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Share Name Share Symbol Market Type Share ISIN Share Description
Total Se LSE:TTA London Ordinary Share FR0000120271 TOTAL ORD SHS
  Price Change % Change Share Price Shares Traded Last Trade
  1.40 4.03% 36.02 2,135,422 16:35:07
Bid Price Offer Price High Price Low Price Open Price
35.715 36.325 35.845 35.75 35.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 3,237
Last Trade Time Trade Type Trade Size Trade Price Currency
17:59:55 O 2,666 36.12 EUR

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23/11/2020
08:20
Total Daily Update: Total Se is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker TTA. The last closing price for Total was 34.63 €.
Total Se has a 4 week average price of 24.35 € and a 12 week average price of 24.35 €.
The 1 year high share price is 50.79 € while the 1 year low share price is currently 20.72 €.
There are currently 89,870,935 shares in issue and the average daily traded volume is 735,663 shares. The market capitalisation of Total Se is £3,237,151,078.70.
11/11/2020
02:14
sarkasm: An Oil Market Recovery Is On The Horizon By Cyril Widdershoven - Nov 10, 2020, 7:00 PM CST Join Our Community The major participants at ADIPEC 2020’s ADNOC Trading Forum expressed a wide range of sentiment, but the general message was one of caution or even outright pessimism when it came to oil price movements. The Virtual Conference, which was held in Abu Dhabi, was dominated by three main topics, the impact of COVID-19, global oil and gas demand destruction, and the U.S. election results. With a wide range of speakers including representatives from Abu Dhabi’s national oil company ADNOC, the major storage company VITOL, Japanese company ENEOS, Abu Dhabi Global Markets (ADGM), and OMV amongst others, the forecasts for 2021 were plentiful and varied. The main takeaways for observers were that markets may be growing increasingly optimistic about a COVID recovery, but oil prices are unlikely to see a real recovery before the end of 2021. Oil market fundamentals are very weak at the moment and even if a COVID-19 vaccine is produced, the impact on fundamentals will be slow. Furthermore, any oil market recovery could easily be halted by a change in the strategy of OPEC+ or any other supply increase before demand picks back up. According to Energy Intelligence, Platts and Argus, the overall expectation for oil prices in 2021 is in the high $30s to mid $40s per barrel. In a panel with Martin Fraenkel, Euan Craik, and Alex Schindelar, all three industry leaders agreed that they expected a more optimistic situation in 2022. The three oil analysts emphasized that much will depend on the success of tackling COVID globally and the resilience of the market in the face of a possible supply boost. Russel Hardy, the CEO of Vitol, argued that 2020 has shown how resilient the hydrocarbon sector still is. Despite the major breakdown of demand due to the COVID-19 pandemic, Hardy claimed that Vitol has been able to ride out the storm and is fully prepared for 2021. While a combination of negative prices, demand destruction, and a storage glut means that a return to normal is still a long way away, an industry recovery is well and truly underway. Kajo Fujiwara, the Executive Officer of Crude Trading and Shipping for Japanese company ENEOS emphasized that “work continued even in COVID time”. He said that was particularly difficult as a state of emergency had been put in place in Japan as its refineries were forced to cut, exports decreased and margins were very low. The company’s investment plans were also altered as several projects were delayed. In H2, however, ENEOS saw refinery runs increase and signs of demand recovering. Related: This Just Became The World's Largest Gas Hub When asked about ADNOC Trading, Khaled Salmeen, the Executive Director, stated that the company “has not stopped doing what we wanted to do….we wanted to go strong on trading and we are as ADNOC Global Trading is going to go live in the coming weeks”. When asked about the impact of COVID on trading, Salmeen stated that for his company it had been an opportunity, as working on risk management and pricing has allowed the company to become more resilient. ADNOC Trading is developing well, with the crude book having gone live in September and the products book via Global Trading set to go live in the coming weeks. ADNOC is now starting to train and support the next generation of traders in the UAE. An ADNOC Trading official added that ADNOC Trading plans to set up representation internationally, including in the U.S. As well as trading, Salmeen confirmed that ADNOC Trading is also looking at entering the shipping space. ADNOC has always been an FOB seller. Shipping is now going to be a major part of the company. The cost of both second hand and new vessels in the current climate is extremely attractive for those with capital. Overall it was a mixed takeaway from the event. COVID is once again hovering over markets with a second round of lockdowns in the EU, and price volatility has increased. For some, such as Hardy, real optimism could return to markets in H1 2021. There doesn’t seem to be any significant demand increase set to take place in winter and even if a COVID vaccine is produced, the