Share Name Share Symbol Market Type Share ISIN Share Description
Total SA LSE:TTA London Ordinary Share FR0000120271 TOTAL ORD SHS
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.63 € -1.35% 46.19 € 46.00 € 46.38 € 46.4161 € 46.26 € 46.40 € 745,852 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers - - - - 4,151.14

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19/11/201713:27Total SA: Petroleum a la Francais1,175

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19/11/2017
08:20
Total SA Daily Update: Total SA is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker TTA. The last closing price for Total SA was 46.82 €.
Total SA has a 4 week average price of 45.56 € and a 12 week average price of 42.96 €.
The 1 year high share price is 49.25 € while the 1 year low share price is currently 42.04 €.
There are currently 89,870,935 shares in issue and the average daily traded volume is 3,326,120 shares. The market capitalisation of Total SA is £4,151,138,487.65.
01/11/2017
11:52
ariane: BP Signals Optimism With New Buybacks -- WSJ 01/11/2017 7:02am Dow Jones News Total (EU:FP) Intraday Stock Chart Today : Wednesday 1 November 2017 Click Here for more Total Charts. By Sarah Kent 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 (November 1, 2017). LONDON -- BP PLC on Tuesday said it would restart its share buyback program after posting healthy third-quarter earnings, the latest signal that the oil industry has found its footing amid a modest crude-price recovery. The U.K. oil giant said its strengthened financial position allowed it to begin a share repurchase program in the final three months of 2017, though it didn't put a value on future buybacks. With Brent crude, the international benchmark, trending over $60 a barrel for the first time since 2015, BP's move ranks among the first actions showing big oil companies are healthy enough to sweeten the pot for investors who had soured on the sector. BP hasn't had a share buyback program since oil prices crashed in 2014, falling from over $114 a barrel to less than $28 a barrel in early 2016. Other companies like Exxon Mobil Corp. and Chevron Corp. have also moved away from the practice while they grappled with the oil-price slump. BP said it could restart buybacks because it had driven its costs so low that it can generate enough cash to cover its spending commitments and dividend at $49 a barrel. Investors are increasingly looking at this break-even metric for signs big oil companies have succeeded in shifting their financial frameworks to operate profitably at lower oil prices. "We're confident we can balance the books at $50 next year, and even manage as low as $45. That's what gave us the confidence to raise the idea of buybacks with the board," Chief Financial Officer Brian Gilvary said in an interview. Overall, BP's replacement cost profit -- a number similar to the net income that U.S. companies report -- was $1.4 billion in the third quarter, down slightly from $1.7 billion in the same period a year earlier. But its underlying financials were strong, sending its intraday share price to highs not seen since three years ago, when oil prices were over $100 a barrel. BP shares closed up 1.7% Tuesday in London. The company's refineries reported their highest underlying earnings in five years, its exploration and production unit returned to profit, and the company's oil and gas output surged 14% in the third quarter. BP is the latest major Western oil company to report profitable results for the third quarter. Last week, Exxon and Chevron both reported increases in third-quarter profits of 50% compared with the prior year. French oil company Total SA's earnings jumped 40%. Royal Dutch Shell PLC will report earnings on Thursday. BP's production rose year-over-year to 3.6 million barrels a day in the quarter, as new projects in Australia, Trinidad and Oman began production -- the latest in a series of developments expected to start up by 2020 that will bring the company's production back up to levels last seen before its fatal blowout in the Gulf of Mexico in 2010. BP is still working to move past the disaster, with the final tab growing past $60 billion. But with most of those payments now made, the company has signaled it is ready to grow again and is able to do so, even in a low oil-price environment. Investors have been wary of big oil companies in recent years, concerned they couldn't generate enough cash to cover big dividends. The move "is an important signal on the confidence of the board and management on cash flow," Barclays said in a note on Tuesday. Share buybacks are popular with investors because they reduce the amount of company stock in circulation and tend to boost share value. For BP, the buybacks help offset perceived weakness in its dividend. The company uses a so-called scrip dividend program, giving shareholders the option to take their dividend in stock and alleviating the cash burden of dividends. Such programs proved helpful to oil companies during the downturn, but they also dilute the value of shareholdings. Investors are increasingly eager to see companies fully cover their dividends with cash. So far Norway's Statoil ASA is the only major oil company to announce plans to halt the scrip program altogether, and BP remains among the first to take steps to offset dilution. Mr. Gilvary said BP had discussed the possibility of removing the scrip program altogether with its board, but concluded some investors liked the option. Write to Sarah Kent at sarah.kent@wsj.com (END) Dow Jones Newswires November 01, 2017 02:47 ET (06:47 GMT)
27/10/2017
09:39
waldron: By Sarah Kent 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 (October 27, 2017). The world's biggest oil companies have a suddenly popular measure for success: breaking even. Once obscure and little noted, the break-even number has become an obsession for investors in oil giants such as Exxon Mobil Corp., BP PLC and Chevron Corp. as crude prices stay mired between $50 and $60 a barrel. At its simplest, the metric represents the oil price that a company needs to generate enough cash so it can cover its capital spending and dividend payouts. Brent crude was trading at just below $60 a barrel this week, down from over $114 in June 2014. BP says its break-even was $47 a barrel in the first half of the year, and the company is targeting between $35 and $40 a barrel by 2021, assuming prices stay about where they are today. Overall, Europe's biggest oil companies have cut break-evens to around $50 a barrel, according to Barclays. Exxon doesn't release a break-even but has