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 Shares Traded Last Trade
  +0.00 € +0.00% 55.355 € 475,650 08:39:57
Bid Price Offer Price High Price Low Price Open Price
54.72 € 56.40 € - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 4,974.8

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25/9/201818:41Total SA: Petroleum a la Francais1,846

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26/9/2018
09:20
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 55.36 €.
Total SA has a 4 week average price of 51.91 € and a 12 week average price of 51.90 €.
The 1 year high share price is 56.19 € while the 1 year low share price is currently 44.42 €.
There are currently 89,870,935 shares in issue and the average daily traded volume is 490,750 shares. The market capitalisation of Total SA is £4,974,805,606.93.
08/8/2018
14:32
waldron: CHUCKLE IF TRUE OF BP, WHAT CAN WE EXPECT FROM OTHER OIL MAJORS ONE CAN DREAM OF FOOLISH THINGS FORE THEY MIGHT COME TRUE Is the BP share price set to rise to 1,000p? Peter Stephens | Wednesday, 8th August, 2018 | More on: BP PAGE Image source: Getty Images. Having gained 23% in the last year, BP (LSE: BP) has clearly become a more popular share among investors. The stock has experienced a sudden rise which follows a period of intense challenges, with a lower oil price and the 2010 oil spill having weighed on its performance for a number of years. Looking ahead, the stock could deliver impressive total returns. It still seems to be relatively cheap and may be worth buying alongside a FTSE 250 stock which reported positive news on Wednesday. 1,000p per share? With BP trading at 580p per share at the present time, 1,000p…
05/4/2018
18:24
la forge: Total S.A. Total: Results of the Option to Receive the 2017 Third Interim Dividend in Shares 05/04/2018 6:20pm UK Regulatory (RNS & others) Total SA (LSE:TTA) Intraday Stock Chart Today : Thursday 5 April 2018 Click Here for more Total SA Charts. TIDMTTA The Board of Directors of Total S.A. (Paris:FP) (LSE:TTA) (NYSE:TOT) met on March 14, 2018, and declared a 2017 third interim dividend of EUR0.62 per share and offered, under the conditions set by the fourth resolution at the Combined Shareholders' Meeting of May 26, 2017, the option for shareholders to receive the 2017 third interim dividend in cash or in new shares of the Company. The period for exercising the option ran from March 19, 2018 to March 28, 2018. At the end of the option period, 44% of rights were exercised in favour of receiving the payment for the 2017 third interim dividend in shares. 15,559,601 new shares will be issued, representing 0.59% of the Company's share capital on the basis of the share capital as of March 31, 2018. The share price for the new shares to be issued as payment of the 2017 third interim dividend was set at EUR45.70 on March 14, 2018. The price is equal to the average opening price on Euronext Paris for the twenty trading days preceding the Board of Directors of March 14, 2018, reduced by the amount of the 2017 third interim dividend, without any discount. The settlement and delivery of the new shares as well as their admission to trading on Euronext Paris will occur on April 9, 2018. The shares will carry immediate dividend rights and will be fully assimilated with existing shares already listed. In line with the shareholder return policy announced on February 8, 2018, in order to avoid any dilution linked to the issuance of new shares, the Group will buy back during the quarter the newly issued shares with the intention to cancel them. The remaining cash dividend to be paid to shareholders who did not elect to receive the 2017 third interim dividend in shares amounts to 910 million euros and the date for the payment in cash is set for April 9, 2018. About Total Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
08/2/2018
08:46
grupo guitarlumber: 08 February 2018 - 08H54 Rising oil prices fuel profit rise for France's Total inShare © AFP | Rising oil prices gave French giant Total a welcome boost in profits LA DÉFENSE (FRANCE) (AFP) - French oil and gas giant Total said Thursday that recovering oil prices and increased production gave profits a welcome boost last year. Total said in a statement that its net profit jumped 39 percent to $8.6 billion in 2017. When adjusted for one-off and volatile items, the bottom-line profit figure advanced by 28 percent to $10.6 billion, the statement said. PUBLICITÉ inRead invented by Teads "These strong results were driven by production growth, notably the start-up of Moho-Nord in the Republic of Congo, the ramp-up of Kasgahan in Kazahkstan and the entry into Al-Shaheen in Qatar," Total said. Overall production grew by 4.6 percent to 2.6 million barrels of oil equivalent per day, it said. Chief executive Patrick Pouyanne said that oil prices "rose to an average $54 per barrel in 2017 from $44 per barrel in 2016, while remaining volatile. "The group demonstrated its ability to capture the benefit of higher prices by reporting adjusted net income of $10.6 billion... and a return on equity above 10 percent, the highest among the majors," he said. At the same time, Total said that it planned to buy back up to $5 billion of its own shares between 2018 and 2020 in order to allow shareholders to benefit from the rise in the group's share price.
