Total Share Discussion Threads

[ariane] 07/2/2019 11:14

07/02/2019 | 11:57
Jefferies has confirmed its recommendation to purchase and its target price of 59 euros on Total after solid quarterly results.

[ariane] 07/2/2019 10:22

07 Feb 2019 | 09:59 UTC London

Oil major Total expects 9% production growth this year after record 2018

Author Jack Jordan Editor Elizabeth Thang Commodity Oil

London — French oil and gas major Total expects to see production growth of 9% of this year after reaching record levels in 2018.


The company followed other oil majors in announcing a strong set of results for the fourth quarter of 2018. Overall oil and gas production for the whole of 2018 climbed by 8.1% from a year earlier to 2.775 million b/d of oil equivalent, a record high, Total said Thursday.

Total expects ramped-up output from Kaombo North in Angola, Egina in Nigeria and the Ichthys field off northwest Australia to boost its production by a further 9% this year. The company also highlighted the start-up of Iara 1 in Brazil, Kaombo South in Angola, Culzean in the UK and Johan Sverdrup in Norway as supporting production growth in 2019.

"Determined to take advantage of the favorable cost environment, the group plans to launch projects in 2019, notably including Mero 2 in Brazil, Tilgenga and Kingfisher in Uganda and Arctic LNG 2 in Russia," Total said.

The statement makes no mention of the Preowei discovery in Nigeria, with 200 million barrels in reserves, the development of which Total had previously said it was expecting to approve this year.

The company previously said its intention is to keep annual production growth above 5% for the years 2017-2022.

Overall hydrocarbon production reached 2.876 million boe/d in Q4, up by 10% from the same period a year earlier. Oil production climbed by 13% to 1.371 million b/d, while gas rose by 7% to 1.505 million boe/d.

Refinery throughput advanced by 2% to 1.886 million b/d in Q4 from a year earlier, with a decline in French refinery throughput offset by moderate growth in the rest of Europe and a sharper climb in the rest of the world. Total reported a 28% rise in full-year profit to $13.6 billion in 2018.

-- Jack Jordan, [e-mail]

-- Edited by Elizabeth Thang, [e-mail]

[ariane] 07/2/2019 09:56

7/02/2019 | 10:53
Total announces that its Board of Directors has decided to propose to the general meeting of shareholders to be held on May 29, 2019, the distribution of a dividend of € 2.56 share for the 2018 financial year, up 3 , 2%.

Taking into account the three installments of 0.64 euro per share, the balance of the dividend of the oil and gas group for 2018 will amount to 0.64 euro per share, down payment that the board of directors decided to pay exclusively in cash.

The Board has also decided not to propose to this meeting the renewal of the option for the payment of the dividend in shares for installments that may be decided in 2019 and which will therefore be paid exclusively in cash.

[ariane] 07/2/2019 09:52

Total ups hydrocarbon production in 2018
7 February 2019 13:38 (UTC+04:00)

Baku, Azerbaijan, Feb.7

By Leman Zeynalova – Trend:

Hydrocarbon production by France’s Total company was 2,876 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2018, an increase of 10 percent compared to last year, Trend reports citing the company.

The report released by Total shows that this increase was due to: +12 percent for start-ups and ramp-ups on new projects, notably Yamal LNG, Ichthys, Fort Hills, Kaombo North and Kashagan; + 2 percent portfolio effect. The integration of Maersk Oil, as well as the acquisition of an additional 0.5 percent of Novatek, were partially offset by the expiration of the Mahakam permit at the end of 2017 and the sales of Visund in Norway and Rabi in Gabon; -4 percent for natural field declines and PSC price effect.

In 2018, hydrocarbon production was 2,775 kboe/d, an increase of more than 8 percent compared to last year, according to Total.

