Total delivered strong results in 2018, with production growth of 8% and adjusted net income of $13.6 billion. The company consistently delivered on its objectives, including capital discipline with investment of $15.6 billion. Total is well positioned for future growth, with major projects set to increase production by over 9% in 2019 and a portfolio of high return projects that can deliver over 700 kboe/d of new production by 2020. The company will continue to focus on cash flow growth, cost reductions, and returning cash to shareholders.
Presentation of the Strategy & Outlook by Patrick Pouyanné, Chairman and Chief Executive Officer and Patrick de La Chevardière, Chief Financial Officer.
September 2017
Total reported strong results for 2017 with adjusted net income of $10.6 billion, an increase of 28% over 2016. Safety performance improved with a total recordable injury rate of 0.9. Total is focusing on lower breakeven oil projects and expanding in gas, while growing its low-carbon businesses. Production grew 5% in 2017 and is expected to continue growing at a rate of around 5% through 2022.
- Total delivered strong 2016 results in a challenging environment, with adjusted net income of $8.3 billion and production growth of 4.5%.
- Safety remains a core value, with the Total Recordable Injury Rate improving to 0.9 per million man-hours worked.
- Total is focused on reducing costs, with upstream operating costs targeted to reach $5.5/boe in 2017 and $5/boe by 2018.
- Production is expected to continue growing in 2017 with ramp-ups of new projects and start-ups.
The document provides Total's results and outlook for 2016. It summarizes their resilient 2015 performance despite lower oil prices, including production growth of 9.4% and $8 billion in downstream cash generation. For 2016, Total plans to decrease capex to around $19 billion, increase opex savings to $2.4 billion, and further lower their cash breakeven. They also discuss strong safety and operational performance, progress on asset sales, growing production from new projects starting up, and maintaining focus on shareholder returns.
This document provides a summary of Teekay LNG Partners' Q2-2018 earnings presentation. Recent highlights included total cash flow from vessel operations of $115.0 million in Q2-2018 and the delivery of new LNG carriers Myrina and Megara in May and July 2018. The presentation notes evidence of an ongoing tightening in the LNG market, with LNG carrier spot rates 63% higher year-over-year in the first half of 2018. It provides a positive outlook for the remainder of the year, with additional LNG supply expected to come online. The appendix section provides details on the Partnership's newbuilding deliveries, financing updates, and distributable cash flow for Q2-2018
""Over the past three years, we have transformed Eni into a leaner and more resilient company. We have built a high margin portfolio consisting of a large number of mature projects, which will secure our production growth over the medium and long term, and a huge amount of reserves, which will give us flexibility and value."
Total's strategy focuses on improving efficiency, preparing for the future, leveraging its integrated business model, tackling short-term challenges, positioning strongly for the medium-term, and creating long-term shareholder value. In the short-term, Total aims to improve safety and delivery, reduce costs, and generate cash flow. For the medium-term, Total seeks to lower its oil portfolio's breakeven, expand along the gas value chain, and capitalize on its customer-focused culture. Total also aims to develop a profitable low-carbon business to create value over the long-term.
This document summarizes Eni's 2014-2016 strategy execution, which transformed the company into a fully integrated oil and gas company focused on profitable growth. Key aspects of the strategy included upstream enhancement increasing production 10% and cash flow per barrel 20%, midstream restructuring achieving break-even refining margins and positive chemicals EBIT, and cost optimization reducing capex and opex by over 30% each. Exploration successes like Zohr in Egypt were fast-tracked from discovery to production in under 3 years. The strategy halved Eni's cash neutrality price to $50 per barrel and positioned the company for structural free cash flow and self-financing.
Presentation of the Strategy & Outlook by Patrick Pouyanné, Chairman and Chief Executive Officer and Patrick de La Chevardière, Chief Financial Officer.
September 2017
Total reported strong results for 2017 with adjusted net income of $10.6 billion, an increase of 28% over 2016. Safety performance improved with a total recordable injury rate of 0.9. Total is focusing on lower breakeven oil projects and expanding in gas, while growing its low-carbon businesses. Production grew 5% in 2017 and is expected to continue growing at a rate of around 5% through 2022.
- Total delivered strong 2016 results in a challenging environment, with adjusted net income of $8.3 billion and production growth of 4.5%.
- Safety remains a core value, with the Total Recordable Injury Rate improving to 0.9 per million man-hours worked.
- Total is focused on reducing costs, with upstream operating costs targeted to reach $5.5/boe in 2017 and $5/boe by 2018.
- Production is expected to continue growing in 2017 with ramp-ups of new projects and start-ups.
The document provides Total's results and outlook for 2016. It summarizes their resilient 2015 performance despite lower oil prices, including production growth of 9.4% and $8 billion in downstream cash generation. For 2016, Total plans to decrease capex to around $19 billion, increase opex savings to $2.4 billion, and further lower their cash breakeven. They also discuss strong safety and operational performance, progress on asset sales, growing production from new projects starting up, and maintaining focus on shareholder returns.
This document provides a summary of Teekay LNG Partners' Q2-2018 earnings presentation. Recent highlights included total cash flow from vessel operations of $115.0 million in Q2-2018 and the delivery of new LNG carriers Myrina and Megara in May and July 2018. The presentation notes evidence of an ongoing tightening in the LNG market, with LNG carrier spot rates 63% higher year-over-year in the first half of 2018. It provides a positive outlook for the remainder of the year, with additional LNG supply expected to come online. The appendix section provides details on the Partnership's newbuilding deliveries, financing updates, and distributable cash flow for Q2-2018
""Over the past three years, we have transformed Eni into a leaner and more resilient company. We have built a high margin portfolio consisting of a large number of mature projects, which will secure our production growth over the medium and long term, and a huge amount of reserves, which will give us flexibility and value."
