Total Share Discussion Threads

[waldron] 20/3/2018 08:54

BP
459.45 -0.07%



Shell A
2,183 +0.34%



Shell B
2,214 +0.57%




Total
46.065 -0.28%

[waldron] 19/3/2018 17:56

Source thenational.ae


Exclusive: France's Total to stay clear of Lebanese maritime area contested by Israel

Beirut is hopeful of gas recovery offshore Lebanon that could lower its fuel import bill

Jennifer Gnana and Massoud A Derhally
Jennifer Gnana and Massoud A Derhally

March 19, 2018

Updated: March 19, 2018 08:07 PM
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The formation of the new government under Prime Minister Saad Hariri (pictured) revived hopes of Lebanese energy independence. AFP PHOTO / MARWAN TAHTAH
The formation of the new government under Prime Minister Saad Hariri (pictured) revived hopes of Lebanese energy independence. AFP PHOTO / MARWAN TAHTAH

French oil major Total will avoid work in the maritime area disputed by Lebanon and Israel as Beirut starts its much delayed offshore exploration for oil and gas in the Mediterranean, the company's chief executive said.

“We are a commercial company and we do things respecting the laws of the country and in the end, we do not target to drill anything near the Israeli border," Patrick Pouyanne said in an interview with The National. "I’m very clear about it, It’s not because we’re afraid, it’s because the geologists told us don’t drill there. We drill where the geologists ask us to drill.”

Total, in consortium with Italy’s Eni and Russia’s Novatek won two blocks offshore Lebanon in the country’s licensing round held under its newly formed government. Exploration work by the consortium partners is set to commence next year.

Lebanon has one of the highest public debts in the world which reached $80 billion or 150 per cent of GDP at the end of January. The country’s debt crisis has in recent years been exacerbated by political uncertainty, internal disagreements and the burden of hosting over a million Syrian refugees, about a quarter of the population. The country imports about 90 per cent of its energy needs, which is mainly environmentally inefficient fuel oil to keep power stations running.

Several high-profile discoveries in the Mediterranean over the past couple of years, notably in Israel, Egypt and Cyprus, have raised hopes of a similar yield offshore of Lebanon. However an absent government and fear of arbitration with Israel, which plans to pursue exploration work in the disputed area, have long stalled Lebanese efforts to tender the blocks.

In December, the Lebanese cabinet approved bids on two blocks - nine and four submitted by a consortium led by Total, Eni and Novatek to explore for oil and gas.

Block 9 lies in an area offshore Lebanese territorial waters that is disputed by Israel. Lebanon and Israel have no diplomatic ties and the two countries are technically in a state of war.

"Maritime disputes are not new in the oil industry; what is typical is that they take a long time to be resolved," said Carole Nakhle, chief executive of Crystol Energy, adding that in the case of Lebanon and Israel "one can only expect the dispute to last much longer."

______________

Read more:

Lebanon approves offshore energy exploration bids

Exclusive: Lebanon to hold talks with oil majors for offshore exploration licences amid heightened political volatility

______________

Mr Pouyanne said that for now exploration along Block 4 will be a priority for the consortium, that will stay clear of the disputed concession area.

“Block 9 is a frontier which is disputed. It’s a limited area - 9 per cent or 8 per cent of the surface, we are very clear, our geological target is not at all in this disputed area, it is 25km north of that,” he said.

According to reports by the Lebanese media, arbitration efforts by the United States to mediate over the disputed concession block last month had failed. The Lebanese side had reportedly refused negotiations with Israel over concerns that it could be dragged into future peace negotiations, reported Al Joumhouria newspaper.

Lebanese political party Hezbollah, which is part of Prime Minister Saad Hariri's government, has urged the cabinet to remain firm with respect to the country's ambitious oil and gas exploration plans. Hezbollah has threatened Israel with retaliation if it goes ahead with exploration work in the disputed area.

The Total chief declined to comment on whether he was optimistic over gas discovery offshore Lebanon, even though some estimates project the country's territorial waters may hold as much as 96 trillion cubic feet of natural gas and 850 million barrels of oil. While that potential may invariably be a game changer for Lebanon, analysts say it's premature to factor in when exploration hasn't yet been carried out.