This was achieved as a result of +9 percent for start-ups and ramp-ups on new projects, notably Yamal LNG, Moho Nord, Fort Hills, Kashagan, Kaombo Norte and Ichthys; +3 percent portfolio effect, mainly the addition of Maersk Oil, Al Shaheen in Qatar, Waha in Libya, Lapa and Iara in Brazil as well as the acquisition of an additional 0.5 percent of Novatek, were partially offset by the expiration of the Mahakam permit at the end of 2017 and the sales of Visund in Norway and Rabi in Gabon; -4 percent for natural field declines and PSC price effect.

This is while petroleum product sales increased by 1 percent in 2018 compared to 2017. The sale of TotalErg in Italy was offset by higher sales in the rest of the world, reads the report.

Total is a producer and supplier of oil, natural gas and low-carbon electricity. It is active in more than 130 countries.

Total has been operating in Azerbaijan since 1996, primarily in exploration and production and the marketing of lubricants.

Total has a 50 percent interest in the Absheron production sharing agreement in the Caspian Sea.

It also has a 5 percent interest in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline. Total sells gas to SOCAR, Azerbaijan's national oil company and markets petrochemicals, automotive and industrial lubricants in Azerbaijan. It buys crude oil, especially from SOCAR.

Follow the author on Twitter: @Lyaman_Zeyn

[florenceorbis] 07/2/2019 09:19

7/02/2019 | 10:05
Total achieved fourth-quarter 2018 adjusted net income group share of $ 3.2 billion, up 10%. Over the year, it reached $ 13.6 billion, up 28%. Net income group share was $ 11.4 billion, up 33%. The major produced 2.775 million barrels a day last year, an increase of 8.1%. Net cash flow reached $ 2.964 billion in the fourth quarter against $ 2.317 billion a year earlier.

Over the year, net cash flow stood at 8.961 billion, against 9.499 billion in 2017, due to the increase in net investments.

The profitability of equity (ROE) rose in 2018 to 12.2% against 10.1% in 2017.

Return on average capital employed amounted to 11.8% in 2018, compared to 9.4% in 2017.

On the strength of these results, Total continues to implement its shareholder return policy. The group will increase the dividend by 3.1% in 2019, in line with the target of a 10% increase over the 2018-2020 period. The stock dividend payment option will end in June 2019, the company warned.

As part of its $ 5 billion share buyback program for the 2018-2020 period, the company plans to buy back 1.5 billion shares in 2019 in a $ 60 per barrel environment.

[florenceorbis] 07/2/2019 07:35

Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has made a significant gas condensate discovery on the Brulpadda prospects, located on Block 11B/12B in the Outeniqua Basin, 175 kilometers off the southern coast of South Africa.



The Brulpadda well encountered 57 meters of net gas condensate pay in Lower Cretaceous reservoirs. Following the success of the main objective, the well was deepened to a final depth of 3,633 meters and has also been successful in the Brulpadda-deep prospect.



"We are very pleased to announce the Brulpadda discovery which was drilled in a challenging Deepwater environment", said Kevin McLachlan, Senior Vice President Exploration at Total. "With this discovery, Total has opened a new world-class gas and oil play and is well positioned to test several follow-on prospects on the same block."



Total drilled this exploration well with the latest generation drilling ship and was able to leverage its experience in similar environments, such as the West of Shetland, UK.



Following the success of Brulpadda and confirmation of the play potential, Total and its partners plan to acquire 3D seismic this year, followed by up to four exploration wells on this license.



The Block 11B/12B covers an area of 19,000 square kilometers, with water depths ranging from 200 to 1,800 meters, and is operated by Total with a 45% working interest, alongside Qatar Petroleum (25%), CNR international (20%) and Main Street, a South African consortium (10%).



* * * * *



About Total in South Africa



Total has been present in South Africa since 1954. The Group is active on the whole oil and gas value chain and directly employs 1,000 people in the country.



Upstream, Total has developed oil and gas exploration activities in the Outeniqua basin with operating interests in two blocks, 11B /12B and South Outeniqua.



Downstream, Total, which is ranked in the top four petroleum products market companies in South Africa, operates about 550 service stations throughout the country and is present in all other business segments (lubricants, B2B, aviation, LPG, other specialties).



It also has interest in the Natref refinery in Sasolburg.