real impact won’t be felt in the market before end H2 2021. At the same time, all participants agreed that the OPEC+ strategy is one of the major factors to watch. Vitol expects normal stock levels by Summer 2021, but even that will depend on OPEC+ strategies. New additional production, such as from Libya or Iran, could set markets back. A return to normal stock levels would see prices rising at the end of 2021. Hardy is cautiously optimistic but admits that it all depends on a continuous flow of “good news”. The Vitol official expects oil prices to recover to the high 40s or even the 50s in H1 2021, although any demand reduction would hurt that prediction. When asked about Biden, Hardy said that any U.S. supply response would be price related. He stated that if Biden rejoins JCPOA and Iranian oil flows again, prices will be hit hard. He doesn’t expect the Biden Administration to have much of an impact on U.S. shale production though. While new regulations would impact production by increasing overall costs, the sector itself is largely non-political. Even the oil and gas situation in Asia remains unclear. According to ENEOS’ Kajo, the COVID impact is still very much being felt. While the economies have suffered less than their western country parts, the impact on demand is still tangible. She said that China’s demand is healthy, but other countries such as Japan and India are still suffering. In Japan, refining margins are still suffering as JET demand is very low, and export markets are yet to recover. When asked about a possible Peak Oil demand scenario in Japan, the ENEOS official said that COVID has moved it forward dramatically. By Cyril Widdershoven for Oilprice.com
30/10/2020
15:46
waldron: WORLDOIL.COM Total Q3 profits top forecasts, says $40 oil can work By Francois de Beaupuy on 10/30/2020 PARIS (Bloomberg) - Total continued to ride out tough times for the oil industry by posting third-quarter profit that exceeded the highest analyst estimate, paying down debt and maintaining a generous dividend. The French energy giant, which has fared better than its rivals through the severe downturn caused by the coronavirus, still offered some cause for concern. The company boasted of its resilience to oil at $40 in a week when prices slumped below that level as the second wave of the pandemic took hold. The oil market remains uncertain and dependent on the speed of the global recovery, Total said in a statement Friday. Still, the company’s results were a bright spot in a gloomy industry. Third-quarter adjusted net income was $848 million, down 72% from a year earlier but well above the average analyst estimate of $478 million. “Total is not immune to sector headwinds, and has similar exposures to peers, however the balance sheet remains stronger,” RBC analyst Biraj Borkhataria wrote in a note. “Total has managed to find the balance between growing its low-carbon business, sustaining its core business and maintaining its dividend.” So far this week, Total’s European peers Repsol SA and BP Plc eked out small profits, while Italy’s Eni SpA and Austria’s OMV AG said they lost money in the quarter. On Thursday, U.S. oil giant Exxon Mobil Corp. said it will slash its global workforce by 15% to adjust to low prices. While Royal Dutch Shell Plc also reported better-than-expected earnings, the Anglo-Dutch company is struggling to match its French rival’s appeal to investors after slashing its dividend in April. Total is the only European major to leave its payout unscathed this year. Total shares rose 2.1% to 25.65 euros at 9:43 a.m. on Friday in Paris, while the country’s benchmark index dropped slightly. Low Costs The company is benefiting from spending cuts initiated since the previous oil-industry downturn five years ago and investments in low-cost barrels. Its upstream operating expenditure has dropped by half since 2014 to $5 a barrel, which Total says is the lowest among the five supermajors. Total’s gearing, the ratio of net debt to capital, was 22% on Sept. 30, down from 23.6% three months earlier and well below the level of many of its peers. Debt-adjusted cash flow was $4.3 billion, down 41% from a year earlier. To weather the continuing downturn, Total cut its net capital expenditure forecast for this year by $1 billion to less than $13 billion. It also said it will surpass its $1 billion savings target for operating expenses. LNG Rebound Most of the company’s profit in the third quarter came from oil and gas production and gasoline sales at service stations. Total’s liquefied natural gas business was hit by plunging prices and its refineries posted a loss because of weak demand, especially for jet fuel. “The group benefited during the third quarter from a more favorable environment, with oil prices above $40 a barrel thanks to strong OPEC+ discipline as well as the demand recovery for petroleum products for road transportation,̶1; Total Chief Executive Officer Patrick Pouyanne said in the statement. The company expects that the increase in oil prices over the second and third quarters will have a positive impact on its average LNG selling price in the fourth quarter. Refining margins have rebounded since the start of the fourth quarter, though remain fragile given the low demand for jet fuel, Total said.