"Unfortunately, some of our politicians have already claimed publicly that Lebanon has joined the club of oil and gas producers, and some institutions are already claiming that we are going to generate in $200 billion to $300bn in oil and gas revenues," said Nassib Ghobril, chief economist at Byblos Bank. "This is very risky and irresponsible in my opinion. We need concrete evidence that we have enough commercial quantities and then it takes 10 years if everything goes according to plan to start seeing any revenues ... As a government we should prioritise reforms, reduce the fiscal deficit, reduce our borrowing needs and not count at all on oil and gas revenue in the foreseeable future until we start seeing concrete results."

The International Monetary Fund warned last month that Lebanon’s debt-to-GDP ratio could reach 180 per cent by 2023 if the government does not undertake reforms to narrow its fiscal deficit, which may reach 10 per cent of GDP amid the current geopolitical tensions. Lebanon hopes to raise $16bn from a donor conference in Paris next month to help it tame its public debt.

Mr Ghobril cautioned against over expectation, noting that Total and Eni carried out exploration on one block offshore neighbouring Cyprus but did not discover sufficient commercial quantities.

"That is a scenario that is very plausible. We just do not know and that’s why exploration exists," he said.

Lebanese hopes of energy independence were revived last year after the formation of a new government in 2016, following the election of Michel Aoun as President and Mr Hariri as Premier. The country was without a president for about two years due to political bickering and a compromise brought an end to the vacuum.

In January, the energy ministry passed two decrees to start a stalled tender process for nine offshore blocks. The cabinet had also passed the much-awaited petroleum tax law in September, just ahead of the October deadline for companies to form consortia of three to submit bids.

[waldron] 19/3/2018 17:01

BP
459.75 -2.96%



Shell A
2,175.5 -1.72%



Shell B
2,201.5 -2.09%





Total
46.195 -3.32%

[grupo guitarlumber] 19/3/2018 15:32

Total (EU:FP-EUR)
Intraday Stock Chart

Today : Monday 19 March 2018
Click Here for more Total Charts.

Total Petrochemicals & Refining USA reported the shutdown of compressors and above-normal emissions that began Sunday and would continue Monday at its refinery in Port Arthur, Texas.

"The NESHAP Compressor C300B shutdown unexpectedly," Total said in a statement to the Texas Commission on Environmental Quality, adding that a spare compressor didn't automatically start and another compressor also "appears to have shutdown on high discharge temperature."

It said the above-normal emissions began Sunday night and would last into Monday morning.

The 225,000-barrel-a-day refinery lies 95 miles east of Houston.



Write to Dan Molinski at [e-mail]



(END) Dow Jones Newswires

March 19, 2018 09:10 ET (13:10 GMT)

[waldron] 19/3/2018 10:51

BP
465.55 -1.73%



Shell A
2,185 -1.29%



Shell B
2,217 -1.40%


Total
46.59 -2.49%

[waldron] 19/3/2018 08:33

BP
470.15 -0.76%



Shell A
2,199 -0.66%



Shell B
2,230.5 -0.80%



Total
46.86 -1.93%

[la forge] 19/3/2018 07:32

Total SA (FP.FR) said Monday that it has secured two new offshore concessions with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Co., or ADNOC, for $1.45 billion.

The French oil-and-gas company said that it has signed two new 40-year concession agreements, by which it gets a 20% interest in the new Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession. These interests add 80,000 barrels of oil a day in production for Total this year, it said.

"Umm Shaif and Lower Zakum are two of the major fields offshore," Total said. They account for about 20% of Abu Dhabi production.

Total's partnership with Abu Dhabi and ADNOC dates back to 1939, it said.

Additionally, and as part of this partnership, the company has extended its concession with ADNOC in the offshore Abu Al Bu Koosh field for three more years. The field is operated by Total with a 100% interest.



