TOTAL NET INCOME $2.8 BLN
TOTAL - Total's Board of Directors met on April 26, 2017, to review the Group's first quarter accounts. Commenting on the results, Chairman and CEO Patrick Pouyanne said: "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.
Upstream production continued to grow by 4% per year with the start-up of the giant Moho Nord field in Congo. To prepare for future growth, Total signed a strategic alliance with Petrobras, gaining access to the giant lara and Lapa fields in Brazil, without being preempted by any of the partners in the license. In addition, Total signed a global partnership agreement with Sonatrach, enabling it to consolidate its future development in Algeria.
The Downstream continued to take advantage of favorable margins due to the high availability of its installations. The Group is pursuing its profitable growth strategy for petrochemicals with the sanction of two major new investments in the United States and South Korea, benefiting from the current low cost environment. The Marketing & Services segment completed the acquisition of new assets in East Africa, reinforcing its leadership position on the continent.
In this context, the net-debt-to-equity ratio decreased to 22.7%, notably due to the finalization of the $3.2 billion sale of Atotech. The strength of the balance sheet and relentless pursuit of cost reductions allows the Group to launch new projects and acquire resources while fully benefitting from the ongoing deflation in the oil sector."
|December, 15, 13:20:00|
|December, 15, 13:15:00|
|December, 15, 13:10:00|
|December, 15, 13:05:00|
|December, 15, 13:00:00|
|December, 15, 12:55:00|
LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.