Total's strategy focuses on improving efficiency, preparing for the future, leveraging its integrated business model, tackling short-term challenges, positioning strongly for the medium-term, and creating long-term shareholder value. In the short-term, Total aims to improve safety and delivery, reduce costs, and generate cash flow. For the medium-term, Total seeks to lower its oil portfolio's breakeven, expand along the gas value chain, and capitalize on its customer-focused culture. Total also aims to develop a profitable low-carbon business to create value over the long-term.
This document summarizes Eni's 2014-2016 strategy execution, which transformed the company into a fully integrated oil and gas company focused on profitable growth. Key aspects of the strategy included upstream enhancement increasing production 10% and cash flow per barrel 20%, midstream restructuring achieving break-even refining margins and positive chemicals EBIT, and cost optimization reducing capex and opex by over 30% each. Exploration successes like Zohr in Egypt were fast-tracked from discovery to production in under 3 years. The strategy halved Eni's cash neutrality price to $50 per barrel and positioned the company for structural free cash flow and self-financing.
SEGRO Full Year Results 2018 PresentationSEGRO plc
This document summarizes the 2018 full year results of SEGRO plc. It highlights that 2018 was another strong year, with attractive returns for shareholders including 15.4% total property return and 13.3% growth in total dividends. Key financial metrics like adjusted EPS and NAV also grew substantially. Operationally, the company continued to see strong leasing success, high customer retention rates, and low vacancy. The balance sheet was further strengthened in 2018 through debt refinancing. SEGRO remains well positioned for continued outperformance in 2019 and beyond due to its portfolio of prime warehouses, land bank, structural market tailwinds, and development pipeline.
Eni: second quarter and first half of 2016 resultsEni
Claudio Descalzi, Eni’s Chief Executive Officer, commented:
“Eni has achieved significant results in the first half of 2016, despite the weak but slowly improving market environment. Hydrocarbon production beat expectations, offsetting the suspension of activity in Val d’Agri and the disruptions in Nigeria. Our main developments are proceeding on time and on budget, allowing us to confirm our expected production growth of more than 5% in 2017. Our exploration, which is focused on near field activity, has allowed us to revise upwards our expectations for new discoveries in just six months. In mid and downstream, we have achieved positive results across all of our operations due to restructuring and efficiency measures which will continue as planned. Our strategy, including the optimization initiatives and a reduced cost base, has allowed us to absorb part of the impact of a low oil price scenario with a positive contribution of €1 billion to EBIT. We are maintaining our strong balance sheet, funding capex with our cash flow at a Brent price of 50$/bl. On this basis I will propose an interim dividend of €0.40 per share to the Board.”
The document provides an interim financial report for African Oxygen Limited for the six months ended 30 June 2018. It includes a performance summary highlighting revenue growth of 3.9% and GPADE growth of 6.7%. EBITDA was up 7.3% and HEPS increased 11.5%. The business review section analyzes the financial performance of each operating segment, including atmospheric gases, LPG, hard goods, and emerging Africa. Key focus areas and appendices are also included.
“Eni has markedly improved its financial and operational performance, driven by the ongoing execution of Eni strategy across all business segments. We expect that in 2017 organic cash generation, coupled with proceeds from disposals, will allow us to fully fund our capex and dividend requirements at an oil price well below the current level.”
This document summarizes eni's 2Q 2014 results and strategy update. Some key points:
- E&P production was in line with guidance and gas contract renegotiations yielded good results.
- CFFO grew over 50% in the first half of 2014 compared to the same period in 2013.
- eni's strategic focus is on boosting upstream value, cost savings, accelerating gas contract renegotiations, and enhancing cash flow through increased refining capacity cuts and additional asset sales.
- Major project start-ups between 2014-2015 are expected to contribute to average 3% annual production growth through 2017.
Teekay LNG Partners reported financial results for the first quarter of 2018 that showed lower earnings compared to the previous quarter due to a tax indemnification provision and write-down of conventional oil tankers. The company took delivery of two new LNG carriers during the quarter and has four more scheduled for delivery by the end of 2018. Long-term, the company's existing contracts and newbuildings are expected to provide over $300 million in additional annual cash flow as the vessels deliver through 2020.
This document summarizes Eni's 2016-2019 strategy presentation. The key points are:
1) Eni will focus on cost efficiency, unlocking value, and transforming its business into a fully integrated oil and gas company through restructuring.
2) Major strategic pillars include production growth, exploration, project development, and safety/carbon footprint reductions.
3) Key projects that will drive production growth include Zohr, Goliat, Kashagan, and others.
- CPFL reported a 15.9% increase in EBITDA and 74.2% increase in net income for 2018 compared to 2017. Key drivers included tariff adjustments, lower debt costs, and compensation agreements.
- Energy sales grew 1.2% in 4Q18 and 2.5% for 2018, led by increases in the residential and industrial classes.
- CPFL Renováveis anticipated the commercial start-up of the Boa Vista II SHPP in November 2018 and won projects in the A-6 auction.