succeeded in covering its costs with cash from operations for the last three quarters, when international benchmark Brent crude averaged just over $51 a barrel, according to Barclays. Investors focused on the healthy dividends that make oil-company stocks appealing say they will be watching for news about break-even prices as Exxon, Chevron and Total SA prepare to announce third-quarter earnings on Friday, and BP and Royal Dutch Shell PLC next week. "It's a crucial thing we look at," said Rohan Murphy, energy analyst at Allianz Global Investors, which holds stocks in BP and other large oil companies. "If the oil price were $70 it wouldn't matter so much, but at the moment we're on a knife edge, so it matters more." The industry's intense focus on the break-even represents a stark change from the era of rising oil prices, when the emphasis often was more on companies' ability to increase production rather than to generate cash. BP's share price slumped 4% in February after the company said it needed oil to hit $60 a barrel to break even this year. Six months later, BP said spending cuts allowed the company to break even at $47 a barrel in the first half. The stock moved up 2%. The company has kept its dividend unchanged throughout the downturn. At Total's investor day last month, the phrase "break even" came up around 30 times. Big oil companies say they have made progress in cutting costs since 2014, when oil prices entered a long downturn. The companies say they can maintain those lower levels of spending, bring down their break-even costs further and begin again to expand their operations -- all without relying on an oil-price recovery. "The break-even cost of oil and gas companies is going to the $40s and $30s today," BP Chief Executive Bob Dudley told the Oil & Money conference in London this month. "It's actually healthy. I think $100 a barrel was not healthy." Investors, however, remain nervous about the viability of their dividends. While big oil companies are back in black, many of them are still not generating enough cash to cover the payouts, despite ambitious targets to lower break-even prices. The methods companies use when disclosing their break-even prices often vary from company. Chevron says it can break even this year at $50 a barrel -- if revenue from its asset sales is included. Total says it will be able to break even at less than $30 a barrel in 2019 -- excluding its dividend costs. Total, Shell and other companies use so-called scrip programs that allow them to pay a portion of their dividend in company stock, which helps them bring down the oil price they need to cover spending. While effective, the tactic isn't sustainable in the long-term without diluting investors' holdings. Companies also often refer to project-specific break-evens, another metric that has new currency since prices crashed. Shell has said it is looking at new projects that can be profitable even if oil is at less than $40 a barrel, but that doesn't reflect the overall price the company needs to cover spending and dividends. U.S. shale-oil players have faced particular criticism from investors over how they define project break-evens, sometimes not accounting for all associated costs, such as the amount they pay to lease land. Most shale companies claim their wells generate a 20% rate of return or higher, even at today's prices. Yet in the last three years, almost none has posted a positive quarterly net income. Few investors cared about the break-even when oil prices were $100 a barrel or more. Back then, the industry was consumed with finding new sources of oil, resulting in spending that caused the break-even for big European companies to balloon to $152 a barrel in 2013, Barclays says. Now, companies that once chased megaprojects are using new technology to eke out more barrels and lower costs. BP said it expects production costs this year to be 40% lower than in 2013. Chevron is working to bring down its break-even to a point where it can sustain the company's decadeslong tradition of dividend increases. Shell is moving toward a lower debt target that will allow it to turn off its scrip program and commence share buybacks. In a sign that things are improving, Norway's Statoil ASA said Thursday it will remove its scrip program in the fourth quarter, fully covering its dividend with cash. Total has said it would be able to cover its full cash dividend at $50 a barrel in 2019. ""The world has completely changed," Total Chief Executive Patrick Pouyanné told reporters earlier this month. --Lynn Cook contributed to this article. Write to Sarah Kent at sarah.kent@wsj.com (END) Dow Jones Newswires October 27, 2017 02:47 ET (06:47 GMT)
26/10/2017
11:40
waldron: Amid Low Prices, Oil Giants Gush About Breaking Even 26/10/2017 10:59am Dow Jones News BP (LSE:BP.) Intraday Stock Chart Today : Thursday 26 October 2017 Click Here for more BP Charts. By Sarah Kent The world's biggest oil companies have a suddenly popular measure for success: breaking even. Once obscure and little noted, the break-even number has become an obsession for investors in oil giants such as Exxon Mobil Corp., BP PLC and Chevron Corp. as crude prices stay mired between $50 and $60 a barrel. At its simplest, the metric represents the oil price that a company needs to generate enough cash so it can cover its capital spending and dividend payouts. BP says its break-even was $47 a barrel in the first half of the year, and the company is targeting between $35 and $40 a barrel by 2021, assuming prices stay about where they are today. Overall, Europe's biggest oil companies have cut break-evens to around $50 a barrel, according to Barclays. Exxon doesn't release a break-even but has succeeded in covering its costs with cash from operations for the last three quarters, when international benchmark Brent crude averaged just over $51 a barrel, according to Barclays. Investors focused on the healthy dividends that make oil-company stocks appealing say they will be watching for news about break-even prices as Exxon, Chevron and Total SA prepare to announce third-quarter earnings on Friday, and BP and Royal Dutch Shell PLC next week. "It's a crucial thing we look at," said Rohan Murphy, energy analyst at Allianz Global Investors, which holds stocks in BP and other large oil companies. "If the oil price were $70 it wouldn't matter so much, but at the moment we're on a knife edge, so it matters more." The industry's intense focus on the break-even represents a stark change from the era of rising oil prices, when the emphasis often was more on companies' ability to increase production