30/10/2020
07:46
waldron: TOTAL: Dividend Declaration 30/10/2020 7:37am UK Regulatory (RNS & others) TIDMTTA Total Maintains the Third 2020 Interim Dividend At EUR0.66/share Total (Paris:FP) (LSE:TTA) (NYSE:TOT): The Board of Directors met on October 29, 2020, and declared the distribution of the third 2020 interim dividend at EUR0.66/share, stable compared to the first and second 2020 interim dividends. This interim dividend will be paid in cash exclusively, according to the following timetable: Shareholders ADS holders Ex-dividend date March 25, 2021 March 23, 2021 Payment date April 1, 2021 April 19, 2021
16/10/2020
16:52
waldron: Https://www.theeastafrican.co.ke/tea/business/pierre-jessua-much-to-do-before-uganda-first-oil-flows-in-2024-2483176 Pierre Jessua: There’s much to do before Uganda first oil flows in 2024 Friday October 16 2020 By JULIUS BARIGABA The Total Uganda general manager Pierre Jessua spoke with Julius Barigaba on the key pending issues and timelines before Uganda joins global crude oil exporters’ club. --------------------------------- How has been Total’s journey eight years into the Lake Albert project? It’s been long but this is a strategic project for Total Group and we have committed to it. We have had major achievements — we have identified viable development schemes and had discussions with bidders to narrow down the issues, obtained key environmental approvals and finalised project critical agreements such as the production licences and the inter-governmental agreements between Uganda and Tanzania. We have had some issues like the drastic fall of the prices, climate change and Covid-19. We have had to adapt our global operations to remain resilient. There have been some challenges along the way with regards to aligning some of the legal and commercial requirements, but we have been able to register significant milestones. There is increased scrutiny on the project by both national and international actors and NGOs, which has increased our zeal to maintain compliance with the highest human rights standards and International Finance Corporation standards on human and environment activities. It’s been frustrating in certain respects but there is progress too. After the recent Host Government Agreement (HGA), what happens before oil starts to flow, and when will that be? The September 11 visit of our CEO Patrick Pouyanne allowed all parties to reach an agreement, which was a prerequisite for the Final Investment Decision (FID), which will need the HGA in Uganda, and the back in, which is basically a document that describes the way Uganda National Oil Company (Unoc) joins the partnership. Those documents have not been signed, they have been initialed ahead of a legal process of agreement, with the Cabinet and the Attorney General. But technically, it’s a key milestone. President Yoweri Museveni and Mr Pouyanne agreed to expedite all key issues. Two prerequisites for the achievement of the FID were agreed upon, namely, the Unoc upstream “back in” and Uganda HGA for East African Crude Oil Pipeline (Eacop). However, the midstream project (Eacop)still needs a similar agreement on the HGA in Tanzania. Discussions were initiated; there will also be intensive work to ensure the harmonisation of the respective laws and rules for both the Uganda and Tanzania HGAs — what we call the enabling legislations. We also need to complete the discussions on shareholders’ agreement and tariff and transportation agreement. On the Tullow transaction, basically, all hurdles have been overcome and should only be a matter of days or weeks to closing of the deal. What about the other pending approvals and award of contracts? On the technical aspects, in Uganda, the international oil companies await the approval of the environmental and social impact assessment for Eacop (in Uganda) and for the Tilenga feeder pipeline connecting the central processing facility to the starting point of Eacop at Kabaale. We are also working towards the recommendations to award the main contracts for Tilenga and Eacop. We are working on call for tenders for the main contracts, we are receiving some bids and others should be received in the next few weeks. We are all engaged to have the FID by the end of 2020. Appraisal reports for the wells and pipeline, will take three years to complete. A lot of work still remains to be done, but we have all the will to progress. We anticipate achieving first oil in 2024. Your CEO said reaching the HGA was a long and bumpy road. How were the key sticking points resolved? Continuous dialogue has enabled us to resolve several issues such as the agreement between Uganda and Tanzania as well as ensuring an alignment between the HGA in both countries. Earlier this year, the Total group CEO announced the company would slash its capital expenditure (Capex) by more than $3 billion. How feasible is December 2020 for FID? It is a paradox because we were in the region of $70 per barrel some years ago and we were not at the current level of negotiations with government. But we believe our project has