Total Share Discussion Threads

[the grumpy old men] 19/3/2019 13:41

19 Mar 2019 | 10:08 UTC Singapore

PNG government, PNG LNG partners to ink project expansion deal by April 5

Author Abache Abreu Editor Shashwat Pradhan Commodity Natural Gas

Singapore — The Papua New Guinean government and the joint venture participants of the Total-led PNG LNG project are set to announce a gas deal April 5, for the development of the 8 million mt/year LNG export plant, PNG's Prime Minister Peter O'Neill said Tuesday at the third Papua New Guinea Petroleum and Energy Summit in Port Moresby.
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The plan is for the construction of three 2.7 million mt/year LNG trains on the existing PNG LNG plant site.

Two of the three trains are to be supplied with gas from the Elk-Antelope fields, while one train is to be supported with gas from the existing PNG LNG fields and the P'nyang field, S&P Global Platts previously reported.

The project will approximately double the country's LNG export capacity, adding to PNG LNG's 6.9 million mt/year production nameplate.

The agreement between the government and the PNG LNG partners follows a memorandum of understanding announced November 16, which provided the key terms and conditions, including tax rates and domestic market obligations.

Total, Oil Search and ExxonMobil are participants in the LNG project.

Oil Search (29%) and ExxonMobil (33.2%) also hold stakes in PNG LNG along with Santos (13.5%), National Petroleum Company of PNG (16.8%), JX Nippon Oil and Gas Exploration Company (4.7%) and Mineral Resources Development.

-- Abache Abreu, [e-mail]

-- Edited by Shashwat Pradhan, [e-mail]

[waldron] 18/3/2019 17:06

Brent Crude Oil NYMEX 67.48 +0.48%
Gasoline NYMEX 1.86 +1.02%
Natural Gas NYMEX 2.84 +1.61%


(WTI) - 18/03 17:51:31
58.95 USD +0.87%


FTSE 100
7,299.19 +0.98%
Dow Jones
25,847.52 -0.01%
CAC 40
5,412.83 +0.14%


Eni
15.744 +1.00%


Total
52.27 +1.10%

Engie
13.5 -0.11%

Orange
14.27 +0.81%



BP
554 +1.74%


Shell A
2,417.5 +1.49%


Shell B
2,430 +1.10%

[grupo guitarlumber] 16/3/2019 08:38

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

[waldron] 15/3/2019 17:29

FTSE 100
7,228.28 +0.60%
Dow Jones
25,909.62 +0.78%
CAC 40
5,405.32 +1.04%


Brent Crude Oil NYMEX 67.10 -0.19%
Gasoline NYMEX 1.84 +0.10%
Natural Gas NYMEX 2.81 -1.51%

(WTI) - 15/03 18:15:51
58.48 USD -0.09%



Total
51.7 +0.49%


Engie
13.515 +1.62%

Orange
14.155 +2.68%

Eni
15.588 +0.32%



BP
544.5 -0.98%


Shell A
2,382 +0.25%


Shell B
2,403.5 +0.56%

[waldron] 14/3/2019 17:08

FTSE 100
7,185.43 +0.37%
Dow Jones
25,727.42 +0.10%
CAC 40
5,349.78 +0.82%


Brent Crude Oil NYMEX 67.39 -0.24%
Gasoline NYMEX 1.85 -0.17%
Natural Gas NYMEX 2.85 +0.92%


(WTI) - 14/03 17:54:42
58.6 USD +0.51%



Total
51.45 +0.47%


Engie
13.3 -0.26%

Orange
13.785 +1.43%


Eni
15.538 -0.04%


BP
549.9 +0.38%


Shell A
2,376 +0.47%


Shell B
2,390 +0.61%

[waldron] 14/3/2019 07:15

13/03/2019 | 8:00 p.m.

Indicative timetable for the detachment of the dividend for the financial year 2020

Paris - The Board of Directors, meeting on March 13, 2019, decided to distribute a third interim dividend in respect of the 2018 financial year, in the amount of € 0.64 per share, in accordance with the Council decision of 25 October 2018, identical to the first and second interim dividends for the 2018 financial year and 3.2% higher than the three installments and the balance paid in respect of the 2017 financial year. the fourth resolution of the General Meeting of June 1, 2018, the option to pay this interim dividend in new shares of the Company will be proposed to shareholders including holders of American Depositary Shares (ADS) admitted to trading on the New York Stock Exchange.

