Share Name Share Symbol Market Type Share ISIN Share Description
Totalenergies Se LSE:TTE London Ordinary Share FR0000120271 TOTALENERGIES ORD SHS
  Price Change % Change Share Price Shares Traded Last Trade
  -2.63 -4.82% 51.98 1,543,189 16:35:29
Bid Price Offer Price High Price Low Price Open Price
49.72 54.24 52.50 52.50 52.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Last Trade Time Trade Type Trade Size Trade Price Currency
18:17:49 O 391 52.1146 EUR

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Totalenergies Daily Update: Totalenergies Se is listed in the sector of the London Stock Exchange with ticker TTE. The last closing price for Totalenergies was 54.61 €.
Totalenergies Se has a 4 week average price of 44.37 € and a 12 week average price of 44.37 €.
The 1 year high share price is 54.61 € while the 1 year low share price is currently 34.00 €.
There are currently 0 shares in issue and the average daily traded volume is 3,892,017 shares. The market capitalisation of Totalenergies Se is £0.
waldron: Summary and outlook Russia's military aggression against Ukraine on February 24, 2022 and its consequences, have pushed oil prices to more than $100/b, exacerbating the upward trend seen since the second half of 2021 that stems from a lack of investment in hydrocarbons. These prices could remain at high levels if the mobilization of additional production capacity from OPEC countries and the growth of unconventional oil production in the United States fail to compensate for the anticipated loss of Russian crude oil production on the order of 2-3 Mb/d as well as the lower production from Russian refining. The effect could be mitigated by a drop in demand caused by the higher prices, the impact of the crisis and the pandemic lockdowns in China on global growth. Gas prices have remained very high and volatile in Europe and Asia since the start of 2022, driven by global demand and the need for Europe to rebuild inventories. Futures markets indicate average gas prices in Europe and Asia in 2022 around $30/Mbtu. In this context and in line with its investment criteria, TotalEnergies is mobilizing additional investments to support short-term gas production in the North Sea. Given the evolution of oil and gas prices in recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price should remain at a high level above $14/Mbtu in the second quarter of 2022. In the second quarter, TotalEnergies will benefit from the increase in its production in Brazil from May 2022 with the start-up of Mero 1 and the entry into Atapu and Sépia (30 kb/d in the second quarter growing to 60 kb/d in the fourth quarter) The Company maintains its capital discipline with net investments trending toward $15 billion in 2022, of which 25% will be in renewables and electricity. The Company's priorities in terms of cash flow allocation are reaffirmed in this context of higher oil and gas prices: investing in profitable projects to implement the strategy to transform TotalEnergies into a sustainable multi-energy company, linking dividend growth to structural cash flow growth, maintaining a strong balance sheet and a long-term debt rating with a minimum "A" level by permanently anchoring gearing below 20%, and allocating a share of the surplus cash flow from high hydrocarbon prices to share buybacks.
grupo: TOTALENERGIES SE: TotalEnergies Announces the First 2022 Interim Dividend of EUR0.69/Share, an Increase of 5% Compared to 2021 28/04/2022 7:49am UK Regulatory (RNS & others) TIDMTTE The Board of Directors of TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE), meeting on April 27, 2022 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, declared the distribution of the first 2022 interim dividend at EUR0.69/share, an increase of 5% from the interim dividends paid and the final dividend proposed for the 2021 financial year. This increase is in line with the shareholder return policy for the financial year 2022 as announced by the Board in February 2022 and confirmed to shareholders at the March 24, 2022 investor meeting. This first interim dividend will be paid in cash exclusively, according to the following schedule: Shares American Depositary Receipts Ex-dividend date September 21, 2022 September 19, 2022 Payment date October 3, 2022 October 13, 2022 About TotalEnergies TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