Through our SunPower affiliate, Total has also been developing solar projects and locally producing photovoltaic panels. Since 2016, its Prieska solar power plant (installed capacity of 75 megawatt-peak), located in the Northern Cape, has been supplying electricity to the equivalent of 70,000 households.

[waldron] 06/2/2019 16:54

FTSE 100
7,173.09 -0.06%
Dow Jones
25,397.88 -0.05%
CAC 40
5,079.05 -0.08%


Brent Crude Oil NYMEX 62.74 +1.23%
Gasoline NYMEX 1.45 +1.75%
Natural Gas NYMEX 2.65 -0.34%

WTI - 06/02 17:41:35
54.16 USD +0.78%


Eni
14.86 -0.54%

Total
48.78 -0.25%

Engie
13.965 -0.96%

Orange
13.565 -0.48%


BP
554 +1.28%


Shell A
2,458.5 -0.06%


Shell B
2,489 +0.08%

BIG DAY FOR TOTAL TOMMORROW
IF ALL GOES WELL IT MIGHT PUSH EUROPEAN MAJORS HIGHER

[maywillow] 06/2/2019 11:35

Total Could Take on Shell With Bid for Utility Firm Eneco
By Francois De Beaupuy
, Ruth David
, and Dinesh Nair
4 février 2019 à 12:57 UTC+1

Engie, Macquarie and Mitsubishi may also be interested
Dutch utility Eneco is one of the largest in the Netherlands

Total SA Gas Station Operations As Oil Sinks To Lowest in Almost 7 Years

Photographer: Balint Porneczi/Bloomberg
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French oil giant Total SA is working with advisers as it weighs an offer for Eneco Groep NV, joining a number of financial and industry bidders for the Dutch utility, including rival Royal Dutch Shell Plc, people familiar with the matter said.

The firm, which is owned by dozens of Dutch municipalities and is due to be auctioned this year, could fetch as much as 4 billion euros ($4.6 billion), said one of the people, who asked not to be identified because the deliberations are private. It joins companies including Engie SA, Enel SpA, Macquarie Group Ltd. and Mitsubishi Corp., which may also be interested in the asset, they said.

Total and Shell are working to sell energy directly to customers, using the power business as a hedge against a potential drop in gasoline and diesel demand as European governments promote electric cars and introduce more stringent rules on carbon emissions.

Representatives for Total, Eneco, Enel, Engie and Macquarie declined to comment. A representative for Mitsubishi didn’t have an immediate response when contacted outside of regular business hours.

Last month, Shell said it planned to team up with Dutch pension fund PGGM to bid for Eneco, following a 2017 deal that gave the oil major direct access to the U.K. retail market.

Deal activity for European utilities has surged in the past year on the back of large transactions such as China Three Gorges Corp.’s 9.1 billion-euro bid to take control of Portugal’s EDP-Energias de Portugal SA and German utility EON SE’s offer for Innogy SE. Last month, a plan by Danish utility Orsted A/S to sell power distribution assets worth almost $4 billion was scuppered after the country’s finance ministry said there was no political backing for the sale.

The Dutch government must be notified of any change in control at Eneco, giving legislators the power to block or amend the sale, Dutch Minister of Economic Affairs and Climate Policy Eric Wiebes wrote in letter to the lower house of parliament last month.

For Total, an acquisition of Eneco would boost its clean-power production and retail portfolio, following its purchase Belgian utility Lampiris SA in 2016 and French utility Direct Energie last year. Total has said it aims to have more than 6 million power and gas customers in France and 1 million in Belgium by 2022.

— With assistance by Wout Vergauwen
(Updates sixth paragraph with details of utility deals.)

[maywillow] 06/2/2019 11:28

Total would be part of a long list of contenders for the takeover of the Dutch company, Eneco. The oil major would already work with several advisers to make this acquisition which could amount to 4 billion euros, believes Bloomberg. The company specializing in the production of green energy belongs to dozens of Dutch municipalities. It has more than 2 million customers in the Netherlands, Belgium, Germany and the United Kingdom. In addition to Total, Royal Dutch Shell, Engie, Enel, Macquarie Group and Mitsubishi are on the line.