rather than to generate cash. BP's share price slumped 4% in February after the company said it needed oil to hit $60 a barrel to break even this year. Six months later, BP said spending cuts allowed the company to break even at $47 a barrel in the first half. The stock moved up 2%. The company has kept its dividend unchanged throughout the downturn. At Total's investor day last month, the phrase "break even" came up around 30 times. Big oil companies say they have made progress in cutting costs since 2014, when oil prices entered a long downturn. Brent crude was trading at just below $60 a barrel this week, down from over $114 in June 2014. The companies say they can maintain those lower levels of spending, bring down their break-even costs further and begin again to expand their operations--all without relying on an oil-price recovery. "The break-even cost of oil and gas companies is going to the $40s and $30s today," BP Chief Executive Bob Dudley told the Oil & Money conference in London this month. "It's actually healthy. I think $100 a barrel was not healthy." Investors, however, remain nervous about the viability of their dividends. While big oil companies are back in black, many of them are still not generating enough cash to cover the payouts, despite ambitious targets to lower break-even prices. The methods companies use when disclosing their break-even prices often vary from company. Chevron says it can break even this year at $50 a barrel--if revenue from its asset sales is included. Total says it will be able to break even at less than $30 a barrel in 2019--excluding its dividend costs. Total, Shell and other companies use so-called scrip programs that allow them to pay a portion of their dividend in company stock, which helps them bring down the oil price they need to cover spending. While effective, the tactic isn't sustainable in the long-term without diluting investors' holdings. Companies also often refer to project-specific break-evens, another metric that has new currency since prices crashed. Shell has said it is looking at new projects that can be profitable even if oil is at less than $40 a barrel, but that doesn't reflect the overall price the company needs to cover spending and dividends. U.S. shale-oil players have faced particular criticism from investors over how they define project break-evens, sometimes not accounting for all associated costs, such as the amount they pay to lease land. Most shale companies claim their wells generate a 20% rate of return or higher, even at today's prices. Yet in the last three years, almost none has posted a positive quarterly net income. Few investors cared about the break-even when oil prices were $100 a barrel or more. Back then, the industry was consumed with finding new sources of oil, resulting in spending that caused the break-even for big European companies to balloon to $152 a barrel in 2013, Barclays says. Now, companies that once chased megaprojects are using new technology to eke out more barrels and lower costs. BP said it expects production costs this year to be 40% lower than in 2013. Chevron is working to bring down its break-even to a point where it can sustain the company's decadeslong tradition of dividend increases. Shell is moving toward a lower debt target that will allow it to turn off its scrip program and commence share buybacks. In a sign that things are improving, Norway's Statoil ASA said Thursday it will remove its scrip program in the fourth quarter, fully covering its dividend with cash. Total has said it would be able to cover its full cash dividend at $50 a barrel in 2019. ""The world has completely changed," Total Chief Executive Patrick Pouyanné told reporters earlier this month. Lynn Cook contributed to this article. Write to Sarah Kent at sarah.kent@wsj.com (END) Dow Jones Newswires October 26, 2017 05:44 ET (09:44 GMT)
26/7/2017
14:29
waldron: Investors to Big Oil: Restrain Yourselves 26/07/2017 12:29pm Dow Jones News Total (EU:FP) Intraday Stock Chart Today : Wednesday 26 July 2017 Click Here for more Total Charts. By Sarah Kent Three years into an oil price slump, investors want the world's biggest oil companies to do something they have historically struggled with: Maintain some financial discipline. The companies are under pressure to show they are continuing to move on from budget-busting projects once common in the industry, as they head into second-quarter financial disclosures that begin on Thursday with Royal Dutch Shell PLC and Total SA. Shell, Total and peers like Exxon Mobil Corp. and Chevron Corp., which both report earnings Friday, have reined in spending through an oil-market downturn during which crude prices fell from $114 a barrel to $27 a barrel and remain around $50 a barrel. Those efforts paid off in the first quarter, when the companies returned to billion-dollar profits after years of losses or anemic earnings. Now, said Jags Walia, senior portfolio manager at Dutch pension fund manager APG Asset Management, "there's no room to take your foot off on capital discipline." "I think that would be quite unforgivable." said Mr. Walia, whose fund invests in several large oil companies, including Exxon, Shell and BP. It's a call for big oil companies to keep the ship steady, reflecting the fine line they are walking this year. International oil prices were up nearly 10% in the second quarter compared with the same time last year. But prices are still likely too low for many companies to cover spending and dividends with cash, or break even. At the same time, the companies have to keep finding new oil to replace the barrels they are pumping. That means spending money on exploration, development and acquisitions. BP, which reports earnings next Tuesday, faced criticism from investors and analysts after a flurry of acquisitions inflated its investment plans for 2017 and pushed up the oil price at which the company could break even to $60 a barrel. The company's shares fell 4% following the February announcement. It has since said it is working to drive down its break-even oil price to between $35 to $40 a barrel by 2021. It isn't just BP. The number of new projects approved this year across the industry is expected to creep up to between 20 and 25 from just 12 in 2016, according to Edinburgh-based consultancy Wood Mackenzie. The oil companies declined to comment ahead of their earnings reports. But they have moved to tackle the challenges. BP's costs are down 40% since 2013 and it has vowed to maintain a budget cap of $17 billion a year out to 2021. At BP's first-quarter results in May, Chief Financial