This document contains forward-looking statements regarding Eni's future performance. It discusses key risks to Eni's business like fluctuations in oil and gas prices. It also outlines Eni's 2014-2017 strategy of upstream enhancement, mid-downstream restructuring, and financial resilience to transform into a fully integrated oil and gas company well positioned for a lower commodity price scenario. The strategy focused on exploration, production efficiency, cost reductions, and consolidation to strengthen cash flow.
Snam's 2016-2020 strategy document outlines plans to strengthen its leadership in the European gas market through three strategic pillars: 1) executing solid investment plans for its existing portfolio; 2) pursuing additional growth opportunities; and 3) maintaining stable and visible regulation. The document also details Italgas' strategic pillars following its demerger from Snam, which include driving consolidation in the Italian market through participation in distribution tenders and pursuing organic growth.
Snam presented its full-year 2016 results and 2017-2021 strategic plan update. Key highlights include:
- 2016 results met guidance with adjusted net profit of €845 million.
- The 2017-2021 plan increases investments to €5 billion, improves contributions from new activities, and maintains a solid financial structure.
- The plan focuses on innovation, efficiency initiatives, and strengthening operational excellence to support higher performance.
Mol Group_Investor Presentations, Reports November 2014Paolo Degoli
This document provides an executive summary of an investor presentation for an integrated oil and gas company. It highlights that the company has world-class assets with improving profitability, plans over $1 billion in annual capital expenditures to develop its 1.5 billion barrels of oil equivalent reserves and resources, and is pursuing acquisitions to expand into new regions. Production is forecasted to increase around 10% by 2015 and potentially 30% by 2018 through projects in the Middle East, North Sea, and other areas with high profitability. The company aims to strengthen its position in Central and Eastern Europe and create new strategic partnerships.
Rosneft held an investor day in London on April 23, 2013 to report on the company's successful 2012 performance and strategic priorities. The summary includes:
- Rosneft achieved 131% reserve replacement rate, 4.5% production growth, 5.4% reduction in lifting costs per barrel, and 35% stock price growth in 2012, outperforming global majors.
- The acquisition of TNK-BP was completed, creating the largest publicly traded oil company. Integration is expected to generate over $10 billion in synergies.
- Strategic priorities include further developing gas business, completing the $14 billion refinery modernization program, and pursuing partnerships with international companies.
Eni reported positive results for Q1 2015 with increases in oil and gas production and adjusted EBIT. Production increased 7.2% compared to the same period last year. Midstream and downstream EBIT adjusted was over €0.4 billion and cash flow from operations was €2.3 billion. Capex was in line with guidance and leverage remained flat at 22%. Strong performance was achieved despite weak market conditions.
- Revenues for the second quarter increased 8.7% to R$1.6 billion due to higher prices across key product categories and increased volumes for EU ethanol and Indian Ocean sugarcane segments. Record quarterly EBITDA was R$282 million, up 24.4% from the previous year, with the EBITDA margin improving to 17.1%.
- Sugarcane revenues in Brazil declined due to lower volumes affected by adverse weather, but prices increased. Indian Ocean sugarcane revenues grew on higher prices and volumes. Cereal revenues increased 24% on higher selling prices and improved product mix in the starch segment.
First Quantum Minerals is advancing its major Cobre Panama copper project in Panama on schedule. The power station is commissioning its first 150MW generating set, with grid supply expected in Q1 2018. Project financing is nearing completion, targeting up to $2.5 billion. First Quantum increased its ownership in Minera Panama, which holds the Cobre Panama concession, to 90%. The company is also maintaining good operations at its existing mines, with record quarterly copper production and sales in Q3 2017, while progressing its Haquira and Taca Taca early-stage development projects.
Snam's interim review for 2017 shows steady progress. Gas demand recovery in Italy continued in the first half of 2017, driven by increases in the thermoelectric and industrial sectors. Snam's financial results for the first half of 2017 show increases in revenues, EBIT, net profit and cash flow compared to the same period in 2016. This was achieved through higher volumes transported, cost efficiencies, and optimization of debt costs. Snam also continued investments in Italian gas infrastructure and acquired additional gas transportation assets. The external regulatory environment is increasingly supportive of gas and Snam's strategic focus.
Presentation on Petroleum Industry Bill to Nigeria Transition Committee May...Benjamin Ogbalor
The document provides an overview of Nigeria's petroleum industry bill (PIB) and gas sector, highlighting several key issues:
1) The PIB aims to deregulate and commercialize the petroleum sector but its provisions are inconsistent and powers of the minister and institutions are unclear.
2) Nigeria has large gas reserves but production and infrastructure are underdeveloped due to low investment, price caps, and an unclear legal/fiscal framework.
3) A new gas pricing mechanism is recommended to stimulate investment and growth in the gas sector instead of price caps, which have discouraged development of domestic gas supplies and infrastructure.
Total 2018 Investor Day - Strategy and Outlook Total
The document provides an overview of Total's 2018 strategy and outlook. Key points include:
- Maintaining strong cost discipline while growing production consistently
- Managing the portfolio countercyclically to increase cash flow and profitability
- Building a responsible oil and gas company and expanding into low carbon electricity
- Increasing shareholder value through delivering production growth, reducing costs, and creating value through the cycle
Our performance in the third quarter, which allowed us to record cash flow from operations of €4.1 billion, double what we achieved in the same period last year and, even more remarkable, 35% higher than the
previous quarter. All the businesses have performed well, with the Upstream division showing that it can thrive in an
environment of either flat or increasing oil prices. The Mid and Downstream businesses continue their recovery,
demonstrating sustainable profitability despite an unfavorable environment."
