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2015-02-14 14:15:00

TOTAL CUTS 10%

TOTAL CUTS 10%

Total SA plans to lower its organic investments to $23-24 billion in 2015 from $26.4 billion in 2014 by reducing spending in brownfield developments and stopping certain projects that it says have become less profitable.

Due to lower oil prices, the French multinational firm intends to generate $8 billion in cash in 2015, thereby reducing its breakeven point by $40/bbl.

Total plans to accelerate its 2015-17 asset sale program of $10 billion by divesting $5 billion of assets in 2015. The company will also take in about $4 billion of completed asset sales already signed and pending at the start of the year.

The company has expanded its reduction program for operating costs mainly in the upstream segment. The initial target of $800 million has been increased to $1.2 billion in 2015, a 50% rise. The exploration budget has been reduced by 30% to $1.9 billion in 2015.

Total also says refining overcapacity remains an issue in Europe, where the company is advancing its restructuring plans by launching a capacity reduction program at its 200,000 b/d Lindsey refinery in the UK. A new plan will be reported for its refining activities in France this spring.

"After delivering on its commitment to reduce expenditures in 2014, all of the group's segments are expanding their cost-cutting programs to get through this period, with no compromise on the absolute priority to safety," said Patrick Pouyanne, Total chief executive officer.

During 2014, the company generated $4.2 billion in net income and produced 2.146 million boe/d.

"After a long period of stability around $110/bbl, oil prices fell dramatically in the second half of 2014, ending the year at $55/bbl," Pouyanne said. "In this context, Total generated adjusted net results of $12.8 billion, a decrease of 10% compared to the previous year.

"Given the current economic environment the company recognized aftertax impairments of about $6.5 billion at the end of the year, essentially related to Canadian oil sands, unconventional gas, notably in the United States, and refining in Europe. The upstream segment returned to growth with the start-up of its deep-offshore CLOV field in Angola in the second half of 2014.

ogj.com

Tags: TOTAL, OIL, PRICES
TOTAL CUTS 10% September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

TOTAL CUTS 10% September, 20, 09:00:00

GAS PRICES UP TO $3.146

TOTAL CUTS 10% September, 20, 08:55:00

ЦЕНА URALS: $51,81591

TOTAL CUTS 10% September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

TOTAL CUTS 10% September, 20, 08:45:00

RENEWABLE'S FUTURE

TOTAL CUTS 10% September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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TOTAL CUTS 10%
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

TOTAL CUTS 10%
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

TOTAL CUTS 10%
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

TOTAL CUTS 10%
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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