In accordance with the shareholder return policy announcements made on February 8, 2018, in order to avoid any dilution related to the issue of new shares, the Group will proceed with the redemption of these newly issued shares with a view to their cancellation.

The issue price of the new shares that will be released as payment for this third interim payment is set at € 49.30 per share, equal to the average of the first prices quoted during the twenty trading days preceding the March 13th Board meeting. 2019, less the net amount of this interim dividend, without a discount, and rounded up to the next euro cent higher. The shares thus issued will bear immediate rights and will be the subject of an application for listing on Euronext Paris.

Shareholders and ADS holders will receive this third installment, and may opt for payment in cash or in new shares by sending their request to their financial intermediaries, according to the following schedule:
In 2019 Shareholders ADS Holders
Dividend detachment 19 March 15 March
Option Period for Payment in New Shares March 21 to March 28 (inclusive) March 19 to 25 (inclusive)
Payment in cash (if there is no option for payment in new shares) April 5 April 12
Delivery of shares (in case of option for payment in new shares) 5 April 12 April

If the amount of the third interim dividend for the 2018 financial year for which the option is exercised does not correspond to a whole number of shares, the shareholders may receive either the next whole number of shares by paying the the day on which they exercise their option, the difference in cash, being the whole number of shares immediately below, supplemented by a cash payment.

As a reminder, the Board of Admiration decided not to propose to the General Meeting of May 29, 2019, the renewal of the option for payment of the dividend in shares from the balance of the dividend for the 2018 financial year.

Indicative timetable for the secondment of installments and the balance of the dividend for 2020

Subject to the decisions of the Board of Directors and the General Meeting called in 2021 to approve the financial statements for the financial year 2020, the appropriation of income and the distribution of the dividend balance, the schedule of secondment of installments and the balance of the dividend for the 2020 financial year will be as follows:
Nature of the Coupon Release Dates
1st installment 25th September 2020
2nd installment January 4, 2021
3rd installment 25th March 2021
Balance June 24, 2021

This indicative timetable concerns the posting dates for the shares admitted to trading on Euronext Paris.

[waldron] 13/3/2019 17:33

FTSE 100
7,159.19 +0.11%
Dow Jones
25,735.33 +0.71%
CAC 40
5,306.38 +0.69%

Brent Crude Oil NYMEX 67.31 +0.96%
Gasoline NYMEX 1.85 +1.64%
Natural Gas NYMEX 2.81 +0.97%

(WTI) - 13/03 18:20:24
57.9 USD +1.29%



Eni
15.544 +2.51%


Total
51.21 +1.09%


Engie
13.335 +0.00%

Orange
13.59 +0.48%



BP
547.8 +2.09%


Shell A
2,365 +0.68%


Shell B
2,375.5 +0.68%

[grupo] 13/3/2019 14:01

Bulgaria grants Total, OMV, Repsol extension of oil, gas exploration permit for 1-21 Han Asparuh block
Author
Mario Tanev
Published

Mar 13, 2019 13:47 CEST
Bulgaria grants Total, OMV, Repsol extension of oil, gas exploration permit for 1-21 Han Asparuh block Author: Shell. Licence: All rights reserved.

SOFIA (Bulgaria), March 13 (SeeNews) - Bulgaria's government said on Wednesday that it accepted a request by France's Total, Austria’s OMV and Spain’s Repsol to extend by 109 days the permit held by the three companies for exploring for oil and natural gas in the 1-21 Han Asparuh offshore block in the Black Sea.

The extension is a result of a force majeure event, the government said in a statement, without giving further details about the event.

The government authorised energy minister Temenuzhka Petkova to sign an annex to the contract with the three companies within one month.

Their permit is due to expire in January 2020.

Total has a 40% interest in the project, while OMV and Repsol own stakes of 30% each.

The 1-21 Han Asparuh block is located deep offshore in the Bulgarian sector in the western part of the Black Sea and covers an area of 14,220 sq km with water depths up to 2,200 m.

In November 2018, the companies started drilling of the third deepwater exploration well, Melnik-1.