SEGRO Full Year Results 2018 PresentationSEGRO plc
This document summarizes the 2018 full year results of SEGRO plc. It highlights that 2018 was another strong year, with attractive returns for shareholders including 15.4% total property return and 13.3% growth in total dividends. Key financial metrics like adjusted EPS and NAV also grew substantially. Operationally, the company continued to see strong leasing success, high customer retention rates, and low vacancy. The balance sheet was further strengthened in 2018 through debt refinancing. SEGRO remains well positioned for continued outperformance in 2019 and beyond due to its portfolio of prime warehouses, land bank, structural market tailwinds, and development pipeline.
Eni: second quarter and first half of 2016 resultsEni
Claudio Descalzi, Eni’s Chief Executive Officer, commented:
“Eni has achieved significant results in the first half of 2016, despite the weak but slowly improving market environment. Hydrocarbon production beat expectations, offsetting the suspension of activity in Val d’Agri and the disruptions in Nigeria. Our main developments are proceeding on time and on budget, allowing us to confirm our expected production growth of more than 5% in 2017. Our exploration, which is focused on near field activity, has allowed us to revise upwards our expectations for new discoveries in just six months. In mid and downstream, we have achieved positive results across all of our operations due to restructuring and efficiency measures which will continue as planned. Our strategy, including the optimization initiatives and a reduced cost base, has allowed us to absorb part of the impact of a low oil price scenario with a positive contribution of €1 billion to EBIT. We are maintaining our strong balance sheet, funding capex with our cash flow at a Brent price of 50$/bl. On this basis I will propose an interim dividend of €0.40 per share to the Board.”
The document provides an interim financial report for African Oxygen Limited for the six months ended 30 June 2018. It includes a performance summary highlighting revenue growth of 3.9% and GPADE growth of 6.7%. EBITDA was up 7.3% and HEPS increased 11.5%. The business review section analyzes the financial performance of each operating segment, including atmospheric gases, LPG, hard goods, and emerging Africa. Key focus areas and appendices are also included.
“Eni has markedly improved its financial and operational performance, driven by the ongoing execution of Eni strategy across all business segments. We expect that in 2017 organic cash generation, coupled with proceeds from disposals, will allow us to fully fund our capex and dividend requirements at an oil price well below the current level.”
This document summarizes eni's 2Q 2014 results and strategy update. Some key points:
- E&P production was in line with guidance and gas contract renegotiations yielded good results.
- CFFO grew over 50% in the first half of 2014 compared to the same period in 2013.
- eni's strategic focus is on boosting upstream value, cost savings, accelerating gas contract renegotiations, and enhancing cash flow through increased refining capacity cuts and additional asset sales.
- Major project start-ups between 2014-2015 are expected to contribute to average 3% annual production growth through 2017.
Teekay LNG Partners reported financial results for the first quarter of 2018 that showed lower earnings compared to the previous quarter due to a tax indemnification provision and write-down of conventional oil tankers. The company took delivery of two new LNG carriers during the quarter and has four more scheduled for delivery by the end of 2018. Long-term, the company's existing contracts and newbuildings are expected to provide over $300 million in additional annual cash flow as the vessels deliver through 2020.
This document summarizes Eni's 2016-2019 strategy presentation. The key points are:
1) Eni will focus on cost efficiency, unlocking value, and transforming its business into a fully integrated oil and gas company through restructuring.
2) Major strategic pillars include production growth, exploration, project development, and safety/carbon footprint reductions.
3) Key projects that will drive production growth include Zohr, Goliat, Kashagan, and others.
- CPFL reported a 15.9% increase in EBITDA and 74.2% increase in net income for 2018 compared to 2017. Key drivers included tariff adjustments, lower debt costs, and compensation agreements.
- Energy sales grew 1.2% in 4Q18 and 2.5% for 2018, led by increases in the residential and industrial classes.
- CPFL Renováveis anticipated the commercial start-up of the Boa Vista II SHPP in November 2018 and won projects in the A-6 auction.
This document contains forward-looking statements regarding Eni's future performance. It discusses key risks to Eni's business like fluctuations in oil and gas prices. It also outlines Eni's 2014-2017 strategy of upstream enhancement, mid-downstream restructuring, and financial resilience to transform into a fully integrated oil and gas company well positioned for a lower commodity price scenario. The strategy focused on exploration, production efficiency, cost reductions, and consolidation to strengthen cash flow.
Snam's 2016-2020 strategy document outlines plans to strengthen its leadership in the European gas market through three strategic pillars: 1) executing solid investment plans for its existing portfolio; 2) pursuing additional growth opportunities; and 3) maintaining stable and visible regulation. The document also details Italgas' strategic pillars following its demerger from Snam, which include driving consolidation in the Italian market through participation in distribution tenders and pursuing organic growth.
Snam presented its full-year 2016 results and 2017-2021 strategic plan update. Key highlights include:
- 2016 results met guidance with adjusted net profit of €845 million.
- The 2017-2021 plan increases investments to €5 billion, improves contributions from new activities, and maintains a solid financial structure.
- The plan focuses on innovation, efficiency initiatives, and strengthening operational excellence to support higher performance.
