Totalenergies Share Discussion Threads

[waldron] 09/9/2021 13:05

Next dividend

Quarter

Per share 66¢

Ex-div date 21 Sep 2021 (Tue)

Pay date 01 Oct 2021 (Fri)

[waldron] 08/9/2021 11:59

Talos Energy files notices of dispute regarding Zama in an effort to achieve a mutually beneficial resolution


By NS Energy Staff Writer 06 Sep 2021

The Talos-led consortium has already invested almost $350 million in Zama, drilling the successful exploratory well
gulf-1356004_640 (3)

The dispute is over decisions taken by SENER.

Talos Energy Inc. (“Talos” or the “Company”;) (NYSE: TALO) and Talos International Holdings SCS announced today that they have submitted Notices of Dispute (the “Notices of Dispute”) to the Government of Mexico over decisions taken by Mexico’s Ministry of Energy (“SENER”). These decisions, which include the recent designation of Petróleos Mexicanos (“PEMEX”) as the operator of a yet-to-be unitized asset, cause loss or damage to the Company as an investor and as the operator of CNH-R01-L01-A7/2015 (“Block 7”) in offshore Mexico. The actions by SENER also constitute violations of the Agreement between the United States of America, the United Mexican States and Canada (“USMCA”) and the Bilateral Investment Treaty between the United Mexican States and the Belgo-Luxembourg Economic Union (“BLEU-BITR21;).

Key Highlights:

The dispute is over decisions taken by SENER, including the designation of PEMEX as the operator of a yet-to-be unitized asset.

The aim is to resolve the dispute amicably through consultations and negotiations and avoid the need for further legal action, including arbitration.

Talos will continue to engage in good faith with the representatives of the Government of Mexico seeking to achieve a fair and mutually beneficial agreement.

These Notices of Dispute provide the opportunity for an initial phase of negotiation and consultation between the parties in an attempt to resolve the controversy. If successful, this would avoid the need for further legal action, including international arbitration. Talos will diligently seek a fair and mutually beneficial agreement and will continue to engage in good faith with the institutionally appointed representatives of the Government of Mexico.

The filing of the Notices of Dispute is consistent with the Company’s attempts over almost three years, since the signing of the Pre-Unitization Agreement, to work constructively with PEMEX and SENER to finalize a Unitization and Unit Operating Agreement (“UUOA”) for the Zama field that follows international best practices. Talos has repeatedly sought a positive outcome for all parties and will continue to do so under this process.

Talos’s President and Chief Executive Officer Timothy S. Duncan commented: “Despite SENER’s current designation of PEMEX as the operator of the Zama field, we are still hopeful that a negotiated outcome that fully respects the rule of law is achievable. The filing of these Notices of Dispute, along with the concrete, mutually-beneficial proposals we have presented to PEMEX and Mexican authorities in the past, demonstrates our commitment to maximize value for all stakeholders, including Mexico. We respectfully call upon the Government of Mexico to engage with Talos in meaningful negotiations and consultations considering the full body of evidence regarding the ideal operatorship structure for Zama and the safeguarding of our rights as a foreign investor.”

On July 2, 2021, Talos was notified by SENER that it had designated PEMEX as the operator of the Zama unit, just three days after SENER received a letter directly from PEMEX arguing for operatorship. Under Mexico’s own unitization guidelines, SENER was required to “consider the principles of economy, competitiveness, efficiency, legality, transparency, best practices of the industry and the best use of hydrocarbons.” Disregarding the Company’s formal requests, SENER has not demonstrated how these legal principles were followed.

After being competitively awarded Block 7 in Mexico’s Round One in 2015, the Talos-led consortium discovered the Zama field in 2017. Upon completion of the appraisal program, the technical view was that the Zama discovery constitutes a shared reservoir that extends outside of the boundaries of Block 7 and into the neighboring PEMEX AE-0152-Uchukil block. Under Mexican law, a shared reservoir requires the contract holders of the two blocks to create a unit in which they will jointly develop the entire reservoir instead of each developing their own side.

