainment world, not least his wife. But he will also have to heed the civil rights sensibilities of France's rising political class – the Greens who scored so strongly in the European elections.
grupo guitarlumber: Chinese sovereign fund buys stake in French oil giant Total The Associated Press Friday, April 4, 2008 PARIS: French oil giant Total SA said Friday that a Chinese sovereign wealth fund has bought a large stake in the company for the first time. Analysts said the purchase points to China's thirst for access to raw materials to fuel its economic expansion, and presented little threat that the cash-rich fund would seek to take over Total — for political reasons. The Financial Times reported that the buyer is China's State Administration of Foreign Exchange, and that it bought a 1.6 percent stake in Total. That would be worth nearly €2 billion (US$3.14) billion. A Total spokeswoman refused to reveal the name of the fund, or the size of the stake beyond that it was a "not negligible" investment, worth less than 5 percent of the company's total market value. "We believe this is good news" for Total, spokeswoman Patricia Marie said. "These funds have a lot of money. They're investing in profitable things for the long term." She said it was the first time that a Chinese sovereign wealth fund had invested in Total. Total is France's biggest company by market value, and would likely be defended from any possible takeover threat by French authorities, who are known for protecting national strategic interests in the corporate world. ING analyst Jason Kenney, reiterating his buy rating on the company, wrote that the investment could provide mutual benefits for China and Total, according to Dow Jones Newswires. China could benefit by getting much-coveted access to oil production growth and exploration success, liquefied natural gas capacity, and refining technology exposure to the Middle East and West Africa, Kenney wrote. Total stands to gain better access to China, he added. Total's share price has fallen more than 7 percent over the past year, underperforming U.S.-based industry leader ExxonMobil Corp. by around a fifth. Total shares opened higher Friday but lost ground and were down about 1 percent to €48.46 ($76.19) in late trading.
waldron: Total Fails to Boost Profit, Hurt by Refining, Dollar (Update6) By Tara Patel The Total SA company headquarters Aug. 2 (Bloomberg) -- Total SA, Europe's third-largest oil producer, failed to boost second-quarter profit because of lower refinery output and the dollar's decline. The shares fell on concern the company will struggle to raise production. Net income was 3.41 billion euros ($4.7 billion), or 1.50 euros a share, compared with 3.44 billion euros, or 1.48 euros, a year earlier, the Paris-based company said today. Profit excluding its Sanofi-Aventis SA stake fell 8 percent to 3.1 billion euros, in line with analyst estimates. Total declined to give a production target for the year. Profit and output at Total's refining unit dropped as maintenance at five of its 26 plants kept the company from fully benefiting from crude above $68 a barrel and record gasoline prices in the U.S. Bigger European competitors Royal Dutch Shell Plc and BP Plc last month posted increased earnings because of higher fuel prices. ``Total was penalized by five refineries that weren't available,'' said Matthieu Bordeaux-Groult, who helps manage $5 billion at Richelieu Finance in Paris. ``There are fears the company could lower its production growth target this year.'' Shares of France's second-largest company by market value fell 1.33 euros, or 2.3 percent, to 56.06 euros in Paris. The stock is up 2.6 percent this year, less than the 3.8 percent advance in the Dow Jones Stoxx 600 Oil & Gas Index, an equity benchmark. Production Concern The company reported 3 percent lower refinery output in the quarter and said net adjusted operating income in the downstream division fell 4 percent to 755 million euros. Total's second-quarter sales declined 4 percent to 39.1 billion euros. The euro's rise over the year hurt profit and sales since crude is priced in dollars. The euro traded at an average of $1.35 in the quarter compared with $1.26 a year earlier. The company said in May that output growth will average more than 5 percent a year for 2006 to 2010. Chief Financial Officer Robert Castaigne said at the time the company couldn't meet an earlier target of 6 percent production growth this year because of cutbacks by the Organization of Petroleum Exporting Countries and slow progress in starting a project in Azerbaijan. Castaigne today declined to give a production target for this year, saying the company will specify the goal next month. ``New production start-ups will have implications in the second- half but it is hard to assess production in Nigeria or OPEC quotas,'' he said in a conference call with analysts. `Bullish' For longer-term forecasts, he said adjustments will take into account oil prices around $60 a barrel and a new production-sharing agreement in Venezuala. Castaigne described Total as ``bullish'' on oil prices, which would remain at between $50 and $60 a barrel in coming years as global demand outstrips output growth. The results ``could be a sideshow to an emerging risk'' on 2007 production forecasts, and could ``weigh on the share price in the near term,'' Credit Suisse said in a note today. ``We see a risk that the company will reduce expectations again.'' Output in the second quarter averaged 2.32 million barrels of oil