Mol Group_Investor Presentations, Reports November 2014Paolo Degoli
This document provides an executive summary of an investor presentation for an integrated oil and gas company. It highlights that the company has world-class assets with improving profitability, plans over $1 billion in annual capital expenditures to develop its 1.5 billion barrels of oil equivalent reserves and resources, and is pursuing acquisitions to expand into new regions. Production is forecasted to increase around 10% by 2015 and potentially 30% by 2018 through projects in the Middle East, North Sea, and other areas with high profitability. The company aims to strengthen its position in Central and Eastern Europe and create new strategic partnerships.
Rosneft held an investor day in London on April 23, 2013 to report on the company's successful 2012 performance and strategic priorities. The summary includes:
- Rosneft achieved 131% reserve replacement rate, 4.5% production growth, 5.4% reduction in lifting costs per barrel, and 35% stock price growth in 2012, outperforming global majors.
- The acquisition of TNK-BP was completed, creating the largest publicly traded oil company. Integration is expected to generate over $10 billion in synergies.
- Strategic priorities include further developing gas business, completing the $14 billion refinery modernization program, and pursuing partnerships with international companies.
Eni reported positive results for Q1 2015 with increases in oil and gas production and adjusted EBIT. Production increased 7.2% compared to the same period last year. Midstream and downstream EBIT adjusted was over €0.4 billion and cash flow from operations was €2.3 billion. Capex was in line with guidance and leverage remained flat at 22%. Strong performance was achieved despite weak market conditions.
- Revenues for the second quarter increased 8.7% to R$1.6 billion due to higher prices across key product categories and increased volumes for EU ethanol and Indian Ocean sugarcane segments. Record quarterly EBITDA was R$282 million, up 24.4% from the previous year, with the EBITDA margin improving to 17.1%.
- Sugarcane revenues in Brazil declined due to lower volumes affected by adverse weather, but prices increased. Indian Ocean sugarcane revenues grew on higher prices and volumes. Cereal revenues increased 24% on higher selling prices and improved product mix in the starch segment.
First Quantum Minerals is advancing its major Cobre Panama copper project in Panama on schedule. The power station is commissioning its first 150MW generating set, with grid supply expected in Q1 2018. Project financing is nearing completion, targeting up to $2.5 billion. First Quantum increased its ownership in Minera Panama, which holds the Cobre Panama concession, to 90%. The company is also maintaining good operations at its existing mines, with record quarterly copper production and sales in Q3 2017, while progressing its Haquira and Taca Taca early-stage development projects.
Snam's interim review for 2017 shows steady progress. Gas demand recovery in Italy continued in the first half of 2017, driven by increases in the thermoelectric and industrial sectors. Snam's financial results for the first half of 2017 show increases in revenues, EBIT, net profit and cash flow compared to the same period in 2016. This was achieved through higher volumes transported, cost efficiencies, and optimization of debt costs. Snam also continued investments in Italian gas infrastructure and acquired additional gas transportation assets. The external regulatory environment is increasingly supportive of gas and Snam's strategic focus.
Presentation on Petroleum Industry Bill to Nigeria Transition Committee May...Benjamin Ogbalor
The document provides an overview of Nigeria's petroleum industry bill (PIB) and gas sector, highlighting several key issues:
1) The PIB aims to deregulate and commercialize the petroleum sector but its provisions are inconsistent and powers of the minister and institutions are unclear.
2) Nigeria has large gas reserves but production and infrastructure are underdeveloped due to low investment, price caps, and an unclear legal/fiscal framework.
3) A new gas pricing mechanism is recommended to stimulate investment and growth in the gas sector instead of price caps, which have discouraged development of domestic gas supplies and infrastructure.
Total 2018 Investor Day - Strategy and Outlook Total
The document provides an overview of Total's 2018 strategy and outlook. Key points include:
- Maintaining strong cost discipline while growing production consistently
- Managing the portfolio countercyclically to increase cash flow and profitability
- Building a responsible oil and gas company and expanding into low carbon electricity
- Increasing shareholder value through delivering production growth, reducing costs, and creating value through the cycle
Our performance in the third quarter, which allowed us to record cash flow from operations of €4.1 billion, double what we achieved in the same period last year and, even more remarkable, 35% higher than the
previous quarter. All the businesses have performed well, with the Upstream division showing that it can thrive in an
environment of either flat or increasing oil prices. The Mid and Downstream businesses continue their recovery,
demonstrating sustainable profitability despite an unfavorable environment."
Eni reported strong financial results for the 2018 full year. Key highlights included:
- Reaching a new production record of 1.85 million barrels of oil equivalent per day, a 2.5% increase from 2017.
- Reserves replacement ratio from all sources was 124%, with over 600 million barrels of oil equivalent added in new resources.
- Cash flow from operations increased 39% to €13.9 billion compared to 2017.
- Leverage at the end of 2018 was 16%, equal to a gearing of 14%. Safety and environmental performance also improved over 2017 levels.
The document outlines Eni's 2013 financial results and its strategy for 2014-2017. Key points include:
- Eni generated robust cash flows in 2013 despite challenging market conditions.
- The company expects its resilience to support strong cash returns from 2014-2017 through upstream growth, mid/downstream restructuring, and strict capital discipline.
- Eni will focus on high-value exploration and production projects to fuel upstream cash flow growth while rightsizing mid/downstream segments.