Works will be carried out by Noble Corporation's Noble Globetrotter II ship, which was also used for the first two exploration wells, Polshkov-1 and Rubin-1.

In October 2016, Total said it had discovered oil in the block.

The companies won a permit for prospecting and exploration of oil and gas in the 1-21 Han Asparuh block in 2012. Under the terms of the contract, they committed to invest over 1.0 billion euro in the gas exploration process, while Bulgaria would receive 40 million euro ($45.2 million) in the form of a bonus payments from the deal, the Bulgarian economy ministry said at the time.

($= 0.8851 euro)

[waldron] 12/3/2019 17:36

FTSE 100
7,151.15 +0.29%
Dow Jones
25,543.33 -0.42%
CAC 40
5,270.25 +0.08%


Brent Crude Oil NYMEX 66.70 +0.18%
Gasoline NYMEX 1.82 -0.56%
Natural Gas NYMEX 2.77 -0.04%

(WTI) - 12/03 18:25:00
56.85 USD -0.16%


Eni
15.164 +0.28%

Total
50.66 -0.20%


Engie
13.335 +0.41%

Orange
13.525 -0.51%


BP
536.6 +0.19%


Shell A
2,349 +0.45%


Shell B
2,359.5 +0.40%

[maywillow] 11/3/2019 20:59

Total S.A. - A French Major With A Vision
Mar. 11, 2019 3:43 PM ET|
2 comments
|
About: TOTAL S.A. (TOT)
Fun Trading
Fun Trading
Special situations, contrarian, long/short equity, value
(11,635 followers)
Summary

Total S.A. reported fourth-quarter 2018 earnings diluted of $0.40 per share. Total revenues came in at $46.31 billion, up 11.8% from $41.44 billion generated in the year-ago quarter.

TOTAL S.A. upstream production is expected to increase by 9% in 2019 compared to 2018. CapEx is scheduled to be in the range of $15-$16 billion in 2019 and 2020.

TOT is a long-term investment and should be accumulated on any weakness. The Dividend Yield is 5.14%.

Source: Steelguru/Wcom
Investment Thesis

Total S.A. (TOT) has been one of the most active "integrated" oil supermajors that my family owns for many years. One primary characteristic that Total S.A. shares with the big-oil group is that it runs operations related to the integration of most aspects of the value-oil chain, from exploration to marketing and of course retail. The company has about ~100k employees worldwide.

Total S.A. has a worldwide presence. However, its presence in the USA is limited, and the chart below describes Total's oil-equivalent production per region (upstream):

Total S.A is a "big oil" which is different than a pure E&P oil company like Apache (APA) for the primary reason is that its earnings come from a variety of segments like upstream (oil and gas exploration and production,) downstream (refining and chemicals,) and also marketing and services. Patrick Pouyanné, the CEO, said in the conference call:

TOTAL, we produced 1.6 million barrel of oil per day, we refine 1.9 million and we market 1.8 million. When we speak about integration, it's not physical integration. It's economic integration. We are a little of a refiner, but you can see that economically, we are well-balanced and we intend to maintain this balance along the value chain - oil value chain.

Below is the chart where I broke down the company's adjusted operating income per segment in 2018:

With a market capitalization of $150 billion, Total S.A. belong to the club called the "big oils" often called the "dividend aristocrats" - Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), BP Plc (NYSE:BP), Equinor (EQNR) and Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B).

My recent articles published about the 4Q'18 oil supermajors:

Exxon Mobil - 4Q'18. Click here to read.
Chevron Corp. - 4Q'18. Click here to read.
BP Plc - 4Q'18. Click here to read.
Royal Dutch Shell - 4Q'18. Click here to read.
Equinor ASA - to be published soon.

Note: Total SA is the world second-biggest publicly traded company in the LNG space.

The investment thesis remains a long-term idea with an adapted short-term trading solution. TOT is trading in tight correlation with oil and gas prices and will move with the same applied volatility.

So far, TOT is now up about 9% from early 2018, but it is still 12.9% lower than the $65 it reached in October 2018, just before experiencing a painful correction due to oil prices selloff.