its merits, complying with our strategy of finding low-cost oil. We have acquired the reserves brought by the shares of Tullow at a good price, so we are meeting certain parameters. We have a willingness to invest in low cycle oil. With a barrel around $40 means you have a market which is more favourable than a barrel at $60 or $70. So the idea is to be at a counter cycle, considering that in four years’ time, the price of oil will not be where it is. We have to be extremely disciplined, making sure that this project flies at low cost. It will not fly at $20 or $30 a barrel. We have to make sure we have the best way to monitor and control our expenditure. It means all stakeholders — suppliers and contractors — have to ensure they provide the best price. Is Tilenga not affected by Capex cuts? In March, our CEO announced plans to ensure the group remains resilient – including organic Capex cuts of more than $3 billion, thus reducing 2020 net investments to less than $15 billion. We found some ways to cut Capex but it was not for Tilenga. For an FID coming at the end of 2020, the Capex will start to be spent in 2021. Research and consultancy group Wood Mackenzie says only nine FIDs are expected in 2020 of 50 that were in the pipeline before the oil price collapse. What put Tilenga among the nine? The fundamentals of the Lake Albert project are good. The production capacity is 230,000 barrels per day, with large reserves of more than a billion barrels. It is economically viable and fits within the group’s strategy of developing low cost oil projects as shown by our agreement to acquire Tullow’s entire interests in the Lake Albert development project for less than $2 per barrel of oil. How much has Total invested here since farm-in in 2012? As joint partners, we have invested about $3.5 billion in the Lake Albert project. On Eacop, funded exclusively by Total, we have spent $360 million. With the acquisition of Tullow’s interests in the Lake Albert project, the overall consideration paid by Total to Tullow will be $575 million. The Production Sharing Agreement gives a 78-22 per cent revenue split between government and oil companies. How long will it take Total to recoup its investment here? We have worked with the government to ensure an economically viable project that meets our investment criteria. The exact time for the investment to be recouped is a function of the final cost, production and price. State-owned Unoc comes on board as a shareholder in Eacop and joint operator in EA 1, 2 and 3A. From an operation perspective, what does Unoc bring on the table? It is normal practice for the national oil company to own shares and participate as a partner. It brings value to all parties. Unoc is mandated to hold and manage the 15 per cent state participating interest in the joint venture partnership with the international oil companies. After a Joint Operating Agreement with Unoc will be signed, enabling it to take an active part in project investment decision making, including sanctioning of work programmes, budgets, contracts and expenditures.
07/10/2020
11:58
ariane: Https://oilprice.com/Energy/Energy-General/The-Worlds-Last-Major-Onshore-Oil-Play.html Other companies worth keeping an eye on as oil prices bounce back: Total (NYSE:TOT) is one of the few oil majors truly diving head first into the new energy reality It is not only aware of the needs that are not being met by a significant portion of the world’s growing population, it is also hyper-aware of the looming climate crisis if changes are not made. In its push to create a better world for all, it has committed to contributing to each of the United Nations’ Sustainable Development Goals. From workplace safety and diversity to societal progression and reducing its carbon footprint, Total is checking all of the boxes that the next generation of investors hold close to their hearts. And that should pay off for the giant. While Total’s share price slipped in March along with the wider market, Total’s pivot towards sustainability has helped it outperform some of its peers. Though it still maintains a major presence in the global oil and gas industry, it has made significant strides in the renewable realm, as well. BP (NYSE:BP) is another European energy giant slowly pivoting towards greener energy alternatives. BP, which has been criticized in the past as being slow and late to the environmental cause, could now leapfrog its peers. We are still a long way from Beyond Petroleum. But chief executive Bernard Looney believes that we are only 30 years from a net zero BP. He has promised that in September the company will lay out a more detailed plan that shows the path to that destination. But he has shown already that there is more to his commitment to net-zero than there was to Beyond Petroleum 20 years ago. “Renewables and natural gas together account for the great majority of the growth in primary energy. In our evolving transition scenario, 85% of new energy is lower carbon,” Spencer Dale, BP group chief economist, said, commenting on the outlook to 2040.