Noble Energy is positioned for strong growth over the next five years from its portfolio of assets. Production is expected to more than double by 2017 through development of its core areas including the DJ Basin, Marcellus Shale, and offshore projects. Noble will invest $3.9 billion in 2013 to accelerate unconventional programs and complete major projects. This high level of investment is expected to deliver double-digit production and cash flow growth through 2017 and position the company for strong performance over the next decade.
Today, Eni’s Board of Directors approved the Group results for the first quarter of 2019 (unaudited). Commenting on the results, Claudio Descalzi, CEO of Eni, remarked:
“I am very pleased of the excellent industrial and financial performance delivered by Eni in IQ 2019. Particularly, in light of a substantially unchanged market scenario, the E&P business has improved its operating profit by 25% compared to the first quarter of 2018, confirming our expectations of the business growing cash generation for the full year. The results of the G&P segment also improved; the 16% increase in operating profit to €372 million puts us on the path to achieving our €500 million profit target for the full year. The performance of the Downstream R&M and Chemicals business offset the effect of weaker margins and we expect to see a broad recovery over the next nine months, particularly in oil Refining and Marketing. Overall, first quarter operations generated a cash flow of €3.42 billion, up 8% and €1.5 billion greater than the investments for the period of around €1.9 billion, which is in line with the expectations of €8 billion for the whole year. The Group confirms that it can leverage on the quality and robustness of its asset portfolio, capable of covering costs, investments and dividends at a Brent price of US$ 55, in addition to generating a cash surplus in the event of higher prices, as in current trading conditions.”
This document summarizes eni's 2015-2018 strategy presentation. The key points are:
1) eni aims to transform the company by achieving 3.5% annual production growth, returning the mid-downstream businesses to profitability, increasing cash flow from operations by 40%, and creating a stronger and more resilient company.
2) The strategy focuses on cash generation, value growth, sustainability, and a robust balance sheet. Major elements include exploring for near and long term value, strict cost control, restructuring mid-downstream, and re-basing the dividend.
3) Key targets include reducing capex by 17%, lowering upstream costs by 7%, starting up over 650 thousand barrels per day of
Eni: results for the third quarter and the nine months of 2017Eni
The key messages for 2017 that we presented today:
E&P will reach its highest ever level of production and will continue to add high value barrels;
G&P is structurally positive;
Chemicals is beating new records and R&M is further enhancing its resilience;
At less than $45/bbl Brent we have one of the lowest levels of cash neutrality to cover capex and a full cash dividend; and
Gearing is expected to fall to 20% at year end.
The document provides financial results for Keppel Corporation for the fourth quarter and full year of 2018. Some key highlights include:
- Net profit for FY 2018 was S$944 million, up 382% from S$196 million in FY 2017.
- Revenue for 4Q 2018 was S$1,677 million, up 9% from 4Q 2017. Net profit for 4Q 2018 was S$135 million compared to a net loss of S$492 million in 4Q 2017.
- The Property and Infrastructure segments contributed strongly to earnings growth in 4Q 2018 and FY 2018, while Offshore & Marine losses narrowed compared to the previous year.
Royal Dutch Shell plc - Enhanced disclosures webcastShell plc
On Tuesday, May 4 Tjerk Huysinga, Executive Vice President Investor Relations, Sinead Gorman, Executive Vice President Finance Upstream, Brian Eggleston, Executive Vice President Finance Downstream, Frank Lemmink, Executive Vice President Finance Integrated Gas and Renewables and Energy Solutions and Roland Ilube, Senior Vice President Finance Mobility host an enhanced quarterly disclosures webcast.
The document provides an overview of Dorian LPG and the LPG shipping industry. It notes that Dorian has the youngest and largest fleet of ECO VLGCs, which are more fuel efficient than traditional VLGCs. It also discusses trends in the global LPG market like increasing US exports due to shale production and growing demand in countries like China and India. Overall it presents Dorian as well positioned in a growing industry due to its fuel efficient fleet and experience in technical and commercial ship management.
This document contains forward-looking statements regarding Eni's future performance. These statements are based on Eni's current expectations and assumptions which are subject to risks and uncertainties. The document discusses Eni's 2014-2017 strategy of upstream enhancement, mid-downstream restructuring, and maintaining financial resilience to position the company for a lower oil price scenario in the future. It provides targets for upstream cash flow coverage of capital expenditures and dividends. Key projects expected to come online through 2021 are highlighted that will drive production growth and increase cash flow per barrel.
Stock Pitch For Pipes And Walves Distribution PowerPoint Presentation Ppt Sli...SlideTeam
Our Stock Pitch For Pipes And Walves Distribution PowerPoint Presentation Ppt Slide Template is the perfect way to pitch your stock. We have researched thousands of stock pitches and designed the most impactful way to convince your investors to invest in your equity. http://bit.ly/31HJQAT
- Devon Energy is completing its transformation into a U.S. oil growth company by focusing on its core U.S. oil assets and pursuing strategic alternatives for its Canadian and Barnett Shale assets.
- It is targeting $780 million in annual cost savings by 2021 from operational efficiencies and restructuring, and has an increased $5 billion share repurchase program.
- The company expects to deliver 12-17% annual oil production growth through 2021 and generate over $1.6 billion in cumulative free cash flow at $55 WTI oil prices, while maintaining its strong financial position.
Devon Energy is completing its transformation into a U.S. oil growth company by focusing on its world-class oil assets in the Delaware Basin, STACK, Eagle Ford, and Powder River. It is pursuing strategic alternatives for its Barnett Shale and Canadian assets. Devon is targeting $780 million in cost savings and increasing its share buyback program to $5 billion to reduce shares outstanding by nearly 30%. It is increasing its quarterly dividend by 13% and has a multi-decade inventory of high-return locations supporting long-term growth.