Unfortunately, these ups and downs will always be attached to an oil investment. The best solution is to trade short-term about 30% of your TOT position using the market's ups and downs, by analyzing the telling signs of overvaluation or undervaluation.

Patrick de La Chevardière, the CFO, said in the conference call:

We are continuing to deliver consistently strong result, with 2018 adjusted net income increasing by 28% to $13.6 billion. The E&P segment at the bottom of the chart on the left, increased its contribution by 71%, while Brent increased by 32%. And this reflect, of course, the benefit of the 8% production growth, and also, the benefit of our portfolio management.

Total S.A. Balance Sheet and Production in 4Q 2018: The Raw Numbers
TOTAL S.A. 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18

Revenues (minus Excise Taxes)

in $ Billion
36.87 36.09 34.48 37.08 41.44 43.29 46.10 48.40 46.31
Net Income in $ Billion 0.55 2.85 2.04 2.72 1.02 2.64 3.72 3.96 1.13
EBITDA in $ Billion 6.03 8.46 5.77 7.39 7.71 7.68 9.71 10.34 6.86
Profit margin % 1.5% 7.9% 5.9% 7.3% 2.5% 6.1% 8.1% 8.2% 2.4%
EPS diluted in $/share 0.19 1.13 0.79 1.06 0.37 0.99 1.38 1.47 0.40
Cash from operations in $ Billion 7.02 4.70 4.64 4.36 8.62 2.08 6.25 5.74 10.64
Capital Expenditures in $ Billion 5.74 2.68 3.32 3.10 4.66 5.67 3.51 3.35 4.55
Free Cash Flow in $ Billion 1.28 2.02 1.32 1.26 3.95 -3.58 2.73 2.38 6.09
Total Cash $ Billion 29.14 31.50 32.34 31.16 36.58 32.38 30.08 28.81 31.56
Long-term Debt in $ Billion 56.99 55.60 54.62 51.43 52.44 55.17 54.02 56.26 53.44
Dividend per share DPS (Nasdaq.com) in $ 0.575 0.578 0.552 0.543 0.584 0.639 0.716 0.62 0.617
Shares outstanding (diluted) in Billion 2.43 2.52 2.58 2.57 2.76 2.64 2.70 2.67 2.83
Oil Production 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18
Oil Equivalent Production in K Boep/d 2,462 2,569 2,500 2,581 2,613 2,703 2,717 2,804 2,876
Global liquid price ($/Boe) 35.6 37.9 35.5 38.2 43.3 47.3 54.3 55.4 46.9

Source: Company filings and Morningstar
Balance sheet and Production discussion

1 - Total Revenues (minus excise taxes)

Total S.A. reported fourth-quarter 2018 earnings diluted of $0.40 per share. Total revenues came in at $46.31 billion, up 11.8% from $41.44 billion generated in the year-ago quarter, and down 4.3 % sequentially.

Total S.A. reported fourth-quarter 2018 operating earnings of $1.17 per share (€1.02 per share).

Global hydrocarbon price realized in 4Q'18 was $46.9 per Boe which is a drop of 18.1% sequentially, but still above 4Q'17 as we can see below:

Operating income was $3,885 million, up 16% from 2017, and adjusted net income in the fourth quarter was $3,164 million, up 10% from the year-ago.

Also, Interest expenses in the fourth quarter totaled $529 million compared with $352 million in the year-ago period.

2 - 2019 Guidance

TOTAL S.A. upstream production is expected to increase by 9% in 2019 compared to 2018. CapEx expected in the range of $15-$16 billion in 2019 and 2020. However, organically, TOTAL S.A. will spend $1.5 billion more than it did in 2018 from $12.5 billion to $14 billion now.

3 - Free Cash Flow

Total's Free Cash Flow 2018 is $7.62 billion, and the company is paying about $8.24 billion in dividend annually. Free Cash Flow for 4Q'18 was $6.09 billion.

TOT is passing the FCF test.

Below is the dividend history paid according to Nasdaq.com.

Note: about TOTAL, the dividend yield is now 5.14%.

As I said in my preceding article, Total S.A. is an American Deposit Receipt or ADR and comes with foreign withholding taxes that will reduce the dividend paid to an American investor. Total S.A. is not the only one; BP Plc and Shell are similar in this matter.

