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2016-10-31 18:35:00

TOTAL NET INCOME DOWN 16%

TOTAL NET INCOME DOWN 16%

 

TOTAL 3Q2016 RESULTS

 

Total's Board of Directors met on October 27, 2016, to review the Group's third quarter accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

"Total once again reported solid quarterly results with adjusted net income of $2.1 billion and operating cash flow before working capital changes of $4.5 billion. The Group increased cash flow by 13% compared to the second quarter 2016 despite a 27% reduction in European refining margins and flat Brent prices.
Total continues to benefit from its integrated business model and is responding effectively to short-term challenges due to good operational performance and strong cost discipline.
In the Upstream, production increased by more than 4% compared to a year ago. Following the start up of Laggan-Tormore, Vega Pleyade and Angola LNG in the first half of the year, Incahuasi was put on stream in August and Kashagan in October. The five major projects of the year are thus all in production.
The Downstream contribution remained strong during the third quarter despite the decrease in European refining margins, and cash flow generation over the first 9 months was $5 billion, in line with the target for the year.
Discipline on cost control continued. Organic investments were $4.1 billion in the third quarter, and the Group plans to invest $18 billion in 2016. Operating costs continue to fall and savings are expected to increase to more than $2.7 billion in 2016, or 10% above the objective set at the start of the year.
In addition, the sale of Atotech for $3.2 billion in cash, or close to 12 times Ebitda, was part of the Group's portfolio management strategy to align its asset base with its ambitions and contributes to achieving the $10 billion asset sale program for 2015-17.
Finally, the net debt to equity ratio is stable at 30.6%, confirming the priority given to maintaining a strong balance sheet."

-----

Earlier: 

TOTAL & GAZPROM IN BOLIVIA 

TOTAL & ZARUBEZHNEFT DEAL 

TOTAL NET INCOME $3.7 BLN 

TOTAL DOWN 40% 

TOTAL STARTS GAS PROJECT

 

 

Tags: TOTAL

Chronicle:

TOTAL NET INCOME DOWN 16%
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

TOTAL NET INCOME DOWN 16%
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

TOTAL NET INCOME DOWN 16%
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

TOTAL NET INCOME DOWN 16%
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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