08/8/2020
08:24
gibbs1: Hot weather sends natural gas prices surging WTI remains above $41 as it stays in narrow price band By Mella McEwen, MRT.com/Midland Reporter-Telegram Published 5:55 pm CDT, Friday, August 7, 2020 West Texas Intermediate eked out a small gain this week, remaining above $41 a barrel as it continues to be stuck in a narrow trading band. West Texas Intermediate eked out a small gain this week, remaining above $41 a barrel as it continues to be stuck in a narrow trading band. Natural gas prices, however, saw strong gains this week, starting with a 30-cent jump Monday that put it over $2.10 per Mcf on the New York Mercantile Exchange. That was followed by a 9-cent gain Tuesday, then prices slumped lightly Wednesday and Thursday before gaining 7 cents Friday to close at $2.24 per Mcf. That’s well above the $1.80 Mcf at last Friday’s close. “NYMEX Henry Hub posted substantial gains on August 3 and 4 due to an easing of storage availability fears, excessive heat in June and July and more of the same expected in August and signs of strengthening LNG export demand,” Midlander Mike Banschbach, an oil gas, and natural gas liquids marketing consultant, told the Reporter-Telegram by email. “However, prices in the Permian were tempered by the rising basis between Waha and Henry Hub, resulting in a modest 15 cent per MMBtu gain in Waha prices for the fourth quarter.” Banschbach said that if crude prices creep up above $45 a barrel later in the year, prompting Permian producers to drill and complete wells, that will result in more natural gas – associated with the crude production – being put in the market and that will put downward pressure on the Permian natural gas price. WTI on the NYMEX reported three days of gains this week, putting it above $42 a barrel Wednesday before prices slumped the final two days of the week. WTI fell 73 cents to close at $41.22 per barrel Friday, up from $41.04 at Monday’s close. The posted price ended the week at $37.75 a barrel. Bloomberg reported that crude prices were weakened by renewed tensions between the U.S. and China, which the news service said rattled markets already reeling from uncertainty over a new round of economic stimulus to help the economy through the COVID-19 pandemic. According to Bloomberg, crude is testing the upper bound of its recent trading range after hitting a five-month high this week amid shrinking U.S. stockpiles. But taking the wind out of any sustained breakout rally is the spotty recovery in oil consumption, with crude imports into China shrinking in July. Roger Diwan, vice president, financial services at IHS Markit, said in a market assessment that prices are emerging “bruised and battered from the worst of the COVID-19 outbreak” and are now at a delicate point as prices transition to what his company calls Phase II of its three phased of market recovery. The second phase is the “just-in-time” phase in which surplus inventories are being worked down in parallel with rising supplies as spare supply capacity returns from the OPEC+ alliance and North American producers. “The record cuts set in motion in May and June by Saudi Arabia and its OPEC+ partners played a pivotal role in accelerating the improbable rebalancing of global oil markets. With demand recovering from April lows and after giving markets an extra month to find their footing, these exporters have now moved from managing the immediate surplus of the crisis towards managing the recovery,” Diwan wrote in his assessment. “The recent display of restored harmony among OPEC+ heavyweights Saudi Arabia and Russia illustrates that the strategic debate within the group over price levels and market share has time to run,” he wrote. “As long as prices hold in the current range, demand concerns will likely help keep the agreement on course. When prices surpass $50 a barrel, potentially lifting capital spending in the United States higher, that is when changes to the tenor of the discussion, and the divergence of interest could start to play out.”