An American Depositary Receipt, or ADR, is a certificate issued by an American bank that represents a certain number of shares of foreign stock. From the individual investor's perspective, buying and selling ADRs happens the exact same way we buy and sell regular stocks.
Source: The Motley Fool.

France's withholding rate on the dividend paid to U.S. ADR holders is 12.8%, which reduces the dividend yield paid to ~4.48%.

Furthermore, TOT has indicated a share buyback program in February for $5 billion and bought 1.5 billion shares through the end of 2018.

The company said in the conference call:

this year, in 2019, at $60, we'll buy back the same amount that we've done in 2018 at $71 for $1.5 billion. If the price is different, we'll have the same flexibility for returning more to shareholders through share buybacks. At this stage, there is no reason to change the $5 billion program.

The dividend is expected to increase by 3.1% in 2019.

4 - Net Debt is $21.88 billion

Total cash as of Dec. 31, 2018, was approximately $31.56 billion compared with $36.41 billion the same quarter a year ago. Total net debt is now $21.88 billion with a net debt to EBITDA 2018 ratio of 0.63x, which is excellent.

Total S.A. has also continued to strengthen its balance sheet, ending the fourth quarter with a net debt-to-capital ratio of ~18%.

5 - Oil Equivalent Production

Note: The company indicated a $5.7/Boe in Upstream Opex a little higher than the $5.5/Boe due to Maersk oil in the North Sea, but it is quite negligible. By the way, it is one of the lowest OpEx in the Industry.

Total hydrocarbon production during the Fourth quarter averaged 2,876K Boe/d, up from 2,613K Boep/d the same quarter last year. Production increased by 10.1% from a year ago due to the acquisition of Maersk Oil and the ramp-up of new projects (e.g., Yamal LNG, Moho Nord or Fort Hills).

Reminder: On August 21, 2017, Total acquired Maersk Oil for $7.45 billion in a share and debt transaction. The deal closed on March 8, 2018. Also TOTAL acquired ENGIE LNG assets in July 2018 for $1.5 billion.

Liquids production averaged 1,589K Boe/d, or an increase of ~14% from the year-ago period. Gas production during the quarter was 6,994 MCf/d, up 2% year over year.

In 2018, TOTAL acquired assets worth $8.314 Billion and divested assets worth $5.172 Billion.
Conclusion and Technical Analysis

TOTAL S.A. is a huge company, and I cannot cover in-details this well-run company. I have superficially covered what seems crucial for an investment purpose.

One important takeaway is that TOTAL expects 25% increase in profits this year, and by 2020, TOTAL will reach $14 billion, a substantial hike from the current trailing-twelve-month of about $11 billion.

LNG production is expected to jump by 40% in 2019 with eight new project ramp-ups or start-ups.

In 2018, TOT earnings per share (diluted) were $4.24; with a stock price of $56.64, the P/E 2018 is now 13.4. Let's compare to the five other supermajors.

Stock

EPS Diluted

2018
Forward P/E from Finwiz P/E 2018 Dividend Yield
BP 2.88 14.7 10.3 5.82%
RDS-B 5.58 11.1 9.4 6.07%
TOT 4.24 13.4 9.1 5.14%
CVX 7.74 15.7 15.1 3.91%
XOM 4.88 16.2 14.5 4.15%
EQNR 2.27 9.6 9.8 4.79%

They all seem an excellent bargain compared to the Current S&P 500 PE Ratio of 21.42.

Technical Analysis

In my opinion, TOT is forming an intermediate ascending channel pattern which is not indicated by Finwiz. Line resistance is $58.50 (light selling could be a good idea) and line support about $55.25 (I suggest accumulating slowly from that level depending on future oil prices).

Ascending channel patterns are often considered bearish short-term which means that the chart is suggesting a decisive negative breakout and a potential re-test of the $50 (double bottom support - Which is a definite buy).

On the positive side, TOT may eventually break out the intermediate pattern and re-test $60-$61 (I suggest taking about 20% off the table assuming you have a profit). Looking at the oil price situation, I am not bullish short-term and expect more weakness in the oil sector. My recommendation is to use any green days to take a profit and build a cash position. It is not particular to TOT but the whole industry.