sarkasm: Https://;messageid=2800&serial=27491161.2711&utm_campaign=rta-stock-article&utm_medium=email&;utm_source=seeking_alpha&utm_term=27491161.2711 TotalEnergies: The Russia Uncertainty In Upcoming Earnings Apr. 26, 2022 3:29 AM ETTotalEnergies SE (TTE)2 Comments4 Likes Summary TotalEnergies is an oil and gas company with some Russian exposure. With Russian sanctions, there are some moving pieces that offer investors uncertainty. TotalEnergies is about to report its Q1 earnings this Thursday. This is a discussion of what investors should think about going in. As a value investor, given that TotalEnergies is one of only a very small handful of E&P companies that is in negative territory, this makes this investment interesting. Investors should look beyond the politics and make a rational decision on whether the capital return program is enough to buy more of this company now? Looking for more investing ideas like this one? Get them exclusively at Deep Value Returns. Learn More » Exterior view of the headquarters of the oil company TotalEnergies, formerly known as Total HJBC/iStock Editorial via Getty Images Investment Thesis TotalEnergies (NYSE:TTE) is an oil and gas company. Investors have become fearful of sanctions against Russia and the impact of Total's LNG assets in Yamal, northern Russia. However, I argue that insight has now been thoroughly discounted in the share price already. Consequently, besides Total's Russian exposure, which is now a known known, I estimate that Total's capital return program could reach around 9% to 12% in 2022. This is not the best oil and gas stock to buy, but far from being a bad pick altogether. Why TotalEnergies? Why Now? TotalEnergies is a global multi-energy company. It's a large energy company with 4 segments highlighted in the chart below: TotalEnergies Q4 2021 operating margins percentage TotalEnergies Q4 2021 operating margins percentage As you can see above, for Q4 2021, 70% of its operating profits came from its exploration and production segment. There is equity from affiliates that change the percentage makeup below its operating profit line. But I believe this provides more of a distraction in the analysis than it contributes. The key takeaway here is just how meaningful its Exploration & Production segment is to its overall health and near-term prosperity. And although oil and gas prices have been very volatile in the last several days, any guidance that TotalEnergies provides shareholders this Thursday on its dividend policy will be extremely insightful to investors. What should investors be on the lookout for? Before answering that, clearly, we need to know how big an impact the Russian sanctions have had on Total's operations. Presently, there's no denying that investors are being really nervous here. Chart Data by YCharts As you can see above, since the Russian sanctions were enacted, Total's shares are down 14%. This clearly seems to be an overreaction when you consider that Total's exposure to Russia accounts for approximately 5% of its cash flows. However, one has to counter that with the fact that TotalEnergies is meaningfully levered which, when taken together with its Russian impact, brings into question Total's ability to increase its capital return program further. Room For Increasing Its Dividend? Before discussing Total's dividend, let's take a moment to appraise Total's balance sheet. TotalEnergies Q4 2021 earnings TotalEnergies Q4 2021 earnings Even though there's been a massive improvement in leverage from last year, the fact remains that Total still carries $21 billion of net debt. One may counter that this isn't that meaningful given that Total's net cash flows in 2021 were $15.8 billion and are expected to be meaningfully higher in 2022. Could this mean that Total's dividend in 2022 could increase to $10 billion? A 22% increase compared with 2021? Perhaps. But I would contend that this is probably the best-case scenario given its Russian exposure. On yet the other hand, Total will probably look to increase its share buyback program. But will that amount to more than $5 billion in 2022? Again, I believe that would be the best-case scenario. Thus, altogether, investors could perhaps get 12% return via dividends and buybacks, if we were to make the generous assumption that Total would look to aggressively put a floor on its share price. But I am inclined to believe that a more reasoned return of capital program would probably settle around 9%, which is still very much reasonable. The Bottom Line With oil prices remaining high, this company will continue to improve its balance sheet and pay out a dividend. That's the good news. But at the same time, while I'm super bullish on oil and gas, I'm uncertain of whether shares of TotalEnergies are that compelling. You have a hit to profitability expected as TotalEnergies winds down its Russia exposure; you are also clearly exposed to WTI prices, which are far from guaranteed to remain high, particularly given China's COVID lockdown policies.