The Talos-led consortium has already invested almost $350 million in Zama, drilling the successful exploratory well that resulted in the discovery of the field followed by three successful appraisal wells allowing for complete delineation of the field. The Company’s operated efforts between 2017 and 2019 were under budget, ahead of schedule and without any safety incidents. In contrast, despite the statements from PEMEX executives and Mexican government officials asserting that PEMEX would drill a confirmation well on their neighboring contractual area to provide complementary geological data, PEMEX repeatedly delayed the well for several years until ultimately cancelling all plans to drill it just a few weeks before SENER designated PEMEX as the operator of the yet-to-be-finalized unit.

Talos has consistently demonstrated its commitment to the optimal development of the field, having advanced a complete Front-End Engineering and Design (“FEED”) study, which is now investment ready. Talos estimates that the project could generate over $30 billion in total revenue for Mexico in addition to PEMEX’s own share of the revenues and profits of their ownership interest in Zama.

Talos has also consistently demonstrated its capabilities and qualifications to be the operator of the unit and its expertise operating in Zama’s geology and water depth, as well as its stellar safety and environmental track record in its operations in Mexico and the United States. The platforms that are required to be installed at Zama will be the deepest facilities ever installed in Mexico, at approximately 550 feet (170 meters) of water. Talos is very experienced in these situations and currently operates multiple platforms at these and greater water depths.

Talos remains committed to maximizing value for its shareholders from its Zama asset and will continue to explore all strategic and legal options to do so.

Source: Company Press Release

[waldron] 08/9/2021 11:10

Business
Total Energies appoints Shell’s Samba Seye amid rising liabilities

Published 6 days ago

on September 2, 2021

By Olalekan Fakoyejo

Total Energies Marketing Nigeria Plc has made changes to its management structure two weeks after the oil and gas company rebranded its operational identity to include energy business.

Total Energies, which was previously known as Total Nigeria Plc, reassigned its Managing Director, Imrane Barry, to the company’s Headquarters in Paris, France.

Barry, who was appointed in 2018, has been replaced by Senegalese, Samba Seye, who had previously worked with Total’s market rival, Shell, at various levels, before joining the former.

“We write to formally notify the investing public and the Nigerian Exchange Limited that the Board of Directors of Total Nigeria Plc has approved the appointment of Dr. Samba Seye as Managing Director of Total Nigeria Plc (the Company).” Total said in a statement.

Seye’s appointment became effective on Wednesday, September 2, 2021.

In 2014, Seye joined Total Marketing and Services as a Project Manager in the Strategy Department, a year after, he became Deputy Executive Vice President, West Africa, and later the Vice President.



Prior to his appointment to head Total Energies Nigeria, Seye was also the Chairman at Total Petroleum Ghana Ltd., Chairman at Total Côte d’Ivoire SA.

Before Seye’s journey into the oil and gas industry, he worked as assistant lecturer from 1990 to 1993, in University of Sciences and Techniques of Lille, France, where he bagged Doctorate Degree in Engineering – he later joined Shell.

Seye’s appointment comes at a period the company’s liabilities rose significantly between 2020 and 2021.

As of First Half of this year, Total Energies liabilities rose to N154.08 billion, in contrast to N115.46 billion of December 31, 2020.

[grupo] 08/9/2021 08:58

TotalEnergies SE : The upward trend is being put into question

09/08/2021 | 08:50am BST

short sell


Entry price : 37.115€ | Target : 34.87€ | Stop-loss : 37.83€ | Potential : 6.05%

The chart of shares in TotalEnergies SE exhibits signs of a downward reversal suggesting that a correction phase is in its beginning.

Investors should open a short trade and target the € 34.87.

The upward trend is being put into question

Summary

The company has strong fundamentals. More than 70% of companies have a lower mix of growth, profitability, debt and visibility.