Author's note: If you find value in this article and would like to encourage such continued efforts, please click the "Like" button below as a vote of support. Thanks!

[waldron] 11/3/2019 17:19

FTSE 100
7,130.62 +0.37%
Dow Jones
25,531.34 +0.32%
CAC 40
5,265.96 +0.66%


Brent Crude Oil NYMEX 66.41 +1.02%
Gasoline NYMEX 1.82 +1.14%
Natural Gas NYMEX 2.77 -3.18%

(WTI) - 11/03 18:06:38
56.63 USD +0.89%

Eni
15.122 +1.03%

Total
50.76 +0.85%

Engie
13.28 +0.30%

Orange
13.595 +0.22%


BP
535.6 +0.24%

Shell A
2,338.5 +0.52%


Shell B
2,350 +0.66%

[florenceorbis] 08/3/2019 22:05

08 Mar 2019 | 20:01 UTC Mexico City

Recent fuel shortages in Mexico accelerating private imports, BP joins Total and Repsol

Author Daniel Rodriguez Editor Derek Sands Commodity Oil Topic Mexico Energy Reform

Highlights

BP plans to build 10 new fuel terminals in Mexico within five years

Lack of storage terminals prevent more fuel railing into Mexico

Mexico City — Fuel shortage experienced in Mexico earlier this year is incentivizing major oil companies to rely less on Pemex's supply logistic system, market observers said Friday.
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BP will join a limited group of major fuel wholesalers that are importing gasoline and diesel to Mexico later this year, the company announced Tuesday.

Repsol and Total made similar announcements iearlier this year, joining ExxonMobil, Glencore and Marathon Petroleum as Mexico's only private gasoline importers.

In the second quarter, BP will begin trucking 15,000 b/d of gasoline and diesel from Texas and later rail it into northern, central and western Mexico by the second half of 2019, the company said in a statement.

BP plans to develop 10 new terminals within five years in the country and imports fuel from Ohio, Texas and Washington state, Alvaro Granados, BP Mexico's downstream director, told news agency AFP on Thursday.
PEMEX STILL IS A STRATEGIC PARTNER

Despite this, Granados said BP would continue working with Pemex as a strategic partner. "This won't be an alternative supply chain ... We don't want to skip Pemex nor break what is for us a strategic alliance," he added.

The company has only announced participating at one terminal to date, IEnova's 500,000-barrel Baja Refinados storage and distribution terminal in Northwestern Mexico. BP contracted half of the terminal's capacity, which is expected to be operational in 2020.

The anti-fuel theft strategy implemented by President Andres Manuel Lopez Obrador in December affected major fuel retailers like BP that depended on Pemex to supply their retail stations, Gonzalo Monroy, director of Mexico City-based energy consultancy group GMEC, told S&P Global Platts.

During the height of fuel shortage crisis in mid-January, according to Mexican federal consumer protection agency Profeco, 70% of retail stations it visited during the weekend across 11 states in Mexico's western and central regions were closed due to lack of fuel.

"It is still unknown what the losses were for Pemex's partners, which triggered these companies to diversify their supply," Monroy said. "Fuel shortages showed companies that Pemex's isn't a reliable supply partner," he added.
A RETAIL-FIRST STRATEGY

Majors like BP, Total and Repsol entered Mexico in 2017 with a strategy centered on setting a retail presence first, relying on Pemex for fuel supply and distribution, Monroy said.

Today, BP has a nationwide presence in Mexico with over 450 retail stations. The company plans to have 1,500 stations by 2021, capturing 10%-15% of Mexico's retail market.

This differs from the ExxonMobil strategy, which contracted first an independent supply chain built on Kansas City Southern's rail network, he added. The Irving-based company was one of the few with constant fuel supply in its retail stations in Western Mexico in January.

Fuel shortages in January are accelerating investments from major oil companies in Mexico's midstream sector to decrease their reliance on Pemex, a source close to a major US refiner with a retail presence in Mexico told Platts on Friday.

"Private companies didn't have a clear view of Pemex's weakness in the fuel market until January's shortages," said the source, who was not authorized to speak to the press.
MORE STORAGE CAPACITY NEEDED

Lack of infrastructure is still a significant challenge in Mexico, preventing companies from importing more fuel from the US, he added.