maywillow: ATFX Analysts Team ATFX Analysts Team ATFX Why is Brent crude more expensive than US crude? ANALYSIS | 4/19/2022 4:17:10 AM GMT Two core indicators measure the quality of crude oil. One is API specific gravity, which measures the relationship between the density of oil and the density of pure water. The higher the specific gravity, the lighter the oil. Conversely, when the specific gravity is low, the oil is considered heavy and low quality. When the API specific gravity is between 10 and 22.3, it is considered a heavy oil, for example, crude oil from Dubai, Oman and Abu Dhabi. When the API specific gravity is between 22.3 and 31.1, it is a medium oil. The best crude oil is when the API specific gravity is above 31.1, Brent crude oil and US crude oil (New York crude oil) are both light oils, the former has an API gravity of 38, and the latter is 39.6. Therefore, US crude oil is of higher quality than Brent crude oil. Another indicator is the sulfur content. Sulfur is a corrosive substance, and its high levels are not desired in energy products, such as coal and oil. According to international standards, oil with a sulfur content below 0.5% is the best oil, and it's also referred to as sweet oil. When the sulfur content is higher than 0.5%, it is known as sour oil because its quality is low and has more impurities. The sulfur content of Brent crude oil is 0.37%, and the sulfur content of U.S. crude oil is 0.24%. Obviously, in terms of sulfur content, U.S. crude oil wins again. Therefore, the comprehensive quality of U.S. crude oil is higher than that of Brent crude oil. However, the problem of crude oil quality is not the core reason Brent crude oil price is more expensive than U.S. crude oil. Instead, some claim that shipping issues have contributed to higher Brent prices. The full name of Brent crude oil is North Sea Brent crude oil, which means that the crude oil is produced in the United Kingdom’s North Sea region. The full name of U.S. crude oil is West Texas light sweet crude oil. It is named West Texas because Texas is the core area where Canadian oil and the Gulf of Mexico oil are found. It is also close to U.S. crude oil inventories held in Koshineki, Oklahoma (mainly the Cushing area of Oklahoma state). Compared to onshore oil, offshore oil has the advantage of lower transportation costs. Therefore, using this logic, the transportation price of Brent crude oil should be lower than that of U.S. crude oil, and the corresponding price of Brent crude oil should be lower than that of U.S. crude oil. However, this contradicts the current reality of higher Brent crude prices, so transportation issues are not the core reason for the price difference. The core reason the price of U.S. crude oil is lower than that of Brent crude oil is that the maturity of U.S. shale oil development technology has led to a rapid influx of high-quality shale oil into the market, leading to a severe imbalance between supply and demand. The API gravity and sulfur content of shale oil are higher than traditional U.S. crude oil. Still, refineries in Texas were initially unable to adapt to such high-grade oil, so shale oil was often compared to oil products from Canada and Mexico, which are mixed and then refined. Some people may ask: Why did shale oil not impact the price of Brent crude oil, but only the price of US crude oil? The reason is that the US crude oil consumption area does not coincide with the Brent crude oil consumption area. Crude oil is mainly transported via pipelines, mainly based on proximity, which influences the type of oil used in each country. Brent crude oil is supplied chiefly to the Nordic region, while US crude oil is primarily supplied to the United States and the Americas. Crude oil from the Middle East is mainly supplied to Asian countries, each with its territory. If shale oil technology becomes more mature in the future and production levels rise to create excess oil, the U.S. may begin supplying oil to the rest of the world, overturning the current status quo, which has kept U.S. crude oil prices lower than Brent crude oil. After all, the factors determining the price of commodities should also be the quality of crude oil from an economic standpoint. Although shale oil technology continues to mature, the cost of extraction is much higher than that of traditional oil extraction methods. When the crude oil market prices are low, many shale oil manufacturers tend to suspend production to avoid a situation known as "thanks for your hard work". The mainstream view is that most shale oil producers can make profits when crude oil prices are above $50/barrel. When the price is below $30/barrel, most shale oil producers will choose to stop production. The profitability of shale oil producers is another factor that forms an invisible suppressive effect on crude oil prices. Therefore, traders who trade crude oil futures should pay attention to the recovery of shale oil production to avoid buying crude oil when production has ramped up, leading to lower prices.