Total, along with other giants in the oil industry, are trying to become less dependent on black gold by entering the electricity sales market. With this in mind, the French group has already achieved several fine deals with the acquisition of the Belgian company Lampiris in 2016 and Direct Energie last year. By 2022, Total aims to have more than 6 million customers in electricity and gas in France, and 1 million in Belgium.

[gersemi] 06/2/2019 11:15

More Exxon discoveries in Guyana

[maywillow] 06/2/2019 11:13

05
Feb
2019
News

Oil & GasUpstreamProduction

Repsol to acquire Total’s stake in Mikkel field offshore Norway
By Compelo Staff Writer

Repsol has agreed to acquire Total’s stake of 7.65% stake in the Norwegian Sea’s producing Mikkel field, for an undisclosed price.
Image: Repsol to acquire 7.65% stake in the Mikkel field. Photo: courtesy of Repsol.

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The Mikkel field, which is a gas and condensate reservoir, has been in production since August 2003.

Through the transaction, Repsol will boost its net output in Norway to around 32,000 barrels of oil equivalent a day, which marks an increase of nearly 14% in production in the European country. The Spanish energy company has a working interest across 30 production licenses in Norway.

Repsol, in a statement, said: “This acquisition reaffirms Repsol’s commitment to Norway, a key country for the company. The company did also reach an agreement with Total in early 2018 to acquire a 7.65% stake in the Visund field, and is also moving forward on the Yme field development, that is expected to start produce in second quarter of 2020.”

The Mikkel field is operated by Equinor Energy, which holds a stake of 43.97%. The other partners in the offshore Norwegian field are ExxonMobil Exploration and Production Norway (33.48%) and Vår Energi (14.9%).

Located 35km south of the Midgard deposit on Equinor’s Åsgard field, the gas and condensate field registered an average production of 47,075 barrels of oil equivalent a day in 2017.

The gas and condensate field, which is contained in water depth of 220m, is located in the eastern part of the Norwegian Sea, 30km north of the Draugen field.

Discovered in 1987, the Mikkel field was developed using a subsea production facility that is tied back to the seabed installations on Midgard, which in turn is part of the Åsgard development.
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The Mikkel production system features two subsea templates with a total of three production wells. It produces gas and condensate from Jurassic sandstone in the Garn, Ile and Tofte Formations.

Condensate produced from the Mikkel field is sent through existing flowlines to the Åsgard C storage ship for export. On the other hand, gas produced from the field is piped via the Åsgard Transport trunkline to the Kårstø complex, located north of Stavanger in Norway.

[maywillow] 06/2/2019 09:15

03/19 2019
Ex-Dividend date for the 3rd 2018 interim Dividend

[waldron] 05/2/2019 17:11

FTSE 100
7,177.37 +2.04%
Dow Jones
25,384.3 +0.57%
CAC 40
5,083.34 +1.66%


Brent Crude Oil NYMEX 62.25 -0.42%
Gasoline NYMEX 1.44 +0.40%
Natural Gas NYMEX 2.70 +1.32%


WTI (WTI)
- 05/02 17:57:27
53.88 USD -1.55%



Eni
14.94 +1.04%


Total
48.9 +1.68%

Engie
14.1 +1.18%

Orange
13.63 +1.23%



BP
547 +5.17%


Shell A
2,460 +1.95%


Shell B
2,487 +2.30%

[waldron] 04/2/2019 16:58

TSE 100
7,034.13 +0.20%
Dow Jones
25,062.13 -0.01%
CAC 40
5,000.19 -0.38%

Brent Crude Oil NYMEX 62.18 -0.91%
Gasoline NYMEX 1.43 -0.41%
Natural Gas NYMEX 2.67 -2.45%


WTI (WTI)
- 04/02 17:45:00
54.05 USD -2.08%



Eni
14.786 +0.09%


Total
48.09 -0.25%

Engie
13.935 -1.10%

Orange
13.465 -0.96%



BP
520.1 -0.27%


Shell A
2,413 +1.22%

Shell B
2,431 +1.95%

[grupo] 04/2/2019 09:20

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (February 2, 2019).