equivalent a day, 1.4 percent higher than what Total called a ``low point'' in production of 2.29 million barrels a day in the year-earlier quarter. Production was curbed by a fire at its N'kossa site in the Republic of Congo, lost output in Nigeria and cuts by OPEC. N'kossa production resumed yesterday, the company said. Bucks Trend Output averaged 2.43 million barrels of oil and gas a day in the first quarter and 2.40 million barrels a day in the final three months of 2006. Total's gain in output compared with production declines at Shell, BP and Exxon Mobil Corp. as the biggest oil companies struggle to boost energy supplies. Total's crude outlook may be boosted by its Dalia field in Angola. Chief Executive Officer Christophe de Margerie has described the start of pumping at the Dalia field, which reached a peak in April of 240,000 barrels a day, as one of the highlights of 2007. The latest quarter ``is the beginning of a rebound in terms of production growth,'' Castaigne said with the startup of new fields including Dalia partially offsetting a drop in production in Nigeria and Venezuela. Total began production at the end of June at its Rosa deep- water oilfield off the coast of Angola, which is designed to keep output of the Girassol platform at 250,000 barrels a day ``until early in the next decade.'' Angola Prospects Angola, which joined OPEC this year, is a growth area for international oil companies, which are finding it harder to expand in other resource-rich countries such as Russia and Venezuela. Another future growth area for Total would be Kazakhstan, where the company has an 18.5 percent share of the Eni SpA-led Kashagan project, the world's biggest oil discovery in 30 years. Kazakhstan said this week that costs for the project have more than doubled to $136 billion. Kashagan is ``very difficult'' and Total needs ``good conditions'' to proceed, Castaigne said. The Kazakh government now wants 40 percent of the profit from Kashagan compared with an original 10 percent. In the latest period, Total, which is Europe's largest oil refiner, said gains from converting crude oil into gasoline, diesel and other products rose 12 percent. The average margin rose to $42.80 a ton from $38.30 a year earlier. The margin was $33 a ton in the first quarter. Since the start of the third quarter, refining margins have ``fallen sharply,'' Total said today. The company's Donges, Antwerp, Vlissingen and Flanders refineries were partially shut down during the quarter, while the plant in Rome was totally halted. In the same three-month period last year, only the Provence refinery was closed for maintenance. To contact the reporter on this story: Tara Patel in Paris Last Updated: August 2, 2007 11:56 EDT
ariane: Total's bitter pill By Paul Betts Published: May 15 2007 03:00 | Last updated: May 15 2007 03:00 Even before he gets his feet under his new desk at the Elysée palace, the industrial dossiers are piling up in Nicolas Sarkozy's in-tray. Apart from EADS and Airbus, Gaz de France, Areva and the hard-pressed domestic car sector, it now seems that the epitome of French industrial interventionism - Sanofi-Aventis - could be threatened. Total's victory present to the new French president just days after his election was to announce its intention to sell as quickly as possible its 13.1 per cent stake in the French pharmaceutical champion. The oil group's new chief executive, Christophe de Margerie, told investors at last Friday's annual meeting that he wanted to concentrate assets to strengthen his oil and gas investments as well as move into the nuclear business and other new energy sectors. Sanofi-Aventis's other core shareholder, L'Oréal, has no immediate plans to sell its 10.5 per cent stake in the world's fourth largest drug company. But the cosmetics group has also hinted it would consider a disposal of this stake should it decide to make a big acquisition. Should these two historic shareholders indeed sell out, it risks making Sanofi-Aventis vulnerable to takeover. The risk could be all the higher, given that the company is going through a difficult patch that is weighing on its share price. Considerable uncertainty surrounds the company because of the patent litigation over its blockbuster Plavix drug in the US. The French group also held merger talks with Bristol-Myers Squibb at the beginning of this year, but these have gone nowhere. What makes the situation doubly ironic is that up to now Sanofi-Aventis has been one of the best-protected members of the CAC-40 blue-chip club of companies thanks to its two large shareholders. Were these two to sell, the French drug company would join the majority of other CAC-40 companies whose widely held capital has turned into potential targets for private equity and foreign rivals. Second, it was Nicolas Sarkozy who helped engineer the original Sanofi-Aventis merger when he was finance minister. Apart from creating a French world-class drug company, the merger of Aventis and Sanofi had the added advantage for the Paris government of restoring a strong French core shareholding base for Aventis with Total and L'Oréal. Yet if these two core shareholders now decide to go away, all Mr Sarkozy's original efforts to protect the country's drug champion will have been in vain. For it would not take very long for private equity players or big Swiss, Anglo-Saxon or indeed Indian drug giants, to start circling.
Total Ord share price data is direct from the London Stock Exchange
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