Write to Marc Bisbal Arias at [e-mail]



(END) Dow Jones Newswires

March 19, 2018 02:43 ET (06:43 GMT)

[waldron] 16/3/2018 18:00

Total: over 47E, 2017 peaks in sight
Total (EU: FP)
Intraday Chart of the Action

Today: Friday 16 March 2018
More charts from the Total Exchange
(CercleFinance.com) - Total exceeds the 47E (47.78E), the summits 2017, 49E (tested April 12 and November 7) should be traced ... but overall, the title has been oscillating for almost a year within a 46 / 49E corridor, including a 'top' release would validate a 52E target.

[waldron] 16/3/2018 17:53

EX DIVI DATE 19th

[waldron] 16/3/2018 17:52

BP
473.75 +1.98%



Shell A
2,213.5 +0.93%



Shell B
2,248.5 +1.26%



Total
47.78 +1.88%

SO THE WEEK ENDETH UP DESPITE OIL PRICE SENTIMENT DOWN SLIGHTLY

[waldron] 16/3/2018 09:15

BP
468.75 +0.90%



Shell A
2,204.5 +0.52%



Shell B
2,231.5 +0.50%


Total
47.085 +0.39%


WITCHING HOUR COMETH

[waldron] 15/3/2018 17:07

BP
464.55 -0.04%



Shell A
2,193 -0.84%



Shell B
2,220.5 -0.43%



Total
46.9 -0.28%

[waldron] 15/3/2018 16:23

SEEKINGALPHA


Why Does This 5.2%-Yielding Oil Major Fly Under The Radar?
Mar. 15, 2018 11:43 AM ET|
7 comments|
About: TOTAL S.A. (TOT)
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Summary

Total is an under-the-radar integrated oil giant, with an attractive 5%+ dividend yield.

The company has strong fundamentals and a positive growth outlook going forward.

Income investors can scoop up this high-yield oil stock at a reasonable valuation.

This idea was discussed in more depth with members of my private investing community, Undervalued Aristocrats.

By Aristofanis Papadatos

Total (TOT) is perhaps the least mentioned oil major on Seeking Alpha, and tends to fly under the radar of most investors, even those who focus on oil stocks. However, the company has exhibited exceptional performance during the downturn of the oil sector, which began almost four years ago. It also pays a compelling dividend which is currently above 5%. Total is one of 294 dividend stocks in the energy sector. You can see all 294 dividend-paying energy stocks here.

Therefore, given the exciting growth prospects of the stock, its attractive valuation and its 5.2% dividend yield, investors should put the stock on their radar.
Business Overview

Total operates three segments: upstream, refining and marketing. Until four years ago, the price of oil was around $100 and hence the upstream segment was generating about 90% of the total earnings of the company. However, when the price of oil began to collapse, it severely hit the upstream segment. In addition, the price of oil products fell more slowly than the price of oil thanks to the resultant increase in demand. As a result, the refining margins markedly improved and thus the refining segment became the most important one.

For instance, in 2016, the refining segment generated 45% of the total earnings of Total. Nevertheless, thanks to the rally of the oil price since last summer, the upstream segment has now regained its significance. The contribution of each segment to the total earnings is shown in the table below for 2016 and 2017:


2016


2017

Upstream


34%


50%

Refining


45%


32%

Marketing


11%


18%
Competitive Advantages

Total exhibited much better performance than its peers during the 3-year downturn of the oil market that began almost four years ago. To be sure, during this period, in which the price of oil plunged up to 70%, the earnings per share [EPS] of Total decreased only 49%, from $4.94 to $2.51. Chevron (CVX) and BP (BP) exhibited a much worse performance, as they both saw their earnings completely evaporate in 2016 and thus reported a loss instead of a profit. Even Exxon Mobil (XOM), which was considered the most defensive oil major, saw its EPS plunge 75% during the downturn. Overall, Total exhibited by far the greatest resilience during the fierce downturn of the oil sector.

The most important factor behind the impressive out-performance of Total was its superior refining segment compared to its peers. During the rough years of refining (2008-2013), the other oil majors sold many of their refineries. As their upstream segment was generating the greatest portion of their earnings, they failed to realize that their refining segment was their hedge against a plunge of the oil price.