08/2/2018
07:42
waldron: 4733/5000 Total: Dividend and share repurchase 2018-2020Press release share with twitter share with LinkedIn share with facebook share via email 0 0 08/02/2018 | 8:26 Total's Board of Directors reaffirms its priority to implement the Group's industrial growth strategy and announces the return to shareholder policy for the next 3 years: Proposed dividend at € 2.48 / share for the year 2017 10% increase in the dividend between 2018 and 2020 Up to $ 5 billion of share repurchase in 2018-20 Paris - The Board of Directors, meeting on February 7, 2018, approved the Group's financial statements for the 2017 financial year and reviewed the cash flow allocation policy, including the shareholder return policy, for the 3 coming years. Despite a volatile environment over the past three years, Total has successfully repositioned itself, achieving solid results in 2017 thanks to good operating performance and lowering its organic break-even point before Brent's dividend to $ 27 / b. Major investments over the past five years have resulted in strong growth in high margin production. The Group has also strengthened by investing on a counter-cycle and has acquired resources on attractive terms. It enjoys strong visibility on the growth of its cash flow and increased financial flexibility thanks to a debt ratio (net debt on capital) lowered to 12% at the end of 2017. Confident in the ability of the Group's teams to seize value-creating growth opportunities, the Board of Directors reaffirms the priority it gives to the implementation of the Group's long-term industrial strategy. In this context, the Board of Directors wished to give visibility to the policy of allocation of cash flow and return to the shareholder for the next three years. It has confirmed an investment program of $ 15 - $ 17 billion a year, has set a target of maintaining the debt ratio (net debt to capital) below 20% and maintaining a grade A rating and has also proposed the following measures: 1. Dividend increase of 10% over the next 3 years A dividend for 2017 of € 2.48 / share will be proposed to the Shareholders' Meeting, which corresponds to a balance of € 0.62 / share and a dividend increase of 1.2% compared to 2016 The quarterly installments for the 20181 financial year will be increased by 3.2% to € 0.64 per share, with the intention of proposing to the Annual General Meeting a dividend for the 2018 financial year of € 2.56 / share. The dividend target for the 2020 financial year would be € 2.72 / share 2. Redemption of shares issued without a discount under the share dividend option Maintaining the dividend in stock option to meet the wishes of certain shareholders but without discounting the issue price on the share price Repurchase of newly issued shares for cancellation. No dilution linked to the stock dividend option as of 2018 Immediate redemption of the shares issued in January 2018 as part of the payment of the second installment 2017 3. Up to $ 5 billion of share buybacks over the 2018-20 period The goal is to share with shareholders the benefits of rising oil prices Buyback volumes will be adjusted for oil prices This comes in addition to the repurchase of shares issued as part of the stock dividend 2017 dividend The Board of Directors proposes to the Combined General Meeting of Shareholders, to be held on June 1, 2018, to set the dividend for the 2017 financial year at € 2.48 / share, an increase of 1.2% compared to 2016. Given the three installments of € 0.62 / share for the 2017 financial year, a balance of € 0.62 / share is therefore proposed. The Board also proposes that the Shareholders' Meeting decide to offer shareholders the possibility of receiving the payment of this dividend balance for the 2017 financial year, either in cash or by subscribing for new shares of the Company without a discount. Therefore, subject to approval by the General Assembly of the resolution to be proposed: the balance of the dividend will be detached from the share on Euronext Paris on June 11, 2018; the payment in cash and / or the delivery of any shares issued, depending on the option chosen, should take place on June 28, 2018. 1The first deposit will be paid in October 2018 * * * * * Total contacts Investor Relations: +44 (0) 207 719 7962 l ir@total.com
14/12/2017
22:05