The company presents an interesting fundamental situation from a short-term investment perspective.

The company's Refinitiv ESG score, based on a ranking of the company relative to its industry, comes out particularly well.


Strengths

The equity is one of the most attractive in the market with regard to earnings multiple-based valuation.

With regards to fundamentals, the enterprise value to sales ratio is at 0.73 for the current period. Therefore, the company is undervalued.

The company's share price in relation to its net book value makes it look relatively cheap.

The company has a low valuation given the cash flows generated by its activity.

The company is one of the best yield companies with high dividend expectations.

Over the past year, analysts have regularly revised upwards their sales forecast for the company.

Over the last 4 months, analysts have significantly revised upwards the company's estimated sales.

For the last twelve months, analysts have been gradually revising upwards their EPS forecast for the upcoming fiscal year.

For the last few months, EPS revisions have remained quite promising. Analysts now anticipate higher profitability levels than before.

Analysts have a positive opinion on this stock. Average consensus recommends overweighting or purchasing the stock.

The difference between current prices and the average target price is rather important and implies a significant appreciation potential for the stock.


Weaknesses

The company's currently anticipated earnings per share (EPS) growth for the next few years is a notable weakness.

The company's earnings releases usually do not meet expectations.

[waldron] 07/9/2021 20:14

UBS analyst Jon Rigby maintains his Neutral opinion on the stock. The target price remains set at EUR 42

[adrian j boris] 07/9/2021 13:19

TotalEnergies Is A Better Dividend Income Stock Than Exxon, Chevron, BP And Shell

Sep. 07, 2021 8:00 AM ETTotalEnergies SE (TTE), TTFNFBP, BPAQF, CVX...

Summary

TotalEnergies has solid financial results with lower losses compared to its peers among the Majors.

But a European shareholder base and not being in US indexes has kept it off the radar.

Dividend investors should look to TotalEnergies as much as Exxon, Chevron, BP or Shell when looking for income.

[waldron] 01/9/2021 14:56

TotalEnergies SE said Wednesday that it has won a public tender to install and operate electric-vehicle charging points in Belgium.

The French oil-and-gas major said it will supply, install and operate the public charging network of the city of Antwerp. The contract has been awarded until 2034 for standard charging points and until 2038 for high-power charging points.

Electricity to supply the network will be produced by TotalEnergies from some offshore wind farms, the company said.

Financial details of the contract weren't disclosed.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

September 01, 2021 09:37 ET (13:37 GMT)

[waldron] 31/8/2021 11:04

ECO





Outlook:

Guyana

Guyana continues to be one of the most prolific exploration regions in the world, with over nine billion barrels of oil discovered in the last five years. Eco and the JV Partners* have already delivered two substantial oil discoveries on the Orinduik Block and the Block continues to offer significant upside potential. With the recent increase in oil prices, the JV Partners will revisit the Jethro discovery commercialisation potential.

As previously reported, Eco is fully funded for further planned / near term drilling on the Orinduik Block and, with its JV Partners, is assessing all opportunities available to drill at least one exploration well into the light oil cretaceous stacked targets as soon as practical. The Company is fully aligned with its JV Partners on careful target selection for the next drilling campaign, based on the reprocessed 3D seismic data on the block and nearby oil discoveries. Eco expects to be able to update the market on further drilling plans later in Q3 2021.

Posted by the Environmental Protection Agency ("EPA") Guyana on 8 August 2021, ExxonMobil applied for environmental authorisation for a 12-well Exploration and Appraisal Drilling Programme in the Canje Block, offshore Guyana in 2022.

The JHI Transaction provides the Company with immediate exposure to an active drilling programme in the Canje Block offshore Guyana. JHI updated Eco on 29 August 2021 that the Block Operator ExxonMobil confirmed the spud of a second exploration well, Sapote-1. The well operations is planned to take up to 60 days.