Officer Brian Gilvary said the company intended to deliver on promises to increase cash flow and dividends in the coming years by "maintaining strict discipline within our financial frame and staying focused on delivering returns." Exxon's capital spending last year was $12 billion lower than in 2015, though it has crept higher this year. The company says it is focusing a chunk of its firepower on shale developments that start to generate cash quickly. Chevron has said it will be able to cover its spending and dividends with cash at $50 a barrel this year with the help of asset sales. In April, Chevron said it had lowered capital spending 22% compared with its average quarter in 2016 and 56% versus the average quarter in 2014. The company plans to spend $17 billion to $22 billion a year out to the end of the decade. "If oil prices remain near the $50 per barrel mark, you can expect to see our future spend near the bottom of this range," CFO Patricia Yarrington told analysts in April. The companies have said that they still have room to cut further and that they can start to invest in new projects without returning to the spendthrift era that eroded returns before the oil price crash in 2014. Capital spending on new projects sanctioned so far this year is on average just $11 per barrel of oil equivalent, down from $15 in 2015, according to Wood Mackenzie. "I think a lot of these companies have found religion," said Brian Youngberg, senior energy analyst at brokerage firm Edward Jones. "They realize now they can't just spend, spend, spend. They have to be more disciplined with their capital." Exxon, Shell, BP and Chevron have all indicated they will be able to generate enough cash this year to cover spending and shareholder payouts at $60 a barrel, but at $50 the picture is more mixed. Even next year, many of them will still need higher oil prices to cover their costs, according to analysis by Macquarie. Investors remain cautious. Big oil companies' share prices are little changed or lower than at the same time last year, even though oil prices are higher. For instance, Exxon's share price is down more than 10% from a year ago. The companies still have high debt levels, and some -- like Shell and Total -- offer dividends as company shares, known as scrip, helping them to preserve cash but also diluting investors' earnings per share. "We need to see discipline and people being more realistic about where oil prices could remain for quite a long time," said Jason Kenney, an oil-company analyst at Spanish lender, Banco Santander. It's a tall order for an industry that struggled to break even when oil was at $100 a barrel. And the challenge facing the companies could be more difficult after banks revised their oil-price forecasts downward in recent months. "The goal posts have moved," Deutsche Bank said earlier this month. "It's time to go away and remodel for a $45 to $50 a barrel world." Write to Sarah Kent at sarah.kent@wsj.com (END) Dow Jones Newswires July 26, 2017 07:14 ET (11:14 GMT)
28/6/2017
05:03
la forge: Risks TOTAL conducts its operations in more than 130 countries across five continents including Africa where a significant portion of the company's oil reserves and production are located. Risks include embargoes, expropriation of assets, foreign exchange rate volatility, terrorism and political and civil unrest among others. The company competes with other oil majors like ExxonMobil, Chevron, Royal Dutch Shell, British Petroleum. Increasing competition could impact revenues, profitability and total return to shareholders. Asset acquisitions are part of TOTAL's strategy to grow earnings. The company might find it difficult to find and execute on accretive transactions leading to a flat earnings growth rate and lower share prices. The price of crude oil should it fall too low, perhaps below $40 a barrel, and remain that low for a long period time, the company may find it difficult to support dividends and capital expenditures at the current rates. While I noted only a few risks, investors should review the company's SEC filings to get a sense for all the risks inherent in investing in the company. In addition to reading about the risks, a technical price chart should be viewed for assessment of downside risks. Technical price chart The two-year price chart shows the stock is in an uptrend depicted by the up-sloping yellow lines from left to right, and the price is contained within the two-standard deviation channel (outer yellow lines). The middle line is the linear regression line where equilibrium price could be considered. Prices above or below the linear regression line may be considered to be from overzealous buyers or sellers. Currently, sellers have outnumbered buyers in the short term since the middle of May for these shares. The price action on the chart is considered bullish since the 50-day moving average line (blue) is above the 200-day moving average line (red). The lower yellow line at $44 may be considered as an investor's downside risk potential and may act as a support for the share price unless fundamentals for the company deteriorate or global economic risks emerge. Although the technical picture is fine right now, the penetration of the lower yellow line is a warning sign that a change in trend may be near. Source: TDAmeritrade (my pink support line) Conclusion The near 20% drop in crude oil prices has provided a price discount on the shares of TOTAL. The time to buy crude oil correlated energy shares is when the price of oil drops sharply. Since the price of oil cannot be predicted on a regular basis, an educated guess is about the best most of us can do. I am in the camp that suggests oil will return to around $50 over the mid-term which should cover capital expenditures and dividend expectations, and I expect TOTAL shares to appreciate according to the valuation studies noted earlier. Investors uncomfortable with oil price volatility, an outlook for lower oil prices, a lumpy dividend, or intolerance of tax implications for these shares might look elsewhere. However, investors seeking high current income and energy exposure can consider the company's attractive: balance sheet health; diversified revenue stream; dividend coverage ratio; high dividend yield; performance against peers; estimated earnings growth; valuation; and the bullish technical chart pattern as reasons to support a buy decision. I plan on following the company and providing updates in future articles. If you would like to follow along, please hit the follow button on top of this page for real-time and email alerts on new postings.