HOUSTON -- The world's largest Western oil companies shrugged off a 38% plunge in oil prices during the final months of 2018 to post some of their biggest annual profits in years.

Strong fourth-quarter earnings Friday by Exxon Mobil Corp. and Chevron Corp., following similar results by Royal Dutch Shell PLC on Thursday, proved the extent to which the oil giants have transformed amid lower crude prices.

The top five generated more profits last year, when crude prices averaged just $71 a barrel, than in 2014, when global crude sold for an average of almost $100 a barrel.

Including estimates for BP PLC and Total SA, which report next week, they are set to post 2018 profits of about $84 billion, according to FactSet data. That is about $10 billion more than four years ago.

The companies are seeing benefits from a more disciplined strategy focused on returns and profitability over growing production, a demand from many investors who have been disappointed by lackluster performance in recent years. Exxon and Chevron stock prices rallied by more than 3%. Shell's U.S.-denominated shares rose by more than 4% Thursday, the most in three months Chevron's board authorized a $25 billion share repurchase program after the company bought back $1 billion in stock in the fourth quarter, a signal to investors that returns continue to be a top priority.

Collectively, the companies have restructured their businesses, sold off assets and positioned themselves to thrive even when crude prices swing up and down wildly.

Exxon, Chevron, BP and Shell are also turning to U.S. shale drilling in the booming Permian Basin in West Texas and New Mexico, where it is possible to increase production without a multibillion-dollar project that could take at least a decade to make money.

Despite the fall in prices at the end of the fourth quarter, Exxon still generated $6 billion in net income in the period -- lower than the year before, which was boosted by the U.S. tax overhaul, but still better than analysts had expected. Chevron said net income was $3.73 billion, up 19% from the same time a year ago.

"These companies have figured out how to operate in this new environment, and they have adjusted well" to lower prices, said Brian Youngberg, an analyst at Edward Jones in St. Louis.

"The key going forward will be maintaining discipline. This is now a low-growth industry, so you've got to invest well," he added.

Exxon and Chevron stock prices rallied by more than 3%. Shell's U.S.-denominated shares rose by more than 4% Thursday, the most in three months. Chevron's board authorized a $25 billion share repurchase program after the company bought back $1 billion in stock in the fourth quarter, a signal to investors that returns continue to be a top priority.

Shell, Exxon and Chevron shares have rallied. Chevron's board authorized a $25 billion share repurchase program, signaling to investors that returns continue to be a priority.

On Thursday, Shell said it nearly doubled profits in 2018 from the previous year, posting net income of about $23 billion.

Production at Exxon rose above 4 million barrels a day of oil and gas for the first time since early 2017.

Exxon Chief Executive Darren Woods has embarked on a $230 billion plan to revitalize the oil giant, targeting drilling opportunities around the world that he has said are the most attractive he's seen in decades. Those include shale wells in West Texas, natural gas export facilities in Papua New Guinea, a string of giant discoveries in the South American nation of Guyana and developments in Mozambique and Brazil.

While many analysts consider those projects to be extremely attractive, they aren't set to pay off in a big way for a few more years.

Exxon's shares fell about 15% in 2018, including dividends, the worst performance for the company in at least 20 years, according to FactSet data.

Mr. Woods said the company's ability to produce massive amounts of oil and gas while also having the logistics and refining capability to process barrels into fuel and other products was a critical bulwark in 2018.

"The price environment in 2018 was unpredictable, which once again demonstrated the value of our integrated business model," Mr. Woods said. That vertical integration "allowed us to avoid the impact of market dislocations and thus capture the full value of our barrels," he added.

Mr. Woods also signaled that Exxon is set to step up asset sales in its exploration and production business, which he plans to reorganize into three new companies beginning in April.