"The big limiting factor right now in that market is the lack of storage facilities in Mexico," Michael Upchurch, KCS's CFO, said Wednesday at a phone call with JP Morgan Chase &CO Research Division.

KCS is currently servicing three different rail storage terminals in Nuevo Leon, San Luis Potosi, and Guanajuato state, translating product directly into trucks. "the only thing that's preventing us from moving even more [fuel] in there are storage facilities," he added.

BP did not respond to several requests for comment this week.

-- Daniel Rodriguez, [e-mail]

-- Edited by Derek Sands, [e-mail]

[waldron] 08/3/2019 17:21

FTSE 100
7,104.31 -0.74%
Dow Jones
25,341.5 -0.52%
CAC 40
5,231.22 -0.70%

Brent Crude Oil NYMEX 64.66 -2.47%
Gasoline NYMEX 1.76 -2.35%
Natural Gas NYMEX 2.87 +0.03%


(WTI) - 08/03 18:10:10
55.1 USD -2.34%

Eni
14.968 -2.04%



Total
50.33 -1.35%


Engie
13.24 -0.30%

Orange
13.565 +1.04%

BP
534.3 -1.18%

Shell A
2,326.5 -1.50%


Shell B
2,334.5 -1.79%

[maywillow] 08/3/2019 15:11

OSLO (Bloomberg) -- Big Oil dodged a bullet.

Norway took a partial step in divesting oil and gas stocks in its massive $1-trillion wealth fund, approving the sale of smaller exploration companies while sparing the biggest producers such as Royal Dutch Shell Plc and Exxon Mobil Corp.

After more than a year of deliberation, the government on Friday approved excluding 134 companies classified as exploration and production companies by FTSE Russell, including Anadarko Petroleum Corp., Chesapeake Energy Corp., Cnooc Ltd. and Tullow Oil Plc. The proposal would see the fund sell about $7.5 billion in stocks.

“It reflects to a larger extent the risk we ourselves have -- the bulk of the state’s exposure in Norway is upstream activity,” Finance Minister Siv Jensen said. “We’re reducing our vulnerability by choosing to withdraw the fund gradually from this segment.”

The government goes part of the way in meeting a 2017 proposal from the fund, which rattled global markets by arguing for a full divestment of the sector to limit Norway’s overall exposure to oil. The plan was hailed as a potential huge step by climate activists, some of whom on Friday lamented the limited scope of the decision. It has been a hot-button issue in Norway, which is seeking to project an image as a responsible environmental steward while pumping oil and gas at a fast clip.

Sony Kapoor, managing director at think tank Re-Define, said in a message that the limited divestment “‘represents a victory of Big Oil lobbying over financial prudence and common sense.”

Jensen defended her decision to keep the big oil companies in the portfolio, citing their increased investments in renewable energy. Norway’s own oil company, Equinor ASA, is also increasing renewable energy investments, and even recently changed its name from Statoil.

“It would be sad if the pension fund would not be able to invest in those companies in the future,” Jensen said in an interview.

The partial move underscores the changing political climate in Norway, where opposition to oil and gas exploration is on the rise. Prime Minister Erna Solberg’s Conservative Party has been a long-time friend to the oil industry. Junior government coalition partner, the Liberals, were supportive even though they had backed a larger divestment.

Norway’s Labor Party, the biggest in opposition, also expressed support. “They are taking a more cautious step than what Norges Bank advised,” said Svein Roald Hansen, a Labor Party legislator. “But it’s better than no step at all. There seems to have been a tug of war within the government.”

The $1-trillion fund has been built up over the past two decades from oil and gas revenue and Norway also uses large chunks of income from its offshore fields each year to pay for its lavish welfare state. The managers of the fund, which is overseen by the central bank, therefore argued in their proposal that it makes little sense for Norway to be doubly exposed to oil both in its revenue stream and through its investments.