stephen2010: ALBA currently trading at 0.39p target price 6p making a nice 15 bagger. Please read the following: MARKET CAP PUZZLE ❖ Alba (market cap £8.4m) is in a resources neighbourhood populated with listed companies with much enhanced market capitalisations, such as UKOG.L (£134m) and JAY.L (£172m). With either shared project interests or adjacent tenements to these companies, Alba should trade at a much higher valuation than its current token value. Like Bluejay, Alba owns 100% of its ilmenite project. Direct comparisons with UKOG are also instructive. While both companies own other projects, UKOG’s 49.9% of Horse Hill Developments Limited (HHDL), when compared to Alba’s 18.1% means that Alba has approximately one third of the value of Horse Hill compared to UKOG but only about 7% of the market capitalisation. Once the market recognises these disparities, the room for growth in Alba’s share price is undeniable. VALUATION RATIONALE - Our valuation in this First Equity Limited initiation note uses a risked valuation approach for Alba’s two main projects, at Horse Hill and TBS. The Horse Hill licences are valued using independent published technical data from Schlumberger, Xodus and Nutech on the oil potential of the licences, along with our own assumptions on recovery rates, oil discovery value, resource and development risks factors. From this a risked value of $127m net to Alba on a ‘Base Case’ basis is derived for Horse Hill. Given the similar geology and economic potential of both TBS and Dundas, we have adopted a risked closeology valuation approach, by computing an NPV for Dundas of $223m and then applying a three-tiered risked probability calculation to arrive at a value of $54.7m for TBS. Once Alba announce its JORC resource and exploration target at TBS and Bluejay its Feasibility Study results, this number is likely to be revised upwards very rapidly, possibly up to $200m, representing up to 7p per share in additional shareholder value. We compute a valuation of $185m (£139m) for Alba, equating to 6.0p per share, of which 4.1p is attributed to the stake in Horse Hill, 1.8p for TBS. Given this analysis and wealth of valuation catalysts anticipated across the project portfolio in the coming months, we recommend the shares as a ‘BUY, with a Target Price of 6.0p, representing a potential 15 times plus uplift from the current share price.
10/12/2017
12:36
la forge: The Nest Egg Portfolio: Total's $5B + 5% Strategy Protects The Dividend Dec. 10, 2017 6:35 AM ET| 1 comment| About: TOTAL S.A. (TOT), Includes: ADRNY, AHODF, AMZN, BINCF, BINCY, BPOSF, BPOSY, BT, CEO, EURN, HDUGF, ING, KLPEF, MT, PBR, RDEIF, RDEIY, RDS.A, RDS.B, RIO, S, SCHW, STO, VOPKF, VOPKY The Investment Doctor The Investment Doctor Long/short equity, value, debt, base metals Marketplace European Small-Cap Ideas (5,754 followers) Summary Total reported excellent Q3 results, indicating the dividend is fully covered. Q4 should be even better. Ahold has shrugged off the fears surrounding the Amazon-Whole Foods Market deal. This idea was discussed in more depth with members of my private investing community, European Small-Cap Ideas. Introduction After having discussed BT Group (BT) a few weeks ago to determine how sustainable its (generous) dividend is, in this week’s edition of the Nest Egg Portfolio I will have another look at Total (TOT) to determine how sustainable the dividend of this French integrated oil company is. In case you missed the previous article, please click HERE, HERE and HERE to read it to make sure you’re fully up to speed! All share prices mentioned in this article are the closing prices as of Wednesday (unless mentioned otherwise). _____________________________________________________________ This article was first published at European Small-Cap Ideas, a Premium service by The Investment Doctor. See the end of the article for an important notice, as the subscription fee for European Small-Cap Ideas will increase from January 1 st on! _____________________________________________________________ Portfolio update Total’s E&P division now generates more operating income than the downstream segment In the third quarter of 2017, Total was able to increase its total oil-equivalent production rate to 2.58 million barrels per day, an increase of more than 3% compared to the previous quarter, and an excellent 6% increase compared to the third quarter of last year. The gas production actually decreased slightly (1%) on a QoQ basis, and the entire performance increase was due to exceptionally strong oil production results, where the output increased by approximately 94,000 barrels per day (+ 7.2%) thanks to a robust growth in the middle east (+20% QoQ) which is probably related to the startup of the Al-Shaheen oil field in Qatar. And the third quarter actually was a really good one; Although the revenue increased by just 7.5% to $43B (compared to the $39.9B in Q2 2017), the net income increased by roughly 35% to $2.76B despite a much higher tax bill ($1.09B versus $472M in Q2 2017). Both the ‘refining & chemicals’ division (+292M