sarkasm: TOTALENERGIES SE: Annual Financial Report 28/03/2022 7:00am UK Regulatory (RNS & others) TIDMTTE The Document d'enregistrement universel of TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE) for the year 2021 was filed with the French Financial Markets Authority (Autorité des marchés financiers) on March 25, 2022. It can be consulted and downloaded from the Company's website (, under the heading Investors / Publications and regulated information / Reports and Publications). The English translation of the Document d'enregistrement universel (Universal Registration Document) is also available on the Company's website under the same heading. The following documents are included in the Document d'enregistrement universel: -- the 2021 annual financial report, -- the Board of Directors' report on corporate governance required under Article L. 225-37 of the French Commercial Code, -- the description of the share buy-back program, -- the report on the payments made to governments required under Article L. 22-10-37 of the French Commercial Code, -- the reports from the statutory auditors. TotalEnergies SE's Form 20-F for the year ended December 31, 2021 was filed with the United States Securities and Exchange Commission (SEC) on March 25, 2022. It can be consulted and downloaded from the Company's website (, under the heading Investors / Publications and regulated information / Reports and Publications) or from the SEC's website ( Printed copies of the Document d'enregistrement universel, Universal Registration Document and Form 20-F are available free of charge at the Company's registered office at 2, place Jean Millier, La Défense 6, 92400 Courbevoie, France. About TotalEnergies TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
marktime1231: What will change TTE's mind about doing business with and in Russia, if there is no internal political pressure from Macron? It feels a bit traitorous when most Western businesses with interests in Russia have taken the painful and costly decision to withdraw, and yet some big businesses like TTE are still engaged. French people I have spoken with are embarrassed that Macron is gaming the situation, trying to be a channel to Putin, cosplaying unshaven in combats on TV. We know how difficult it is going to be to withdraw from stakeholdings, joint development ventures, etc. And to try and buy oil and gas elsewhere. The alternatives are not easy, and certainly there will be losses or extra costs. But there are alternatives. TTE is choosing a path, allowing itself to be influenced by things other than the need to truly stand with Ukraine. Might TTE, Engie and others find themselves disbarred from US projects such as the recent New York Bight licenses they just won to build wind farms? Clearway have shown the way forward. Divest TTE (and others) if you are unhappy with them. And buy your fuel or energy somewhere else.
waldron: TotalEnergies Vows to Withhold Capital in Russia Following ‘Military Aggression’ in Ukraine By Carolyn Davis March 1, 2022 Share on: The energy industry on Tuesday continued its condemnation of Russia’s unprovoked invasion of Ukraine, with TotalEnergies SE joining BP plc, Equinor ASA and Shell plc in withdrawing capital for new projects. Shunning Russia has been nearly universal, with the western energy majors, some with large interests in the country, pulling back resources. ExxonMobil was one of the few supermajors that had not publicly stated Tuesday afternoon its go-forward plans in Russia, where it has several ventures underway. However, ExxonMobil was said to be evacuating employees from the country. “TotalEnergies supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (currently being assessed) on its activities in Russia,” a spokesperson said. “TotalEnergies will no longer provide capital for new projects in Russia.” The French supermajor, like its peers, blasted “Russia’s military aggression against Ukraine, which has tragic consequences for the population and threatens Europe.” The company also said it was standing in “solidarity with the Ukrainian people, who are suffering the consequences and with the Russian people who will also suffer the consequences.” TotalEnergies said it is mobilized “to provide fuel to the Ukrainian authorities and aid to Ukrainian refugees in Europe.” The actions by TotalEnergies followed the initial move by London-based BP plc on Sunday, which announced it would sell its stake in Russia’s state-owned Rosneft. London-based Shell and Norway’s Equinor followed suit on Monday, each announcing they would exit Russian joint ventures and end new investments. Among other things, Shell plans to sell its stake in Russian-controlled Gazprom, which is overseeing the delayed Nord Stream 2 natural gas pipeline that would move Russian supplies to Germany. ‘Devastating’ Human Impact Scores of energy companies are shunning Russia’s actions. Glencore, one of the world’s largest global commodities traders, also voiced its opposition. “We have no operational footprint in Russia, and our trading exposure is not material for Glencore,” the executive team said. “We are reviewing