Total did not follow its peers and maintained almost all its refineries. Consequently, thanks to the long-term perspective of its management, only Total is now reaping the full benefit from the high refining margins that have prevailed during the last four years.

The other major factor behind the superior performance of Total is the fact that this oil major produces only a minor portion (less than 10%) of its natural gas in the US. Therefore, as the average selling price of gas for Total is much higher than the price of Henry Hub, Total enjoys a great advantage over its American peers.

Finally, it is worth noting that Total has drastically reduced its operating expenses during the last four years. And while all the oil majors have significantly cut their expenses to navigate through the downturn, Total has managed to reduce its production cost to $5.4 per barrel, which is approximately half of the production cost of most of its peers. This means that Total is conducting its operations much more efficiently than its peers.

Growth Prospects

Just like most of its peers, Total failed to grow its production volumes during 2010-2014. However, the company has returned to its growth trajectory in the last few years. More precisely, it grew its output 5% last year and expects to grow it by 6% this year thanks to the start-up of 8 major projects. Moreover, the management expects to continue to grow the output by about 5% per year for at least the next four years.

It is also important to note that the price of oil has finally found strong support since last summer, after a 3-year downturn. OPEC and Russia have extended their production cuts and seem determined to extend them as much as possible in order to ensure that the price of oil does not plunge once again. Moreover, Saudi Aramco (Private:ARMCO) intends to file its IPO next year and hence Saudi Arabia will do its best to support the price of oil in order to achieve the best possible IPO price. Therefore, Total is properly positioned to enjoy a double boost - higher output and a strongly supported price of oil.
Valuation

Total is trading at an attractive valuation level compared to its peers. More precisely, it is trading at a forward P/E=12.9 while Exxon Mobil, Chevron and BP are trading at forward P/E ratios of 15.8, 18.6 and 13.5, respectively. While the difference may not seem dramatic, it should not be underestimated. Total also has a markedly strong balance sheet, with the best debt to capital ratio in its group.

Therefore, it has a strong financial position, like Exxon Mobil, but much stronger position than Chevron and BP. Moreover, it is in much better shape than Exxon Mobil right now, as it is significantly growing its output whereas Exxon Mobil has failed to grow its output for many years. All in all, while Total is in a better shape than the other oil majors, it is also the most cheaply valued right now. As a result, the investors who want to have exposure to oil majors should take note of this mis-pricing.
Dividend

Total currently offers a generous 5.2% dividend yield. This is much higher than the 4.1% yield of Exxon Mobil and the 3.9% yield of Chevron whereas it is lower than the 6.1% yield of BP. Nevertheless, it is worth noting that the management of Total recently provided guidance that it intends to raise the dividend by a total of 10% in the next three years. This is in contrast to BP, which has paid the same dividend for 14 consecutive quarters and has not provided any guidance for future hikes.

Moreover, given the expected earnings per share of $4.47 for this year, Total has a payout ratio of 67%, which is much lower than the 86% payout ratio of BP. If one also takes into account the much stronger balance sheet of Total, it becomes evident that Total has more room for future dividend growth than BP. On the other hand, the dividend growth rate of Total is very close to the rate of Exxon Mobil and Chevron. One consideration for investors is that Total is based in France, which means dividend payments are subject to a withholding tax of 30%.
The Bottom Line

Thanks to its superior refining segment and gas pricing, Total markedly outperformed its peers during the downturn of the oil market. In addition, the company is properly positioned to continue to grow its output for years. Moreover, it offers a 5.2% dividend yield, it has a strong balance sheet and trades at a cheaper valuation level than the other oil majors. Therefore, investors should put this stock on their radar.

Exxon Mobil is a Dividend Aristocrat, a group of stocks with 25+ consecutive years of dividend increases. Buying and holding high-quality dividend growth stocks, like the Dividend Aristocrats, are proven to generate strong returns over time. Find out if Exxon Mobil is a confirmed buy with our service Undervalued Aristocrats, which provides actionable buy and sell recommendations on some of the most undervalued dividend growth stocks around. Click here to learn more.

Disclosure: I am/we are long XOM, BP.

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.