30/3/2017
14:05
sarkasm: As oil prices falter, fears return on BP and Shell dividends Written by Bloomberg - 30/03/2017 10:58 am Shell news Sign up to our daily newsletter Subscribe TodayPackages from £10 per monthPackages from £10 per month As they guided Europe’s largest oil companies through the industry’s worst slump in two decades, the bosses of Royal Dutch Shell Plc and BP Plc had a simple message for investors: we’ll protect the dividend at all costs. Not everyone is convinced they’ll be able to keep their word. Even after they raised billions of dollars by cutting costs, selling assets and adding debt, cash is pouring out of both companies in the form of hefty shareholder dividends. Yields on those payments — which fell through 2016 as crude started to recover — have risen this year, typically a signal that investors fear a cut in payouts. “BP and Royal Dutch Shell have unsustainable dividends,” Neil Woodford, head of investment at Woodford Investment Management Ltd. who manages about $20 billion, wrote in a blog. “These companies are liquidating themselves rather than facing up to the need for a dividend cut. The only thing that can save them from that eventuality is a return to sustainably higher oil prices -– something that I think is very unlikely to happen.” BP shelled out $4.6 billion in cash dividends last year, on top of $16 billion in capital spending, according to a presentation last month. It failed to generate enough cash from operations to match that outlay. Shell’s cash also fell short as project spending reached $22 billion and cash dividends $9.7 billion. Related Articles Big Oil debt tops out as cost cuts combine with price rally BP falling behind rivals on breakeven oil price Shell’s record BG deal starts to pay off as production surges While crude rebounded more than 50 percent in 2016, prices have since slid this year as U.S. production and inventories climb. Global benchmark Brent traded at $52.48 a barrel at 2:03 p.m. Singapore time. The price decline has weighed on the shares of Europe’s majors, with London-based BP down 9.5 percent this year and The Hague-based Shell losing 5.4 percent. This week BP’s dividend yield — the annual return divided by the share price — rose to the highest this year. It’s now at 7.1 percent, compared with 6.2 percent at the end of 2016. Shell’s yield has risen to 6.5 percent from 5.9 percent. Payout Priority Dividends from Big Oil have been in the spotlight since crude’s 2014-2015 slump decimated cash and profits. Shell and BP have long deemed the payouts sacrosanct — Shell hasn’t cut its dividend since at least the Second World War — and have increased debt and sold assets to show investors that payments will be maintained. Yet some competitors have caved in. Italian peer Eni SpA capitulated when its dividend yield was 7.2 percent, becoming the first major oil company to reduce its payout in 2015. Spain’s Repsol SA followed, cutting its final 2015 dividend when it was yielding 8.8 percent. The average yield for the U.K. benchmark FTSE 100 index is currently 3.83 percent. Shell Chief Executive Officer Ben van Beurden said earlier this year that free cash flow “more than covered our cash dividend” in the last quarter and “there is no change in the dividend intention.” The company declined to comment beyond that statement this week. BP also declined to comment. In February, CEO Bob Dudley said the dividend remains a top priority and BP is “sustaining and strengthening” the payout. Investors Unconvinced “The companies have spent a lot of time trying to convince shareholders about the dividend but not everyone believes them,” said Iain Armstrong, an analyst at Brewin Dolphin Ltd., which owns BP and Shell shares. “If and when oil goes to $60, people will really start to believe the dividend is safe.” BP’s Dudley has spent most of his six-year tenure divesting assets, but BP went on a spending spree at the end of 2016 — taking in assets around Africa and the Middle East — which will result in a cash shortfall this year if oil stays below $60 a barrel. Both BP and Shell have grappled with debts as they stick doggedly to their dividends. BP’s ratio of net debt to capital rose to 26.8 percent at the end of 2016 from 21.6 percent a year earlier. At Shell, additional borrowing for its $54 billion acquisition of BG Group Plc pushed the ratio to 28 percent at the end of 2016 — more than double the year-earlier level. Total’s Confidence Not all Europe’s oil majors are feeling the same pressure. French peer Total SA said Feb. 9 it should be able to fund operations and cash dividends at $50 a barrel this year — $5 lower than its previous estimate. It also plans to increase its dividend by 1.6 percent after reporting a 45 percent jump in fourth-quarter cash from operations. Total’s dividend yield is 5.3 percent. While indicating increased risk, a high dividend yield can be an opportunity to lock in returns for investors confident that the companies will maintain payouts, Brewin Dolphin’s Armstrong said. For comparison, the return on U.K. benchmark 10-year bonds is 1.16 percent and on Germany’s, 0.35 percent. During the market downturn, Shell, BP and Total have all made use of scrip dividends — offering investors payouts in shares — helping them to preserve cash as they battle to reduce debts. Yet scrip payouts dilute earnings per share and don’t necessarily rule out a dividend reduction if crude remains depressed. “The oil majors are an unattractive investment proposition while the threat of a dividend cut hangs over them,” Woodford said.
04/11/2016
21:47
ariane: Friday, November 4, 2016 Oil prices settled at a six-week low on Thursday following several consecutive days of large price declines. The major catalysts this week were doubts over an OPEC deal and EIA data showing a record build up in crude oil stocks. The EIA said Wednesday that U.S. oil inventories rose by 14.4 million barrels last week, the largest gain in a single week since data collection began in the early 1980s. WTI plunged below $45 per barrel on the news and the five consecutive days of losses was the longest streak since June. The data could be misleading, however. The huge buildup in inventories came largely because weekly imports spiked. Imports rose by about 2 million barrels per day last week after several weeks of hovering at below-average levels. The import spike was partially affected by bad weather, including a hurricane, and could be an anomaly. If that is the case, crude stocks probably won’t gain at similar rates in the weeks ahead. Still, sentiment is negative after such a down week. "The persistent market dynamic of softer demand and stronger supply will become a more dominant driver of prices as the impact of OPEC's verbal interventions begins to fade and expectations for coordinated cuts are readjusted," BMI Research said in a note to clients. OPEC deal probable, Citi says. Saudi Arabia and Russia are “hungry for an agreement,” Ed Morse, the head of commodity research at Citigroup, said this week. That means that OPEC and several non-OPEC countries will probably reach a deal at the end of the month to cut oil