all our business activities in the country,” which includes equity stakes in Rosneft and En+ Group plc. Anglo-Russian En+ has a controlling stake in Rusal, one of the largest producers of aluminum in the world. “The human impact of this conflict is devastating,” a Glencore spokesperson said. “Glencore is looking to see how we can best support humanitarian efforts for the people of Ukraine.” Chevron Corp. CEO Mike Wirth, who was helming the annual Investor Day on Tuesday, joined in the chorus of Russia’s condemnation. Wirth noted that the San Ramon, CA-based energy major has only a small presence in Russia. “Obviously, it’s a tragic situation as you watch this unfold,” Wirth said. “We don’t have direct exposure in Ukraine. We don’t really have much exposure in Russia,” with the exception of a 15% stake in the Caspian Pipeline Consortium (CPC). The CPC pipeline transports oil from the Tengiz field to the Black Sea coast in Russia. The pipeline is “the only asset that we have in Russia,” he said. “We don’t produce and sell out of Russia,” Wirth noted. “We really just transit through Russia with our production from Kazakhstan.” In discussing the situation with analysts, Wirth said “the actions that have been taken thus far by governments in Europe, the U.S.…and others have been crafted in a way to try to create the desired outcomes and yet not impede energy flows. “I think there’s a recognition that coming into this, energy inventories were low, supplies were tight, and there were very conscious efforts to not impose further energy cost pain on the global economy.” Chevron is “relatively less affected…than most others in the industry,” he said. However, “secondary impacts” already are being seen. “Shipping rates have gone up; insurance typically follows,” Wirth said. “Marine movements in the Black Sea now are becoming a little bit more carefully choreographed. “We have not seen any interruption of physical flows of oil or gas, at least none that I’m aware of. But there are certainly a lot of people who are concerned Urals crude discounts have widened out…so we’re beginning to see the effect of these things show up in the marketplace.” Urals is the most common export crude oil grade from Russia and considered a key benchmark for the medium sour crude market in Europe. Will Energy Policies Evolve Following Conflict? Regarding the potential impact to global gas markets into the future because of the Russian conflict, Wirth was hesitant to offer a near-term forecast. “I think it’s early days to really have confidence in how energy policy is likely to evolve as a result of this,” he said. “My view is that many countries have had imbalanced approaches to energy policy in recent times… “As you look at balancing out the needs of the economy for energy, the realities about diversity of supply and energy security, and then also environmental objectives, those need to be considered in a balanced frame,” the Chevron chief said. “I think the frame has been a little bit unbalanced in many instances.” What’s happening now is the reality that “reliability matters, affordability matters, and of course, ‘ever cleaner’ matters,” Wirth said. “We talk a lot about affordable, reliable and ever cleaner.” However, in many discussions he’s had, Wirth said the reliability and affordability factors “get brushed by pretty quickly in pursuit of the third. And I think it’s going to be important for policymakers to consider how we balance all of those as we go together.” In any case, there’s a big need for more natural gas, Wirth told analysts. “We do think there is a very important and growing role for gas in the mix, particularly as you see more wind and solar,” he said. “You need some sort of reliable generation capacity to deal with the intermittency that we’re gonna see increasingly…” It happens in California, where Chevron is headquartered, “pretty regularly when you need to have natural gas generation spin up to keep the grid balanced. So I think it was a good future for natural gas.” Chevron has a “big position” in the Eastern Mediterranean (Med), where it has stakes in several gas projects and pipelines. “We see a bigger role for gas in the future and Eastern Med, which is certainly an important asset for us in the portfolio.” IEA Members Releasing Oil Reserves Meanwhile, the 31 member countries of the International Energy Agency (IEA) governing board have agreed to release 60 million bbl of oil from their emergency reserves “to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine.” The IEA ministers also discussed Europe’s “significant reliance on Russian natural gas and the need to reduce this by looking to other suppliers,” including via liquefied natural gas. They said they would “continue to pursue a well-managed acceleration of clean energy transitions. “On Thursday, the IEA Secretariat will release a 10-point plan for how European countries can reduce their reliance on Russian gas supplies by next winter.” IEA’s extraordinary governing board meeting was chaired by U.S. Secretary of Energy Jennifer Granholm. During Tuesday’s meeting, the ministers of the global energy watchdog “expressed solidarity with the people of Ukraine and their democratically elected government in the face of Russia’s appalling and unprovoked violation of Ukraine’s sovereignty and territorial integrity.” The ministers noted “the energy security impacts of the egregious actions by Russia and voiced support for sanctions imposed by the international community in response.” Russia’s invasion “comes against a backdrop of already tight global oil markets, heightened price volatility, commercial inventories that are at their lowest level since 2014 and a limited ability of producers to provide additional supply in the short term,” IEA noted. “It is heartening to see how quickly the global community has united to condemn Russia’s actions and respond decisively,” said IEA executive director Fatih Birol. “The situation in energy markets is very serious and demands our full attention. Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.” According to the IEA, “Russia plays an outsized role on global energy markets. It is the world’s third largest oil producer and the largest exporter. Its exports of about 5 million b/d of crude oil represent roughly 12% of global trade…” IEA also noted that Russia’s 2.85 million b/d of petroleum products “represent around 15% of global refined product trade. Around 60% of Russia’s oil exports go to Europe and another 20% to China.” The IEA ministers said “energy supply should not be used as a means of political coercion nor as a threat to national and international security.” The governing board also encouraged each member country “to do its utmost to support Ukraine in the supply of oil products, recommending that governments and consumers maintain and intensify conservation efforts.” © 2021 Natural Gas Intelligence. All rights reserved. ISSN © 1532-1231 | ISSN © 2577-9877 | ISSN © 2158-8023 Related topics: chevron TotalEnergies Ukraine-Russia Crisis Carolyn Davis @CarolynLDavisME email
florenceorbis: Energy Is Now Europe’s Top-Performing Market Sector By Tsvetana Paraskova - Feb 14, 2022, 3:30 PM CST Energy is now the best performing sector in Europe so far this year, with a 12-percent gain for the sub-index early on Monday, after bank stocks slumped on the Russia-Ukraine crisis, dragging down the bank index to a year-to-date gain of 11 percent. As tensions over Ukraine mounted in the past few days, banking stocks in Europe crashed early on Monday amid fears that potential sanctions against Russia over a Ukraine invasion would hit the European banking sector. At the same time, energy stocks have been performing well in recent weeks, thanks to rallying oil prices and majors reporting multi-year-high profits and cash flows for the fourth quarter of 2021 and for full-year 2021. So, on Monday, the STOXX Europe 600 Banks index fell by 4.6 percent, according to Bloomberg’s estimates. Year to date, the index has now gained 11 percent, as of early on Monday EST. The STOXX Europe 600 Energy index, for its part, has gained 12.3 percent year to date. As international crude oil prices rallies to $90 and above, shares in the major European oil firms have also been on a tear, offsetting the share price slumps from the pandemic. The largest oil firms in Europe, Shell, BP, and TotalEnergies, have already offset all the losses in their share prices accumulated since the start of the pandemic, or are really close to doing so, according to Bloomberg’s estimates. Blockbuster profits from Big Oil for Q4 and 2021 and oil prices rallying to above $90 a barrel helped stocks in oil majors to trade higher in recent weeks. Shell reported $6.4 billion in net income for the final quarter of 2021 and earnings for the full year of $19.29 billion, up from $4.8 billion for 2020, in what chief executive Ben van Beurden described as a “momentous year.” BP announced last week what was its highest annual net profit in eight years, and TotalEnergies booked a net income of $16 billion for 2021, the highest in over a decade. By Tsvetana Paraskova for
misca2: (MT Newswires) -- TotalEnergies (TTE.L, TTE.PA, TTE.BR) swung to a profit in 2021, thanks to a surge in oil and gas prices, according to a Thursday release. The France-based oil and gas company's full-year net income was $16.03 billion, or $5.92 per share, compared with a loss of $7.24 billion, or a loss of $2.9 per share, in the prior year. Sales surged to $205.86 billion from $140.69 billion as a result of a 69% growth in oil price per barrel and an 82% jump in the average price of liquefied natural gas. TotalEnergies will propose a final 2021 dividend of 0.66 euro ($0.75) per share, unchanged year over year and subject to the approval of shareholders in May. In addition, it also plans to raise its interim dividends by 5% as part of a shareholder return policy for 2022. Shares in TotalEnergies were down 1% in London on Thursday morning. Price (GBP): £52.41, Change: £+0.62, Percent Change: +1.20%
waldron: 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. 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. 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
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