operating income) and the ‘pure' exploration and production division (+$915M in operating cash flow). But the main question now obviously is how this translates into a higher dividend coverage ratio. After all, it’s nice to get a dividend, but not if the company theoretically can’t afford the dividend. Source: financial statements If we would just look at the Q3 result, you’ll see the adjusted operating cash flow was approximately $5.42B after taking the working capital changes into consideration. The total capex bill in the third quarter was $3.1B, which results in an adjusted free cash flow of $2.32B, which is approximately $0.93 per share. Using the current EUR/USD exchange rate of 1.16, this translates into a FCF/share of almost exactly 80 eurocents. As Total is paying a quarterly dividend of 0.62 EUR per share, it’s now pretty clear the dividend was fully covered based on the Q3 performance (with a coverage ratio of almost 129%), whilst Total was actually able to use the $522M in ‘excess’ free cash flow to strengthen its balance sheet. Source: financial statements This excellent performance in the third quarter obviously also has a positive impact on the YTD performance. If we would now run the same calculation based on the results of the first three quarters of the year, we would end up with an adjusted operating cash flow of $15.1B and a capex of $9.1B, resulting in a net free cash flow of $6B. A decent result, and sufficient to cover all three (normalized) dividend payments as the total cash requirement for 3 quarters would be 1.86 EUR per share, or $5.4-5.5B. Whereas the dividend appeared to be just barely covered in the first semester, the excellent third quarter has increased the 9M dividend coverage ratio to 110%. As the oil price continued to increase in and throughout the fourth quarter, I dare to expect an even better free cash flow result which should take all uncertainties away. Source: company presentation As Total is also bringing the Yamal LNG project in Russia in production by the end of this year whilst it also expects the acquisition of Maersk Oil to be completed in the first quarter of 2018, the company seems to be very much on track to realize its ‘5+5’-plan. Total plans to incorporate $5B in savings by 2020, and increase the annual production rate by 5% until 2022. Both elements should help push the break-even price per barrel of oil from $30 to $20 by 2019, and that would be a huge achievement to ensure higher margins and increasing the dividend coverage ratio (and paving the way for dividend increases further down the road). On top of that, production has started at the Libra oil field (offshore Brazil, 180 kilometers away from Rio de Janeiro) with an initial capacity of 50,000 barrels per day. The 5 joint venture partners (including Petrobras (PBR), Royal Dutch Shell (RDS.A) (RDS.B) and CNOOC (CEO) as well as CNPC) will soon decide on expanding the production capacity to 150,000 barrels per day. Total also sold its stakes in the Martin Linge field and the Garantiana discovery to Statoil (STO) for $1.45B. This sale will fund a part of the acquisition of Maersk Oil which will be completed soon. Once Maersk Oil will have been purchased, Total will remove the discount on its scrip dividend. Source: company presentation Long story short; Total’s dividend appears to be absolutely safe as the coverage ratio for FY 2017 will very likely exceed 120%. Dividend investors can sleep well at night – but don’t forget to make sure your paperwork to reduce the French dividend tax from 30% to 15% has been submitted! Other additions/removals I am selling 50 shares of Red Electrica Corporation at 19.07 EUR (Wednesday’s closing price) for a total net inflow of 934 EUR. The stock performed very well lately, and I’d like to ‘top up’ at a lower price (perhaps by writing a put option – see later). Besides this sale, there have been no changes in the portfolio. No positions were added or removed/reduced. I’m waiting for the December expiration date (see below) before initiating new positions or increasing the existing positions. I expect most of the written put options to expire worthless, which will pave the way to write new put options on companies I would really like to add to the portfolio. Perhaps I need to make one shout-out here; Ahold (OTCQX:ADRNY) (OTCQX:AHODF) seems to have fought back against the negative perception after Amazon (AMZN) announced it was buying Whole Food Markets (WFM). Most investors thought this this would put a lot of pressure on Ahold’s supermarket chains in the USA, but these fears were exaggerated. The share price has now regained pretty much all of the ground it lost, as Ahold posted decent financial