production. "We’re expecting the parties that need to do something to boost prices to be serious about deciding something," Morse said. For its part, OPEC said it was “deeply optimistic” this week that they would reach a deal. Oil prices to stay below $60 per barrel in 2017. A Wall Street Journal survey of 14 investment banks predicts that oil prices will not rise above $60 per barrel for another year. The average forecast of the 14 respondents puts Brent oil prices at $56 per barrel in 2017 and WTI at $54. Those figures are down $1 per barrel from last month’s survey, and stand in stark contrast to forecasts from a year ago, which predicted oil to move above $70 per barrel this year. Colonial Pipeline still closed. The largest pipeline ferrying gasoline around the U.S. has been closed since Monday due to an explosion. The Colonial Pipeline carries gasoline from the Gulf Cost to the Southeast and Northeast U.S., and its closure has led to a spike in gasoline futures. On Tuesday, gasoline futures spiked as much as 15 percent, the largest single day increase in nearly a decade, according to the WSJ. The pipeline’s operator had hoped to have it back up and running by this weekend but a small fire continued to burn as late as Thursday. Nearly two months ago, the pipeline was shut after a leak, a short outage that also led to higher gasoline prices in regional markets. The WSJ reports that more than 60 percent of U.S. fuel pipelines are more than 46 years old, posing questions around the integrity of some of the nation’s largest oil and gas conduits. Attacks in Nigeria continue. Sabotage by the Niger Delta Avengers and other militant groups against oil infrastructure continue to pick up pace. The latest attack hit a flow station along Royal Dutch Shell’s (NYSE: RDS.A) Trans Forcados pipeline. In a statement the Niger Delta Avengers said that its attack was to warn oil companies that “there should be no repairs [to pipelines] pending negotiation/dialogue with the people of the Niger Delta.” U.S. intelligence officials told CNBC that the worrying thing for Nigeria is that Niger Delta militants could splinter, leading to ongoing attacks under no coherent umbrella, making them more difficult to control. Nigeria’s oil production recently rose to 1.9 million barrels per day but the attacks threaten to derail more gains. North Sea oil production set to jump. Oil shipments from the aging North Sea could rise by 360,000 barrels per day between September and December of this year, taking output for the region up to 2.16 million barrels per day. The buildup of tankers in the North Sea is starting to clear, adding to the global surplus of supply and complicating the effects of a potential OPEC agreement on oil prices. Solar stocks plunge on glut of panels. First Solar (NASDAQ: FSLR) saw its share price fall by 18 percent on Thursday, taking it multiyear lows, after it missed revenues and pointed to a global glut in solar panels. Prices for panels have declined 30 percent in large part due to a slowdown in demand from China, First Solar said. U.S. presidential election poses market uncertainty. The S&P 500 has suffered a string of losses lately, which many attribute to jitters over uncertainty regarding the outcome of next week’s election. The markets seem to prefer Hillary Clinton over the uncertainty of Donald Trump, and indices have sunk as the campaign has tightened in recent days. In our Numbers Report, we take a look at some of the most important metrics and indicators in the world of energy from the past week. Find out more by clicking here. Thanks for reading and we’ll see you next week. Best Regards, Evan Kelly Editor, Oilprice.com P.S. – Natural gas is approaching a situation in which all factors point to a rebound, but oil trader Martin Tillier points at the markets’ tendency to overshoot. Martin warns that buyers should hold off a bit longer before scooping up natural gas futures. Find out where the real reversal for NatGas is taking place by claiming your risk-free 30 day trial on Oil and Energy Insider
03/4/2016
07:39
maywillow: Total S.A. - Higher Earning Oil Major Yielding 6% Apr. 3, 2016 1:59 AM ET| About: TOTAL S.A. (TOT), Includes: CVX, XOM The Value Portfolio The Value Portfolio ⊕Follow (1,836 followers) Growth, long-term horizon, deep value, momentum Send Message Summary Total S.A. still yields almost 6% and has bounced up with what many consider to be a firm bottom for oil prices. The company continues earning increasing amounts and has managed to increase its production and its reserves. At the same time, the cycle is expected to last two years something that won't noticeably hurt Total S.A. in its long-term business plan. Introduction Total S.A. (NYSE:TOT) is a French multinational integrated oil and gas company. The company is one of six supermajor oil companies in the world with a $113 billion dollar market cap or roughly two-thirds that of Chevron (NYSE:CVX). At the same time, the company yields almost 6%, 5.95% to be exact as of its close for the last day of March 2015. Total S.A. Refueling Truck - Fortune Dot Com From the standpoint of oil majors, Total S.A. has had a less difficult time than most. While the company's stock price has dropped from a peak of over $72 in 2014 to recent lows of just under $40 the company experienced an impressive run up in 2014 and its current share price of just over $45 is in line with the company's stock price throughout the lower portions of 2013. Performance To start, let us talk about one of the factors that have been supporting Total S.A.'s stock price, its resilient performance. Total S.A. Safety Performance - Total S.A. Investor Presentation Total S.A. has had an impressive performance for the year with injuries dropping across the board. The total recordable injury rate has been dropping from a spike of over 2 in 2010 down to just over 1 in the current year. At the same time, the company's operational performance has been increasing as safety performance has been decreasing. This increase in utilization has been minimizing the company's costs while increasing its income. Total S.A. Integrated Model - Total S.A. Investor Presentation At the same time, Total S.A. has been benefiting from an integrated model that has seen it produce $8 billion of downstream cash generation and increasing production growth by 9.4%. The company has been exceeding its cash reduction targets, which while respectable, is not surprising given how fast prices for exploration have dropped. Commodity Prices Now that we have talked about the company's recent results, let us spend some time talking about the commodity prices crash and what has happened. Commodity Price Drop - Total S.A. Investor Presentation The above graphic shows how crude oil and natural gas prices have fared in the past decade. Henry Hub natural gas prices experienced two peaks one in 2007 at over $10 / Mbtu and another smaller one in 2014 at $4 / Mbtu. From both instances, natural gas prices are currently noticeably lower than they were a year ago. Similarly, oil prices experienced peaks in both 2014 and 2007 of more than $100 per barrel before dropping