29/7/2020
19:51
the grumpy old men: TOTAL: Short Term Price Revision and Climate Ambition: Total Announces Exceptional 8 B$ Asset Impairments Including 7 B$ in C... 29/07/2020 5:55pm UK Regulatory (RNS & others) Total (LSE:TTA) Intraday Stock Chart Wednesday 29 July 2020 Click Here for more Total Charts. TIDMTTA For the calculation of impairment tests of its assets, Total (Paris:FP) (LSE:TTA) (NYSE:TOT) set in 2019 a price scenario with a 2050 Brent price of 50$/b, in line with the "well below 2 degC" scenario of the IEA. This scenario is described in the Universal Registration Document (note 3 of Chapter 8). Given the drop in the oil price in 2020, Total decided to revise the price assumptions over the next years and selected the following profile for the Brent price: 35$/b in 2020, 40$/b in 2021, 50$/b in 2022, 60$/b in 2023; gas prices have been adjusted accordingly. For the longer term, Total maintains its analysis that the weakness of investments in the hydrocarbon sector since 2015 accentuated by the health and economic crisis of 2020 will result by 2025 in insufficient worldwide production capacities and a rebound in prices. Beyond 2030, given technological developments, particularly in the transportation sector, Total anticipates oil demand will have reached its peak and Brent prices should tend toward the long-term price of 50$/b, in line with the IEA SDS scenario. The average Brent price over the period 2020-2050 thus stands at 56.8$(2020) /b. As a result of this short-term price revision, Total recognizes in the 2(nd) quarter 2020 an exceptional asset impairment charge of 2.6 B$, mainly on Canadian oil sands assets for 1.5 B$ and LNG assets in Australia for 0.8 B$, both being giant projects with high construction costs. These limited impacts (less than 2% of Total's overall assets) reflect the strength of the Group's balance sheet. In addition, in line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, Total has reviewed its oil assets that can be qualified as "stranded", meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects identified in this category are the Canadian oil sands projects Fort Hills and Surmont. For impairment calculations, Total's Board of Directors has decided to take into account only proven reserves on these 2 assets -- unlike general practice which considers so-called proven and probable reserves. This leads to an additional exceptional asset impairment of 5.5 B$. Consequently, Total will only take into account for its proven and probable reserves in Canada the proved reserves. And the proved and probable reserves life of the Group is thus reduced from 19.0 to 18.5 years. In addition, Total will not approve any new project of capacity increase on these Canadian oil sands assets. Finally, still consistent with the Climate Ambition announced on May 5, 2020, Total decided to withdraw from the Canadian association CAPP considering the misalignment between their public positions and the Group's ones. Overall, the exceptional asset impairments that will therefore be taken into account in the 2(nd) quarter of 2020 amount to 8.1 B$, including 7 B$ on Canadian oil sands assets alone, impacting the gearing ratio of the Group by 1.3%. About Total Total is a broad energy Group, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major. * * * * *
15/7/2020
10:39
waldron: LNG | Natural Gas 15 Jul 2020 | 09:37 UTC London France's Total sees Q2 equity LNG sales price slide to $4.40/MMBtu Author Stuart Elliott Editor Aastha Agnihotri Commodity LNG, Natural Gas Highlights Price up on average spot JKM price of $2.14/MMBtu Long-term LNG supplies traditionally oil-linked Total's Q2 global gas price averaged $2.61/MMBtu London — France's Total said July 15 its average realized sales price for equity LNG in the second quarter of 2020 was $4.40/MMBtu, down by almost $2/MMBtu from the previous quarter. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now It is the second time Total has published an average sales price for its LNG, with the major saying it introduced the price to allow for a "better understanding" of the company's integrated gas business unit performance. The Q2 average sales price of $4.40/MMBtu was down 30% on the quarter and 23% on the year. Total said the indicator reflected the combined effect of sales volumes and prices of long-term contracts and spot sales. "The share of spot sales volumes increased in the second quarter of 2020 compared to the first quarter 2020 due to deferments of some LNG uplifts by some long-term contract buyers," Total said in a note. It said the average long-term contract price was only reduced by 16% because of the deferred impact of the fall in oil prices. The Q2 average of $4.40/MMBtu was well up on the average JKM spot LNG price in the period, as assessed by S&P Global Platts, of $2.14/MMBtu. A large amount of long-term LNG supply globally is contracted on an oil-indexed basis with time lag, meaning term LNG has been able to secure a better price than spot LNG, which has been under significant pressure due to the oversupplied global market. In 2019, Total's equity LNG sales amounted to 16.3 million mt, up 47% from the previous year. Overall, LNG sales were up 57% on the year at 34.3 million mt in 2019. The increase was due to the ramp-up of the Yamal LNG facility in Russia and Australia's Ichthys plant, as well as the startup of the first Cameron LNG train in the US. Total also published July 15 its average global gas price of $2.61/MMBtu, which was down by 22% quarter on quarter and by 32% year on year.