The Orinduik Block JV partners are Eco Atlantic (15% working interest ("WI")), Tullow Guyana B.V. ("Tullow") (Operator, 60% WI) and TOQAP Guyana B.V. ("TOQAP") (25% WI) a company jointly owned by TotalEnergies E&P Guyana B.V. (60%) and Qatar Petroleum (40%).

[waldron] 28/8/2021 15:57

Total Is Still Betting Big On Oil Despite Renewable Push

By Leonard Hyman & William Tilles - Aug 28, 2021, 10:00 AM CDT



Early this year French oil company, Total, changed its name to TotalEnergies.

In the summer, TotalEnergies introduced itself to the world with a slick advertising campaign claiming boldly but not incorrectly that “Energy is life…Energy is reinventing itself… The hydrocarbon producing energy giant Total is transforming itself and has become TotalEnergies” including a stylish new logo.

This event made us think both of Shakespeare (“What’s in a name?”) and greenwashing at the same time. Looking at the newly branded TotalEnergies (ticker symbol TTE) from the perspective of financial analysis provides some insight into how long this new corporate transformation might actually take.

TTE is a large company with a capitalization, both debt and equity capital, of $185 billion. Consequently, it will take a lot of prospective investment in renewables to transform TTE away from being simply an oil and gas producer.

In the past few years, TTE has spent approximately $15-20 billion per year in capital expenditures while claiming annual depreciation and amortization expenses of roughly the same amounts.

In other words, TTE has been spending enough money to simply maintain its reserve position, replacing a constantly diminishing reserve base with more, newly discovered reserves.

Looking forward the company still projects capital spending of maybe $15 billion per year of which perhaps $3 billion will now be dedicated to investments in renewables and other generation projects.

(In comparison, Enel, the Italian utility, with a smaller capital base of about $120 billion, plans to spend $8 billion per year on renewables.)

If TTE’s management follows through and only spends enough on new reserves and plan to offset the declining value of old reserves and plants (wells do go dry after a while), there’s not much likelihood that in five years TTE’s existing business will be much larger than today. Maybe somewhat different in its business mix but not substantially larger.

(That investment, of course, could be more or less profitable depending on oil prices and product mix.) So unless the management changes directions again the growth story here has to come from non-oil and gas investments, over the long term.

However, these new, greener businesses will only add about 2% a year to the investment base. ($3 billion a year of incremental investment doesn’t rapidly move the needle on a $185 billion corporate behemoth.) Management will argue that it can amplify the contributions of the new businesses by selling shares to the public or others once in operation.

That is, they may choose to capitalize the new, “green” expected income streams and collect cash upfront as soon as possible. That, of course, brings profits upfront but makes the long term less attractive.

Our best guess is that TTE receives no more than 10-20% of its net income from these new businesses within five years unless it sharply ramps up proposed spending for new projects, substantially lowers spending on oil and gas, or maybe both.

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In sum, we are not sure what Shakespeare would have said about the name change, but spending a substantial $3 billion per year does not look like mere greenwashing either. The problem for today’s energy investors is whether TTE’s new policies actually will make much of a difference.

An investor worried about the decline of oil and gas will not buy TTE stock, despite the substantial and growing green energy investments because the latter do not amount to the proverbial hill of beans in terms of the overall TTE business. The investor looking for a play on oil and gas will certainly not buy TTE for its still modest renewables operation.

Some companies are contemplating hiving off oil, gas, and coal operations, selling them to other companies or giving them to shareholders in order to reduce the corporate carbon footprint.

That does not reduce greenhouse gas output but instead simply hands off the problem assets to a frequently less scrupulous owner. But a full corporate separation or spinoff between legacy oil and gas versus green investments would allow management to focus on very different lines of business and may reduce pressure from increasingly vocal shareholder activists who are now pressuring large pension funds and other major investors.