down to recent lows of less than $30. And currently, in most investor presentations from these oil majors, you'll see them increasingly focused on a single sector of profits, downstream profits. That is because most of these oil majors are losing massive amounts of money from the upstream sector, and find the need to highlight downstream profits. Still most of these companies have upstream prices noticeably above downstream prices and are still having negative earnings. Oil Deand and Supply Blance - Seeking Alpha Looking at the oil demand and supply balance, we see that the supply and demand balance isn't expected to come into balance until late 2016. The original oil crash was caused by an oversupply in late 2013 and it took approximately a year until prices began crashing down. Approximately 6-8 months from the start of the crash, prices hit what could be considered the first real bottom. From that picture, we should expect prices to begin recovering sometime in mid-2018 or another dismal two years for the oil majors. While a grim picture, for a long-term investor in Total S.A., the investor should be able to comfortable expect continued growth and dividend as two-years is a short timeframe in the lifetime of an oil majors. Total S.A. Cash Flow and Capex Now that we have talked about Total S.A.'s performance as well as the overall oil market as a whole and when we can expect a recovery, it is time to talk about Total S.A.'s cash flow and capex. Total S.A. Cash Flow Allocation - Total S.A. Investor Presentation Since the start of the oil crash, Total S.A. has put itself in the ring with the more elite oil majors by maintaining positive cash flow allocation. The company's 2015 cash flow was a respectable $22.6 billion of which the majority was generated organically. While the company has to sell assets and use financing, it continued to remain strong paying out its easily covered dividend and organically investing $23.0 billion and impressive amount for a company worth just over $100 billion. Total S.A. Reserves - Total S.A. Investor Presentation And this continued investment in its business paid off in a big way. Total S.A. beat ExxonMobil by managing to increase its reserves by 7% for a 107% reserve replacement ratio, a feat not even accomplished by ExxonMobil (NYSE:XOM). At the same time, these continued profits allowed the company's net debt to equity ratio to decrease from 31% to 28%. While other companies such as Chevron have been rapidly increasing their debt pile, Total S.A. has decreased its debt pile. 2016 Outlook With the company's impressive 2015 results, the company continues to have strong plans for 2016. Total S.A. 2016 Spending Plan - Total S.A. Investor Presentation The company plans to continue decreasing Capex in the coming years while decreasing spending. The company's 2016 Organic Capex is $19 billion and from 2017 onwards, the company's Organic Capex is $17 - $19 billion onwards. The majority of this 2016 organic Capex is the development of valuable upstream assets. The company is focused on assets that have a higher rate of return hoping to develop them for increased long-term profits. Total S.A. Production Growth - Total S.A. Investor Presentation More so, as the result of impressive new project start ups, the company expects to continue increasing production by 5% per year from 2014 - 2019 which should result in a total production increase of almost 30%. With the company's Capex decreasing and its costs coming down the company should be able to reach a point in the next year to two where it can manage its Capex and dividend without asset sales of financial offerings. At the same time, the company's retail network for retail gasoline and lubricants is expected to continue growing by almost 10% per year and currently contributes more than $2 billion of cash flow. This growth will bring the company hundreds of millions of additional cash flow which should minimize its costs. Conclusion Total S.A. has had a difficult time recently watching its stock price take a big hit. However, since the start of this crash, the company has put itself in the running for the best oil majors managing to decrease its debt, increase its production, and increase its reserves. The company has done this while spending 20% of its entire market cap annually on Capex growth. Many lament the death of the oil business as a result of the growth of renewables. And while that is likely true a hundred years from now, there is no denying that oil remains one of the few high dividend high growth industries that continues generating its investors massive profits. As a result, I recommend investors use the price drop from the crash to open or increase their long-term position in Total S.A. Disclosure: I am/we are long XOM, TOT, CVX. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
15/3/2016
20:25
grupo guitarlumber: Market Movers • Eni (NYSE: E) finally began producing from its Goliat platform in the Arctic, the northernmost platform in the world. The offshore oil field, the first producing field in the Barents Sea, suffered from repeated delays and cost overruns. The $6 billion project will eventually produce 100,000 barrels per day. • The government of Tanzania said that Total SA (NYSE: TOT) has the funds to build a major oil pipeline from Uganda to a port on the Tanzanian coast, and construction should begin as quickly as possible. The $4 billion pipeline could connect Uganda’s oil fields to the global market, opening up a regional hub for East African oil exports that could benefit multiple companies prospecting in the area. Despite the government’s statement, Total declined to comment. • Linn Energy (NASDAQ: LINE) said in its Q4 results that it “does not expect to remain in compliance with all of the restrictive covenants contained in its credit facilities throughout 2016.” That “raises substantial doubt about the Company’s ability to continue as a going concern.” Linn Energy’s share price traded down by almost 20 percent in early trading on March 15. Tuesday March 15, 2016 Oil prices lost some of their shine over the past week, as reality set in. Oil markets remain oversupplied, inventories are still rising, and hopes have faded surrounding OPEC’s ability to negotiate some kind of production cut. Iran punctured bullish sentiment when it said that it would not accept the OPEC-Russia production freeze deal until it had returned output to pre-sanctions level, which means that it has no intention of choking off output until it ramps up production by an additional 1 million barrels per day. Rally is too early. Even leaving aside Iran and the record high levels of oil sitting in storage, there could be a ceiling to the oil price rally due to the responsiveness of U.S. shale. A rally above $40 or $50 would bring U.S. shale production back online, due to the short lead times between new drilling and production. That would send prices back down. The key to a sustained rally is a more substantial cut back in production, which can only be possible if drillers are starved of capital, Goldman Sachs concluded recently. “An early rally in prices before a deficit