01/6/2020
19:15
la forge: Investors split 17%-83% over Total climate shareholder resolution By Susanna Rust1 June 2020 A shareholder resolution focussed on pushing French oil and gas major on target-setting for emission reductions was rejected by 83% of votes cast, although the 17% ‘for’ vote was welcomed by the co-filers as dispatching a “strong signal”. In a statement, the French-heavy group of 11 investors* behind the shareholder resolution declared themselves “very satisfied” by the level of support expressed at Friday’s meeting, arguing it was all the more significant because French law meant they had had to couch their request in terms of an amendment to the company’s bylaws. The co-filers also noted “negative recommendations from certain international proxy advisory agencies” and said they would be paying attention to the level of abstentions as a potential “complementary signal from shareholders”. The shareholder resolution is said to be the first environmental shareholder resolution to be filed at a French company. Its approval would have required the company’s management report to set out an action plan for the setting of greenhouse gas emission reduction targets, including those generated by customers’ use of Total’s products (Scope 3). Total’s board had opposed the shareholder resolution for reasons including the company having adopted an “ambition̶1; to be carbon neutral by 2050 and that resolution “would lead to [the] company being responsible for emissions on which it is not able to act, as only customers have direct control”. The net-zero emissions ambition, which was announced after the shareholder resolution was first unveiled, follows engagement with investors working through Climate Action 100+. Directors’ duties bylaws amend The board also argued against the shareholder resolution by noting its proposal to amend its bylaws to “enshrine consideration of the social and environmental challenges involved in the company’s activities in the duties of the board of directors”. This resolution, which also involves the company taking on a European corporate form, was passed at the AGM with 98% of votes cast. During the meeting itself, which was a webcast closed session, chair and chief executive officer Patrick Pouyanné said the “constructive” dialogue with Climate Action 100+ was “preferable to a resolution that we were threatened with during several weeks and the contents of which were only made clear to us when it was filed”. He said its new carbon neutrality ambition was “strong and demanding” but that Total would only be able to meet it “with customers, with civil society, with the governments of countries in which we operate because governments will need to implement policies to support the carbon neutrality”. Offshore oil operation One of the investors that voted against the shareholder resolution was PhiTrust, a French shareholder engagement and impact investing company that has been engaging with Total for several years, including on making environmental and social responsibility an integral part of the board of directors’ duties – as approved by the vast majority of shareholders on Friday. “We are delighted that the dialogue we have been engaged in with Total for more than 10 years, as well as with other institutional investors, has led Total’s managers to make major changes to their strategy, taking into account the need to produce ‘clean energy’ as quickly as possible, although we would be very pleased if this could be done more quickly,” a spokeswoman told IPE. ‘Congratulations to both’ In the UK, defined contribution master trust NEST had previously said it would be voting in favour of the shareholder resolution, backing the call that a more ambitious Scope 3 emissions reduction target was needed. “We have seen a positive trend of companies and shareholder resolution co-filers coming much closer together on their climate objectives” Councillor Doug McMurdo, chair of LAPFF The Local Authority Pension Fund Forum (LAPFF) reacted to the outcome of the Total shareholder meeting by saying it “congratulates both Total and shareholders wishing to encourage the company’s climate change response for putting forth resolutions at the company’s AGM”. Councillor Doug McMurdo, chair of LAPFF, said: “We have seen a positive trend this proxy season of companies and shareholder resolution co-filers coming much closer together on their climate objectives. “As it did with Barclays, LAPFF is pleased to support both Total’s steps forward and calls by the resolution co-filers to improve transparency around the company’s move in the right direction on its climate aims.” At NGO ShareAction, campaign manager Jeanne