Eni Results for the Second Quarter and Half Year 2018Eni
Eni recorded another period of strong profitability in the second quarter. In the context of a 38% rise in the price of Brent, Eni reported a 152% increase in operating profit, driven by the performance of the Exploration & Production business, which more than tripled its contribution. Our cash generation also grew significantly, driven by the price of Brent and increased production levels, contributing to $20 per barrel, allowing us to confirm the lowering of our cash neutrality to $55 per barrel for 2018. The Gas & Power segment also reported excellent results, thanks to the strong integration of the LNG business with upstream activities and the positive impact of the restructuring carried out over the last years. A deterioration in Refining and Chemicals environment – which runs counter-cyclically to the price of Brent – meant a reduction in the contribution of these businesses, albeit remaining positive thanks to recent restructuring. There was significant progress in our portfolio management this quarter with the creation of Vår Energi in Norway as well as the funds received for the sale of Eni’s 10% stake in the Zohr field to Mubadala. As a result, net debt fell below €10 billion – the lowest level in 11 years. Consequently I will propose an interim dividend of €0.42 per share at the Board meeting on 13 September.
Devon Energy is completing its transformation into a U.S. oil growth company by focusing on its world-class oil assets in the Delaware Basin, STACK, Eagle Ford, and Powder River Basin. It is pursuing strategic alternatives for its Barnett Shale and Canadian assets to be completed by the end of 2019. Devon is targeting $780 million in cost savings from its retained U.S. oil business and has increased its share buyback program to $5 billion.
- Q3 2020 saw an increase in carpet recycling rates to 20.5% as residential sales rebounded with more homeowners investing in their properties, though commercial sales remained challenging.
- Total subsidy payouts for Q3 2020 were $5.3 million, with $2.2 million to processors, $2 million to manufacturers, and $684,000 to CSEs.
- The report recommends the Sustainable Funding Oversight Committee approve a total of $6.8 million in payouts and costs for Q3 2020.
A presentation delivered by Cabot Oil & Gas at the Scotia Howard Weil Energy Conference in New Orleans in March 2016. During the presentation we learn Cabot plans to complete 40 wells in the Marcellus in 2016 and grow production slightly--up to 7% in 2016 over 2015.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
2. 2018 Results and Outlook
Consistently delivering
Delivering on objectives
• Outstanding production growth
• Capex and Opex discipline
• Best-in-class Profitability
Strong cash flow growth underpins shareholder
returns
Integrating along the oil, gas and low carbon
electricity value chains to capture upside
Attractive portfolio in hand to deliver the
strategy post-2020
2
3. 2018 Results and Outlook
4 fatalities in 2018 Successfully implementing Total safety culture
Safety, Total’s core value
Cornerstone of operational efficiency
Saft (battery business) TRIR**
Per million man-hours
Total Recordable Injury Rate for Total and peers*
Per million man-hours
1
2
2013 2018
0.9
5
10
2016 2017 2018
* Group TRIR excl. Specialty Chemicals
Peers: BP, Chevron, ExxonMobil, Shell
** Acquired Saft in 2016 and integrated in Total reporting since 2017
3
4. 2018 Results and Outlook
85
100
Oil market volatility
Supply-demand and OECD inventories
Mb/d, days of demand cover
Demand
Supply
2010 2018
Increasing demand but sensitive to price
and emerging market growth
Growing supply: opposing trends
• OPEC & Russia announced 1.2 Mb/d
production cuts
• Debottlenecking US shale supply
• Venezuela, Libya and export from Iran
• Underinvestment in the industry
* Source: IEA
+1.3 Mb/d
demand
in 2018*
4
Market fundamentally volatile
Nov. 2018:
59.6 days
5. 2018 Results and Outlook
+10% in 2018 (China +41%) Opportunity for low breakeven projects
Strong LNG demand growth driven by Asia
Supportive government policies for natural gas
2015-30 LNG supply
Mt/y
2015-30 LNG demand
Mt/y
250
500
2015 2018 2025 2030
Japan
Korea
Taiwan
China
Rest of Asia
Europe
Middle East
Other
250
500
2015 2018 2025 2030
Needs to be
sanctioned
Under
construction
Existing
supply
Demand
5
5%
CAGR
9%
CAGR
7. 2018 Results and Outlook
Consistently delivering strong results
Best-in-class profitability with ROACE and ROE at 12%
Return on average capital employed (ROACE)
%
Adjusted net income
B$
54Brent ($/b) 44
2016 2017
71
2018
8.3 B$
10.6 B$
13.6 B$
