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2017-03-22 18:30:00

TOTAL NET INCOME $8.3 BLN

TOTAL NET INCOME $8.3 BLN

TOTAL 4Q2016 RESULTS

 

TOTAL - Commenting on the results, Chairman and CEO Patrick Pouyanné said:

"After falling from 100 $/b in 2014 to 52 $/b on average in 2015, Brent prices were highly volatile in 2016, fluctuating between 27 $/b and 58 $/b, with an average of 44 $/b for the year. 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. 

The Group's resilience was supported by outstanding production growth over the past two years (14.3%, including 4.5% in 2016). In the Upstream, the Group strengthened its position in the Middle East by entering the Al Shaheen field in Qatar, and in the US with the acquisition of shale gas assets. The Group is preparing future growth with the signing of major deals in Brazil with Petrobras, in Uganda and in Iran on the giant South Pars 11 project. The Group renewed its reserves with a replacement rate of 136% at constant prices and delivered promising exploration results, with two major discoveries in the US (North Platte) and Nigeria (Owowo). 

Despite lower refining margins, the Downstream once again achieved its objectives and thereby demonstrated that its results are sustainable, with operating cash flow before working capital changes of $7 billion and ROACE above 30%, the highest among the majors. 

Results from the Refining & Chemicals segment were underpinned by the strong performance of its Asia and Middle East integrated platforms, while Marketing & Services results were driven by growth in retail and lubricants. 

Financial discipline was successfully maintained across all business segments both for investments ($18.3 billion including resource acquisitions) and operating costs, with savings of $2.8 billion in 2016, exceeding the objective of $2.4 billion. Production costs were reduced to 5.9 $/boe in 2016, compared to 9.9 $/boe in 2014. 

The $10 billion asset sale program is around 80% complete following the closing of the Atotech sale, and this contributed to the Group's financial strength with gearing at 27%, lower than it was in 2014. 

In this context, the Board of Directors proposes to increase the dividend, despite the volatility of hydrocarbon prices, to 2.45 €/share, corresponding to a fourth quarter dividend of 0.62  €/share, a 1.6% increase compared to the previous three quarterly dividends. This demonstrates the Board's confidence in the strength of the Group's results and balance sheet as well as its prospects for cash flow growth."

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Earlier:

TOTAL & CNPC: IRANIAN DEAL  

TOTAL NET INCOME DOWN 16%  

TOTAL & GAZPROM IN BOLIVIA  

TOTAL & ZARUBEZHNEFT DEAL  

TOTAL NET INCOME $3.7 BLN

 

 

 

 

 

 

Tags: TOTAL