Martin said Total’s new climate commitments were “verging on greenwashing”. She argued that the voting result on the shareholder resolution today constituted “a significant revolt against the company, which attempted to counter this resolution by announcing an ambition that fails to address its ever increasing investments in fossil fuels”. It’s a wrap Total’s general meeting on Friday wrapped up the 2020 proxy voting season at oil majors. In Europe, Royal Dutch Shell and Equinor also faced shareholder climate resolutions focussed on target-setting. Promoted by shareholder campaign group Follow This, they were rejected by shareholders but with more support than in previous years. At Shell the Follow This resolution got 14.4% of the vote at its AGM, more than double the last time it was voted on, and at Equinor it got received 27% of the non-governmental votes, up from 12% in 2019. For Follow This founder Mark van Baal, the votes on the Total shareholder resolution meant that “[f]or the third time this month, responsible investors have sent a clear signal to an oil major.” At US-listed Exxon Mobil, shareholder resolutions on lobbying and splitting the roles of chairperson and CEO were backed by 37.5% and 32.7% of the vote, respectively, with an average of 93.6% of the votes in favour of directors’ re-election. Edward Mason, the now former head of responsible investment for the Church Commissioners, said the results were “clear evidence of shareholders’ desire for change”. In the UK, the asset management industry lobby group maintains a public register of listed companies that have received significant opposition by shareholders to a resolution, with “significant” starting with a vote against of 20%. This is based on 2016 guidance on remuneration reporting from GC100 group of general counsel and company secretaries working in FTSE 100 companies. *The Total climate shareholder resolution was led by French asset manager Meeschaert with most of the other investors being French asset managers although Actiam from the Netherlands and Benelux asset manager Candriam are also involved, as is UK asset owner Friends Provident Foundation. Combined they hold around 1.36% of Total’s issued share capital. Total said the group of Climate Action 100+ investors with which it engaged represented more than 25% of the company’s shareholders. read the digital edition of IPE’s latest magazine
29/5/2020
12:31
waldron: Total Announces the Payment Terms of the Final 2019 Dividend Following the Shareholders' Meeting of May 29, 2020 Print Alert Regulatory News: The Shareholders' Meeting of TOTAL S.A. (Paris:FP) (LSE:TTA) (NYSE:TOT), held today at its registered office under the chairmanship of Mr Patrick Pouyanné, declared a dividend of EUR2.68 per share for the financial year 2019. Given the first two interim dividends of EUR0.66 per share and the third interim dividend of EUR0.68 per share paid respectively on October 1(st) , 2019, January 8, 2020 and on April 1(st) , 2020, the remaining final 2019 dividend to be paid amounts to EUR0.68 per share. The Shareholders' Meeting also decided that shareholders will be given the option to receive payment of this final dividend in cash or in new shares of the Company, each choice being exclusive of the other. The share price of new shares to be issued as payment of the final dividend is set at EUR28.80. This price is equal to 90% of the average opening prices of the shares for the twenty trading days preceding the Shareholders' Meeting, reduced by the amount of the final dividend and rounded up to the nearest cent. The shares issued will carry immediate dividend rights, be admitted for trading on Euronext Paris and be fully assimilated with existing TOTAL shares. If the amount of the final dividend for which the option is exercised does not correspond to a whole number of shares, the shareholders may opt to receive either the number of shares immediately above, by paying a cash adjustment on the day they exercise their option, or the number of shares immediately below, plus a balancing cash adjustment. Shareholders and holders of American Depositary Shares ("ADS") will be given the option to receive the dividend either in cash or in new shares, by instructing their financial advisors, according to the following timetable: In 2020 Shareholders ADS holders Ex-dividend date June 29 June 25 Period to opt in for the payment in July 1 to July 10 June 29 to July 7 new shares (inclusive) (inclusive) Payment in cash or in new shares July 16 July 23 About Total Total is a broad energy Group, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major. * * * * *
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