[florenceorbis] 15/3/2018 10:03

The Board of Directors of TOTAL S.A. (Paris:FP) (LSE:TTA) (NYSE:TOT) met on March 14, 2018 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, and decided to call the Annual Shareholders' Meeting on June 1 st , 2018.



The notice of the meeting will be published in the Bulletin des Annonces Légales Obligatoires (Mandatory Legal Notice Bulletin) on March 21st, 2018 and will be available on the Company's website.



In particular, upon the proposal of the Governance and Ethics Committee, chaired by Mrs. Patricia Barbizet, Lead Independent Director, the Board of Directors decided to propose to the Annual Shareholders' Meeting to renew for a period of three years the terms as Directors of Mr. Patrick Pouyanné, Mrs. Anne-Marie Idrac, and Mr. Patrick Artus, whose existing terms expire following this Annual Shareholders' Meeting.



Subject to the renewal of Mr. Patrick Pouyanné as a Board Member by the Annual Shareholders' Meeting, the Governance and Ethics Committee proposed to the Board of Directors to decide during its meeting on June 1 st , 2018 following the Annual Shareholders' Meeting, to renew the term of Mr. Patrick Pouyanné as Chairman of the Board and Chief Executive Officer, for the time of his term as Board Member, hence until the Annual Shareholders' Meeting taking place in 2021 and to approve the 2020 accounts. The Board of Directors has approved this proposal.



In addition, the Board of Directors approved the financial resolutions which will be proposed at the Annual Shareholders' Meeting.



Finally, the Board of Directors examined and approved the documents which will be submitted to the Annual Shareholders' Meeting on June 1st, 2018, including the Management Report on the Group's situation. This Report of the Board is integrated into the Company's 2017 Registration Document, which will be available on the Company's website. The document includes notably a description of the main risks to which the Group is exposed.



About Total



Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com

[waldron] 15/3/2018 08:25

BP
466.95 +0.47%



Shell A
2,212 +0.02%



Shell B
2,232 +0.09%



Total
47.13 +0.21%

[sarkasm] 14/3/2018 19:32

Total: terms of payment of the 3rd interim dividend 2017

Alexandra Saintpierre, published on the 14/03/2018 at 19h19
Total: terms of payment of the 3rd interim dividend 2017
Photo credit © Total

(Boursier.com) - The Board of Directors of Total has decided to distribute a third interim payment for the financial year 2017, amounting to € 0.62 per share, identical to the first and second payments in respect of the 2017 financial year and 1.6% higher than the third interim payment for the 2016 financial year.

Total has decided to offer the option of paying this down payment in new shares of the company to shareholders including holders of American Depositary Shares (ADS). The issue price of the new shares that will be released as payment for this 3rd interim payment for the 2017 financial year is set at € 45.70, equal to the average of the first prices quoted during the 20 trading days preceding the Board meeting. March 14, less the amount of the interim dividend, without any discount, and rounded up to the nearest penny.

This third interim payment for the 2017 financial year will be detached on March 19, 2018. Shareholders may opt to pay this third interim payment in cash or in new shares between March 19, 2018 and March 28, 2018 inclusive, by sending their request. to their financial intermediaries.

Holders of ADS listed in the United States benefit from the same option. The date of secondment of this third interim payment for the 2017 financial year for the ADS is March 15, 2018. The holders of ADS may opt for the payment of the advance payment in new shares between March 19, 2018 and March 23 2018 included, by sending their request to their financial intermediaries.

The shares thus issued will bear immediate rights and will be the subject of an application for admission to listing on Euronext Paris.

Shareholders who have not opted for the payment of this third interim payment for the 2017 financial year in shares, the deposit will be paid in cash from April 9, 2018.

For the shareholders who have opted for the payment in shares of this third interim payment for the 2017 financial year, the delivery of the shares will take place on April 9, 2018. The ADS holders will receive the American Depositary Shares as of April 16, 2018. If the amount of this 3rd interim payment for the 2017 financial year for which the option is exercised does not correspond to a whole number of shares, the shareholders may receive the next whole number of shares by paying, on the day where they exercise their option, the difference in cash, or the whole number of shares immediately lower supplemented by a cash payment.