The company recorded a $429 million impairment charge in the quarter, much of which was from assets in North America "with limited development potential." Total revenue and other income rose 8.1% to $72 billion.

Chevron Chief Executive Mike Wirth said the company has been in discussions with U.S. officials related to its operations in Venezuela and believes they will continue operating in a safe and stable way for the foreseeable future. Chevron was among the companies that received an exemption from U.S. sanctions imposed this week against Venezuela's oil industry.

The exemption is set to expire in later this year, but it is possible several companies may continue to receive waivers, according to analysts.

Chevron plans to continue buying back significant quantities of shares, and the company is set to purchase a Texas refinery. That will allow the company to step up how much light crude it can process as it ramps up production in the Permian Basin. Like Exxon, Chevron nearly doubled its output in the region in 2018.

"We continue to maintain our commitment to capital discipline," Mr. Wirth said. "We intend to win in any environment."

Total revenues at Chevron rose 13% to $42 billion, and production of oil and gas rose 7% to the equivalent of 2.93 million barrels a day.

Excluding asset sales, the company said it expects production to grow by 4% to 7% in 2019.

Allison Prang and Kimberly Chin contributed to this article.

Write to Bradley Olson at [e-mail]



(END) Dow Jones Newswires

February 02, 2019 02:47 ET (07:47 GMT)

[the grumpy old men] 03/2/2019 19:39

Sunday 3 February 2019 7:21pm
Private equity firms set to snap up Total's North Sea oil and gas fields this week in £1bn deal
Share


August Graham
(FILES) File picture showing an aerial v
Total is planning its most ambitions drilling programme in years in 2019 (Source: Getty)

French energy giant Total is on the cusp of selling its stakes in a series of North Sea oil and gas fields to two private equity firms.

The oil major is expected to announce a £1bn deal with Albion Energy and First Alpha Energy Capital later this week, the Telegraph reported, citing sources.

It will include a one-third stake in the Laggan-Tormore gas field where Total partners with Dong E&P and SSE.

The private equity players are also expected to gain stakes in several smaller fields which Total bought as part of a $4.95bn (£3.8bn) deal with AP Moller-Maersk in 2017.

This will be First Alpha’s first deal since it was founded in 2016 by former Appian Capital Advisory partner Verne Grinstead.

Premier Oil reportedly pulled out of the process last year.

Production at Laggan-Tormore began in 2016, 30 years after the first discovery at the Laggan site. The field produces around eight per cent of the UK’s gas needs, supplying enough gas for two million households.

Last week, a Total-backed exploration project made the biggest oil discovery in the North Sea for over a decade east of Aberdeen.

[maywillow] 03/2/2019 11:55

Total lining up £1bn sale of North Sea gas field stake
By a Daily Business reporter | February 3, 2019

Total at LagganTwo private equity firms are expected to acquire a stake in the giant Laggan-Tormore gas field in a £1 billion deal with French operator Total.

The sale to Albion Energy and First Alpha Energy Capital will give them a third of the field, west of the Shetland Islands, which is capable of supplying 8% of the UK’s gas. It will also include a number of smaller North Sea oil and gas fields.

The deal will be the first major North Sea acquisition for First Alpha Energy since it was set up by former JP Morgan bankers Verne Grinstead and Fred Lucas in 2016, according to the Sunday Telegraph.

First Alpha is one of a number of private equity firms hunting for bargain buys in the North Sea following the 2014 oil price crash that forced oil majors scramble to re-evaluate their exposure.

The deal follows Total’s huge gas discovery at the Glengorm prospect east of Aberdeen last week, along with the China National Offshore Oil Corporation and Euroil, a wholly-owned subsidiary of Edison of Italy,

The 250 million-barrel find at Glengorm, off the east coast of Aberdeen, follows another major gas discovery for Total on the Glendronach prospect to the west of Shetland last September.

[maywillow] 03/2/2019 09:58

Total’s sale of Laggan-Tormore stake ‘expected this week’, report says

Written by Mark Lammey - 03/02/2019 9:13 am