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2017-10-30 11:25:00

TOTAL NET INCOME $7.6 BLN

TOTAL NET INCOME $7.6 BLN

 

 

TOTALTotal's Board of Directors met on October 26, 2017, to review the Group's accounts for the third quarter and first nine months 2017. Commenting on the results, Chairman and CEO Patrick Pouyanne said:

"Total reported adjusted net income of $2.7 billion this quarter, a 29% increase compared to a year ago while the Brent price increased by 14%. This solid performance was also reflected in a return on equity of close to 10% and strong cash flow generation: excluding acquisitions-divestments, the Group generated $2.1 billion of cash flow after investments in the third quarter 2017 and $5.2 billion in the first nine months. The Group took full advantage of the favorable environment thanks to the performance of its integrated model and its strategy to reduce its breakeven point.

Adjusted net operating income from Exploration & Production increased by 84% compared to last year, benefiting notably from a 6% increase in production. Total continues to capitalize on its strengths: the Group took over as the operator of the giant 300 kb/d Al-Shaheen field in Qatar and announced the acquisition of Maersk Oil, which will strengthen its position in the North Sea and generate strong synergies.

The Downstream benefited from favorable refining margins and increased its results by 18% compared to the second quarter, despite the impact of Hurricane Harvey on its American operations, and generated more than $5.1 billion in cash flow in the first nine months, in line with the target for the year. Marketing & Services has announced its entry into the distribution sector in Mexico, the second-largest market in Latin America.

Investment discipline continues. Organic investments were $3.1 billion in the third quarter 2017 and $10.0 billion in the first nine months, in line with the target of $14 billion this year, and cost reduction will be more than $3.6 billion, surpassing the target for the year.

With operating cash flow before working capital changes of $15 billion in the first nine months of 2017, an increase of $3 billion over last year, the Group continues to strengthen its balance sheet, with a net-debt-to-equity ratio below 20%. This allows the implementation of the strategy for profitable growth, taking advantage of the low cost environment, notably by launching high-return projects."

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Earlier:

TOTAL BUYS RENEWABLE
2017, September, 20, 08:40:00

TOTAL BUYS RENEWABLE

Total has picked up a 23 per cent stake in renewable energy company Eren for €237.5m as the the French oil group looks to expand its capacity in the sector.

 
 TOTAL - MAERSK DEAL: $7.45 BLN
2017, August, 24, 13:40:00

TOTAL - MAERSK DEAL: $7.45 BLN

French oil company Total agreed Monday to buy Danish conglomerate AP Moller-Maersk's oil business for $7.45 billion, in a deal that will strengthen its position in the North Sea.

 

 TOTAL NET INCOME $2.5 BLN
2017, July, 28, 09:35:00

TOTAL NET INCOME $2.5 BLN

"In a price environment that remains volatile, Total again delivered an excellent set of quarterly results with adjusted net income of $2.5 billion, a 14% increase compared to a year ago, and operating cash flow before working capital changes of $5.3 billion, a 33% increase, while Brent only increased by 9%. In the first half of the year, the Group generated more than $3.1 billion of cash flow after investments, excluding acquisitions and divestments.

 

 TOTAL INVESTMENT TO IRAN
2017, June, 20, 14:15:00

TOTAL INVESTMENT TO IRAN

"It is worth taking the risk at $1 billion because it opens a huge market. We are perfectly conscious of some risks. We have taken into account (sanctions) snap-backs, we have to take into account regulation changes," Pouyanne said in an interview.

 

 TOTAL NET INCOME $2.8 BLN
2017, April, 27, 20:00:00

TOTAL NET INCOME $2.8 BLN

"Supported by the OPEC/non-OPEC agreement, Brent prices remained volatile in the context of high inventories and averaged 54 $/b this quarter. In this environment, Total's adjusted net income increased by 56% to $2.6 billion in the first quarter 2017, in line with the strong recent quarterly results of 2016, due to good operational performance and a steadily decreasing breakeven. Excluding acquisitions and asset sales, the Group generated $1.7 billion of cash flow after investments, mainly due to a 63% increase in operating cash flow before working capital changes from the Exploration & Production segment and investment discipline."

 

 TOTAL WANTS IRANIAN GAS
2017, March, 22, 18:35:00

TOTAL WANTS IRANIAN GAS

Total is seeking a 50 percent stake in a $4 billion project in Iran's giant South Pars gas field, the French energy firm said in a regulatory filing on Friday detailing talks held with Iranian officials on several projects in 2016.

 

 TOTAL NET INCOME $8.3 BLN
2017, March, 22, 18:30:00

TOTAL NET INCOME $8.3 BLN

In this difficult environment, the Group demonstrated its resilience by generating adjusted net income of $8.3 billion and had the highest profitability among the majors due to the strength of its integrated model and commitment of its teams to reduce the breakeven.

 

 

Tags: TOTAL

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TOTAL NET INCOME $7.6 BLN
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U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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