We doubt TTE plans to spin off its oil and gas business although maybe renewables will become valuable enough to monetize at some point in the future. So if they remain fairly insignificant from an overall corporate perspective for the foreseeable future what is the purpose of these new ventures?

TTE’s management, we believe, would argue that its new corporate direction helps to reduce greenhouse gas emissions. This is literally true although another firm, perhaps one more specifically devoted to these new ventures, would probably have made many of those same investments.

As a result, TTE’s involvement here will likely make little difference incrementally to the overall emissions picture. And there is no shortage of investors seeking to put money into renewables. Some people, in fact, have even argued that renewables will become economically even less attractive because of all the relatively recent big oil company money now quickly entering the field to appease investors.

TTE might say that renewable investments are part of its strategy to reach zero emissions by 2050. But the real reductions that TTE talks about, from its oil and gas operations do not require specific investment in new energy production by TTE, either.

TTE could also argue that renewables will provide a decent and steady return, so why not invest? That’s an okay strategy, better than making bad investments.

In the end, we get the feeling that many oil company managers want to give the impression that they are trying to help solve one of the great pollution problems of our era regardless of their initial culpability. Nor do they want to look and sound like troglodytes, either.

But at the same time, they don’t appear to want to do anything that requires tough decisions about what remains their principal business, oil, and gas.

By Leonard S. Hyman and William I. Tilles

More Top Reads From Oilprice.com:

[grupo guitarlumber] 28/8/2021 11:29

Oil Could Be Primed For Up To 50% Rally, Strategist Says
By Charles Kennedy - Aug 27, 2021, 5:00 PM CDT
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The price of WTI crude oil could be headed for a jump of between 20 percent and 50 percent, judging from a bullish breakout pattern that suggests a major rally could be coming for an asset, and that has occurred just three times for crude this century, an equity strategist told CNBC this week.

“Crude oil has seen what’s called a golden cross on its weekly chart,” Matt Maley, Equity Strategist at Miller Tabak, told CNBC’s “Trading Nation” program.

The so-called golden cross appears on a chart when the short-term moving average of an asset crosses above its long-term moving average. The gold cross chart pattern points to a potential for a major rally.

“That’s only happened three times since the beginning of this century and each of those three times has been followed by a very strong further rally in crude oil, anywhere from 20%-50%,” Maley told CNBC.

Start Trading On OPC Markets Today

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

According to the strategist, the energy sector looks good if the market holds up and continues to rally. The energy sector has outperformed the overall market by a large margin since last October, even with the pullback since July, Maley also said. If the market holds, energy stocks could do really well in the fourth quarter, the strategist added.

Despite lingering concerns about the Delta variant, major investment banks continue to be bullish on oil, although not all are as bullish as Goldman Sachs, for example.

Goldman’s analysts kept their forecast for Brent Crude prices at $80 a barrel at the end of this year, although they expect the Delta variant surge to have a transitory drag on oil demand over the next two months.

“Looking beyond the Delta headwind, we expect the demand recovery to continue alongside rising vaccination rates,” Goldman Sachs said in a note in the middle of August.

By Charles Kennedy for Oilprice.com

[the grumpy old men] 21/8/2021 07:57

TotalEnergies : to Debut "100% Renewable" Motorsports Fuel at Next FIA World Endurance Championship

08/20/2021 | 12:22pm BST

(MT Newswires) -- TotalEnergies (TTE) on Friday said that it is developing a 100% renewable fuel which it will debut during the next season of the FIA World Endurance Championship, including the 24 Hours of Le Mans and at the European Le Mans Series.

The renewable fuel, named Excellium Racing 100, will be produced on a bioethanol basis, made from wine residues as well as ethyl tertiary-butyl ether produced at the company's refinery near Lyon, France, from feedstock, according to a statement from the company.

[grupo] 19/8/2021 09:56

TotalEnergies
36.435 -3.42%

[la forge] 16/8/2021 08:25

Total: AlphaValue remains accumulate with a target raised from EUR 42 to EUR 43.80.