results and confirmed its share buyback program. Source: finanzen.net Incoming dividends There haven’t been any dividend payments since the previous edition of the Nest Egg Portfolio. If I missed a dividend payment, please let me know in the comment section below, or per private message! The current portfolio + updates The expiration date for December options is next Friday, on December 15 th. As ArcelorMittal (MT), Klepierre (OTCPK:KLPEF), Red Electrica (OTC:RDEIF) (OTCPK:RDEIY) and Total (TOT) are trading above the strike prices, it’s very likely they will all expire ‘out of the money’. If that’s indeed the case, the coverage ratio will increase from 54% to 187%. Should all options indeed expire worthless, we can pocket the total net option premiums of 391 EUR. This indeed isn’t an impressive amount, but it does represent a return of almost 0.4% on a 100,000 EUR portfolio in just a few months. The power of writing options! That being said, the put options on BinckBank (OTC:BINCF) (OTC:BINCY) and Bpost (OTC:BPOSF) (OTCPK:BPOSY) will expire in the money. Should that happen, we’ll see a net cash inflow of 1,050 EUR (before transaction expenses) as the proceeds from selling Bpost at 24 EUR will be more than sufficient to cover the expenses related to the purchase of Binck stock. Binck enjoyed a pop recently (before coming back down to earth) after the company was tipped to be a buyout candidate. No names were mentioned, but Dutch banking and insurance company ING Groep (ING) would be the main candidate as simply buying Binck (and its existing clients) would be easier than rebuilding its own platform (interesting fact: in some of the countries Binck is active, it already uses ING Bank as its financial partner).. This isn’t the first time Binck is in the spotlights as back in 2010, Schwab (SCHW) also appeared to be interested in the discount broker when its market cap was almost three times higher. December will be a busy option expiration month and once all the dust will have been settled, I will provide an update on the next steps as my fingers are itching to write more put options. Updates / Other News from Europe Back in November, I made a case for Vopak (OTCPK:VOPKF) (OTCPK:VOPKY) as a contrarian investment ( plagued by temporary headwinds), waiting for the contango on the oil market. As I explained in the article, Vopak’s business model is actually pretty good, but it fails to work in an oil market which is experiencing backwardation (why would someone want to store oil if it’s cheaper to buy futures for delivery in the future rather than taking delivery of oil right now and having to pay for storage? Once we’re back in a backwardation situation, Vopak should perform vey well as it’s continuing to invest in expanding its operations. Elsewhere in the oil market, I thought Euronav (EURN) is a hold. The company remains cash flow positive, but the entire cash flow will be spent on a bunch of newbuilt vessels. The company’s management doesn’t appear to be positive about 2018, but with a young fleet and an experienced management team, Euronav would be (one of my) favorite(S) to gain exposure to the oil shipping sector. Hunter Douglas (OTCPK:HDUGF) seems to be on track to quickly reduce its net debt position after its acquisitions in 2016 and 2017. The strong Euro isn’t helping, but the company should still be able to publish a very respectable amount of free cash flow. It generated $122M in free cash flow in the first nine months of the year, despite non-recurring charges and a higher-than-average total capital expenditure. Seeking Alpha has now uploaded the Slideshow provided by Rio Tinto (RIO) at its Investor Seminar in Sydney earlier this week. It’s a very interesting read! Contributor Fluidsdoc has provided his/her updated view on Royal Dutch Shell (RDS.A) (RDS.B), callingit a ‘Deep Water and LNG powerhouse’. I don’t disagree! Conclusion I’m glad to see Total was able to cover its dividend in the third quarter of this year, and I expect the company to perform even better in the current quarter as the (Brent) oil price is consistently trading above $60 per barrel. Total has always been a quality name in the integrated oil & gas sector, and I’m really impressed by its investment plans to increase the production rate. I’m convinced the company has a great future ahead.
27/10/2017
10:39
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
12:40
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
15:29
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
06:03
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.
Total SA share price data is direct from the London Stock Exchange
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