[waldron] 07/3/2019 17:08

FTSE 100
7,157.55 -0.53%
Dow Jones
25,480.67 -0.75%
CAC 40
5,267.92 -0.39%


Brent Crude Oil NYMEX 66.25 +0.39%
Gasoline NYMEX 1.80 +0.68%
Natural Gas NYMEX 2.83 -0.39%

(WTI) - 07/03 18:05:55
56.59 USD +0.84%



Eni
15.28 +0.00%


Total
51.02 +0.00%

Engie
13.28 +1.26%

Orange
13.425 +1.24%


BP
540.7 +0.50%

Shell A
2,362 -0.55%


Shell B
2,377 -0.42%

[waldron] 06/3/2019 17:17

FTSE 100
7,196 +0.17%
Dow Jones
25,658.6 -0.57%
CAC 40
5,288.81 -0.16%


Brent Crude Oil NYMEX 65.73 -0.20%
Gasoline NYMEX 1.78 +0.55%
Natural Gas NYMEX 2.82 -2.12%

(WTI) - 06/03 18:04:00
55.91 USD -0.39%


Eni
15.28 +0.63%



Total
51.02 +0.33%

Engie
13.115 -0.46%

Orange
13.26 -0.75%


BP
538 -0.06%

Shell A
2,375 +0.13%


Shell B
2,387 +0.00%

[waldron] 05/3/2019 17:24

FTSE 100
7,183.43 +0.69%
Dow Jones
25,827.6 +0.03%
CAC 40
5,297.52 +0.21%


Gold COMEX 1,283.90 -0.28%
Silver COMEX 15.22 +0.11%
Copper COMEX 2.93 +0.79%
Brent Crude Oil NYMEX 65.52 -0.23%
Gasoline NYMEX 1.76 +0.64%
Natural Gas NYMEX 2.87 +0.28%


Total
50.85 +0.95%


Engie
13.175 -0.19%

Orange
13.36 +0.34%


Eni
15.184 +0.49%




BP
538.3 +0.41%

Shell A
2,372 +0.85%


Shell B
2,387 +0.87%

[sarkasm] 05/3/2019 07:35

Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces that it has signed the definitive agreements with Novatek for the acquisition of a direct 10% interest in Arctic LNG 2, a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia.



Taking into account Total's 19.4% stake in Novatek and Novatek's intention to retain 60% of the project, the Group's overall economic interest in this new LNG project will be approximately 21.6%. Should Novatek decide to reduce its participation below 60%, Total will have the possibility to increase its direct share up to 15%.



Novatek and Total also agree that Total will have the opportunity to acquire a 10 to 15% direct interest in all Novatek's future LNG projects located on the Yamal and Gydan peninsulas.



"We are delighted to have concluded the definitive agreements for our entry into this new world class LNG project based on the vast Russian gas resources alongside our partner Novatek. Arctic LNG 2 builds on the success of Yamal LNG and will introduce several innovative solutions to further increase competitiveness," commented Patrick Pouyanné, Chairman and CEO of Total. "Arctic LNG 2 fits into our strategy of growing our LNG portfolio through competitive developments based on giant low cost resources primarily destined for the fast growing Asian markets."



With production capacity of 19.8 million tonnes per year (Mt/y), or 535,000 barrels of oil equivalent per day (boe/d), Arctic LNG 2 will develop over 7 billion boe of resources in the Utrenneye onshore gas and condensate field. The project will involve installation of three gravity-based structures in the Gulf of Ob on which three liquefaction trains of 6.6 Mt/y each will be installed.



Arctic LNG 2 production will be delivered to international markets by a fleet of ice-class LNG carriers that will be able to use the Northern Sea Route and a transshipment terminal in Kamchatka for cargoes destined for Asia and one close to Murmansk for those cargoes destined for Europe.



The project's final investment decision is expected to be taken in the second half of 2019, with plans to start up the first liquefaction train in 2023.

[waldron] 04/3/2019 17:21

FTSE 100
7,134.39 +0.39%
Dow Jones
25,731.4 -1.13%
CAC 40
5,286.57 +0.41%


Brent Crude Oil NYMEX 65.37 -1.42%
Gasoline NYMEX 1.74 -0.76%
Natural Gas NYMEX 2.84 +1.07%

(WTI) - 04/03 18:08:10
56.16 USD +0.32%


Eni
15.11 +0.48%


Total
50.37 +0.99%

Engie
13.2 -1.05%

Orange
13.315 -0.11%


BP
536.1 +0.58%

Shell A
2,352 +0.06%

Shell B
2,366.5 +0.08%