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2014-09-22 17:35:00

TOTAL OBJECTIVES: $15 BLN

TOTAL OBJECTIVES: $15 BLN

Christophe de Margerie, Chairman & CEO of Total, is presenting to the financial community today the outlook and objectives of Total for the coming years. This event is being broadcast live via a webcast. The presentation and the podcast can be accessed on total.com.

The key messages of this presentation are:

  • Cash flow growth

Total confirms its strategy for profitable growth and its objective to generate 15 billion dollars of free cash flow in 2017. The start up of major Upstream projects, the ongoing restructuring of Refining & Chemicals and the expansion of Marketing & Services in high growth areas are contributing to the increase in cash flow from operations. In addition, Total is emphasizing strict capital discipline, cost reduction and portfolio optimization throughout the Group.

  • More efficient Upstream and profitability above 15%

Arnaud Breuillac, recently appointed President, Exploration & Production, is presenting his road map to improve Upstream performance. The key points are to reinforce capital discipline, to deliver projects on time and on budget and to reduce costs. Following first oil from the CLOV field in June, the start-up of about 15 additional major projects by 2017 will significantly grow production. Thus, despite some delays, notably in projects operated by others, Total's production should grow to about 2.8 million barrels of oil equivalent per day in 2017. Total also announces the arrival of Kevin McLachlan, who will take over as Senior Vice President Exploration in early 2015 and who is already working with the exploration teams on the definition of a new exploration strategy for 2015 and beyond.

  • Dynamic portfolio management and a new program of divestments

Having achieved its objective to sell 15-20 B$ of assets over the 2012-14 period, Total reaffirms the importance of its active portfolio management strategy. Taking into account the acquisitions made over the same period, the Group announces an additional asset sale program of 10 B$ in 2015-17. Total is continuing its transformation by focusing on strategic assets providing growth and high profitability.

  • Company-wide cost reduction program

The entire Group has been mobilized to contribute to a sustainable cost reduction program. Having reached a peak of 28 B$ in 2013, organic investment is projected to decrease to 26 B$ in 2014 and to 25 B$ in 2017. The Group also announces a major program to reduce operating costs by 2 B$ per year by 2017, with an immediate impact as of 2015. This program will be implemented without compromising the priority to safety.

In keeping with the growth objectives and company-wide effort to improve the Group's performance, Christophe de Margerie confirms his commitment to policies that are responsible to all stakeholders and provide competitive returns for shareholders.

total.com

Tags: TOTAL, OIL,

Chronicle:

TOTAL OBJECTIVES: $15 BLN
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

TOTAL OBJECTIVES: $15 BLN
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

TOTAL OBJECTIVES: $15 BLN
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

TOTAL OBJECTIVES: $15 BLN
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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