materializes would prove self-defeating,̶1; Jeffrey Currie, head of commodities research at Goldman Sachs, wrote in a March 11 report. A reaction from the shale industry could take longer than expected, others argue. With battered balance sheets, thousands of laid off workers, idled equipment, and depleted access to capital, it is not as if oil drillers can spring into action immediately. For example, North Dakota’s Director of Mineral Resources, Lynn Helms, thinks it could take oil prices rising above $60 per barrel before drilling picks up. “If you’ve been on a strict diet for a long period of time, it takes a while to put the weight back on,” Helms told reporters last week. As a result, even if oil prices rise, it will take time for damaged drillers to repair their balance sheets. “Light at the end of the tunnel” for oil prices. The IEA, for its part, weighed in last week with a cautiously optimistic take. The Paris-based energy agency said in its latest Oil Market Report that oil prices may have reached a bottom. Supply disruptions from Iraq to Nigeria, coupled with falling U.S. production and a weaker U.S. dollar are all working together to push oil prices up from their lows. That could mean that oil prices have “bottomed out.” The IEA revised its estimate for supply cuts, expecting a deeper contraction than it did in last month’s report: increasing its estimated cuts from non-OPEC producers from 600,000 barrels per day to 750,000 barrels per day. Iran’s expected ramp up in production has also been less impressive than expected. The oil markets will remain oversupplied through much of this year, but the supply and demand will converge much more rapidly in the second half of 2016. There is a lot of uncertainty, to be sure, but the IEA said that there is “light at the end of the tunnel.” Obama admin cuts off Atlantic drilling. There was growing speculation that the Obama administration would take initial steps to open up the Atlantic seaboard to oil and gas drilling as part of the Interior Department’s latest five-year plan. Instead, the administration surprised the industry by removing the suspected lease sale for the Atlantic Ocean in its 2017 to 2022 proposed plan, released on March 15. The oil and gas industry have expressed strong interest in exploring the Atlantic outer continental shelf, which could hold 3.5 billion barrels of oil and 30 trillion cubic feet of natural gas. But the latest development may not be all that significant, given the fact that a new administration next year can reverse course. No drilling had been expected before the end of the decade anyways. Low oil prices would also mean that any E&P companies would probably proceed slowly with high-cost exploration. For now, though, the region remains off limits. Apache and Shell drill in Egypt. Apache Corp. (NYSE: APA) and Royal Dutch Shell (NYSE: RDS.A) are set to start drilling Egypt’s first unconventional gas well by the end of March, with production slated for June. The projected will be located in Egypt’s Western Desert and will be a milestone for Egypt, a country that is in desperate need of natural gas. The project comes as Eni is also developing a massive offshore deposit of natural gas. Electricity sales down in the U.S. In a new report, the EIA found that electricity sales in the U.S. declined on an absolute basis in 2015, down by 1.1 percent from the previous year. Steadily increasing energy efficiency, particularly from appliances, combined with slow economic growth have cut into electricity consumption. It was also the fifth time in eight years that electricity sales declined. As efficiency continues to improve, the growth prospects for utility companies are highly questionable. U.S. West Coast LNG export terminal rejected. The Federal Energy Regulatory Commission rejected a permit for an LNG export terminal in Oregon late last week. The Jordon Cove LNG export terminal has been seeking permits for years, but FERC said the developers failed to demonstrate how the benefits from a pipeline that would feed the terminal would outweigh the adverse effects on landowners. The more than $5 billion project was one of the leading candidates to export natural gas from North America’s west coast. Russia announces withdrawal from Syria. In a surprise move, Russian President Vladimir Putin announced the withdrawal of troops from Syria on March 14, after declaring victory. Putin had propped up his ally, Syrian President Bashar al-Assad, fighting off an array of opposition groups. UN-led negotiations are seeking an end to the multiyear war, and while any solution remains extremely difficult, there are glimmers of hope that a political settlement can be reached by all parties involved. We invite you to read several of the most recent articles we have published which may be of interest to you: IEA Sees “Light At The End Of The Tunnel” For Oil Markets Solar Power Is About To Get MUCH Cheaper Why Oil Prices May Not Move Higher U.S. and Canada Crack Down On Methane From Oil And Gas How To Successfully Invest In Energy Stocks How Lenders Control The Future Of Oilfield Services $67 Oil Has All The Majors Converging Here Choking And Lifting Preventing The Decline In U.S. Shale? Oil Price Crash Was Not Saudi Arabia’s Fault An Energy Pair Trade To Take Advantage Of Current Turmoil That’s all from your midweek intelligence report, we hope you enjoyed it and we´ll be back on Friday, with your latest energy market update, industry intelligence and special report. Best regards, Evan Kelly News Editor, Oilprice.com
25/11/2015
20:14
waldron: November 25, 2015 Paris - Total has successfully placed a new debt financing of $1.2 billion through a structure combining the issue of cash-settled convertible bonds with the purchase of cash-settled call options to hedge Total's exposure to the exercise of the conversion rights under the bonds. The “synthetic” bond financing resulting from these two products has no dilution impact on the equity. The transaction enables Total to access a new investor base and to benefit from improved financing terms compared to a senior bond issuance. The bonds will mature on December 2, 2022, be issued at par, will bear a coupon of 0.50% and have a conversion price including a premium of 20% above the reference share price. This reference share price will be determined as the arithmetic average of Total’s daily volume weighted average share price on the Euronext Paris converted in dollars over a period of ten consecutive trading days on the Euronext Paris, commencing on November 26, 2015. Total intends to use the net proceeds of the transaction of the bonds for general corporate purposes. The book-runners will enter into transactions to hedge their respective positions under the call options, including transactions to be conducted during the period when the reference share price will be determined. - See more at: Http://www.total.com/en/media/news/press-releases/total-successfully-places-12-billion-synthetic-bond-financing#sthash.AJKq98Mf.dpuf
Total SA share price data is direct from the London Stock Exchange
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