iGRP: integrated LNG (upstream and midstream) + GRP assets
* E&P and iGRP restated for 2016-18
Segments include minority interests and allocation of Corporate costs
5%
10%
15%
+28%
Exploration &
Production*
Refining & Chemicals
Marketing & Services
Cost of net debt
Integrated Gas,
Renewables & Power*
Targeting 12% ROE at 60 $/b
Peers: BP, Chevron, ExxonMobil, Shell – based on public data
7
8. 2018 Results and Outlook
Growing cash flow generation
Increasing contribution from high margin new projects
Organic free cash flow
B$
2018 cash flow allocation
B$
Organic pre-dividend breakeven < 30 $/b
CFFO Capital investment
Dividend
Buyback
15.624.7
-5
5
10 > 15 B$
2015
2018
2016
2017
Sources Uses
52 44 54Brent ($/b) 71
7.7
1.5
8
9. 2018 Results and Outlook
NAMIBIA
11B-12B Block
SOUTH AFRICA
Outeniqua Basin
Brulpadda
(Total 45% Op)
Recent discovery
Prospects
Total AcreageRecent discovery
Major facilities
Exploration delivery underway
Budget ~ 1.2 B$ in 2019
Glengorm gas condensate discovery
~250 Mboe, Maersk Oil portfolio
Discoveries in core area
#2 operator in the North Sea
Opening a world-class play
in South Africa
Novatek in Russia
(Total, shareholder with 19.4%)
Significant gas condensate & light oil discovery
Four other prospects
Potential resources of ~1 Bboe
> 20 Tcf discovered in 2018
North-Obskoye largest global discovery > 10 Tcf
Glendronach
(Total 60% Op)
Glengorm
(Total 25%)
Sheltand Gas Plant
Elgin Franklin
Culzean
Ekofisk
DUC
Alwyn
Johan Sverdrup
Source: Novatek, Wood Mackenzie
9
Salmanov Jurassic
North-Obskoye
Yamal LNG
Nyakhartinskoye
Arctic LNG 2
Recent discovery
Projects with Total 0 100km 200km
11B-12B Block
10. 2018 Results and Outlook
5
10
Additions Asset Sales
10
20
2017 2018
70% of 2P reserves in 8 countries, including 4 OECD
countries: Australia, Canada, Norway & USA
M&A highgrading portfolio and renewing reserves
Strong 2018 proved reserve replacement of 157%
Proved and probable reserves
Bboe
2018 E&P M&A and License extensions
B$
10
Main assets:
• Martin Linge
• Fort Hills
• Ichthys
Main assets:
• Adnoc offshore
• Iara
• Lapa
Maersk Oil
(shares & debt) +1.4
Bboe
~40
Organic cash
breakeven ($/boe) <30
Note: 2P reserves as per SPE
11. 2018 Results and Outlook
7
2016 2017 2018
Maintaining strong CFFO
while selling 8 B$ assets over 2015-18
Non-cyclical M&S
Expanding Petrochemicals in US, Asia and MENA*
Downstream: best-in-class >25% ROACE
Diversified portfolio generating stable cash flow
2018 Downstream CFFO
%
Downstream CFFO
B$
ERMI ($/t) 34 41 32
~6.5 B$
Refining Chemicals
Marketing & Services
11
* Middle East & North Africa
12. 2018 Results and Outlook
Gearing ~+3%
Capital employed +5 to 6 B$
DACF ~+1 B$
Adjusted net income ~0
2.1 B$ non-recurring items in 2018
Strong balance sheet
Delivering on objective to maintain gearing < 20%
IFRS 16 impact in 2019
Net-debt-to-capital
%
2015 2016 2017 2018
21%
15.5%
12%
22%
12
14. 2018 Results and Outlook
-4%
5%
20%
5%
15%
30%
Outperforming peers in 2018
Downstream ROACE
%
Net-debt-to-capital
%
Production growth
%
Peers: BP, Chevron, ExxonMobil, Shell – based on public data
Group ROACE
%
14
16. 2018 Results and Outlook
Delivering outstanding production growth
8 major start-ups in 2018-19
• Egina, Kaombo North, Ichthys
and Yamal LNG ramp-ups
• Iara 1, Kaombo South, Culzean
and Johan Sverdrup start-ups
> 40% increase in LNG production
Short cycle projects contributing
~60 kboe/d in 2019
Managing decline rate at ~3%
2
2.5
3
2017 2018 2019
Production* growth
Mboe/d
+8%
> +9%
Best-in-class 5% CAGR for 2017-22
* EP + iGRP production
16
17. 2018 Results and Outlook
2018 2019 2020
1-2 B$ net acquisitions
Capital investment discipline
2019 capital investment
%
Capital investment*
B$
* Organic Capex + net acquisitions
Exploration
& Production
iGRP:
Integrated
Gas
Renewables
& Power
Downstream
15-16 15-1715.6
17
Guidance
Feb 2018 ~16 15-17 15-17
iGRP: integrated LNG (upstream and midstream) + GRP assets
18. 2018 Results and Outlook
2018 2019 2020
Targeting 5.5 $/boe in 2019
Maintaining discipline on Opex
Competitive advantage on cost
Production costs (ASC 932)
$/boe
Opex savings vs. 2014 base
B$
5
10
15
> 5 B$
4.7 B$
4.2 B$
Downstream
& Corporate
Upstream
9.9
7.4
5.9
2014 2018
5.4
Continuing to cut costs
5.7
18
19. 2018 Results and Outlook
10
30
2017 2018 2019
+8 B$ in 2020 at 60 $/b vs. 2017
Clear visibility on cash flow growth
Debt adjusted cash flow (DACF)*
B$
Strong contribution from 2018 project start-ups
• 3 B$ in 2019** from Kaombo, Ichthys, Egina
Solid cash generation from acquisitions
• 2.5 B$ in 2019** from Maersk Oil, Brazil and
Adnoc offshore
Capturing oil price upside, 2019 sensitivity
3.2 B$ for 10 $/b liquid realized price
19
* ERMI = 35 $/t
22.2
70 $/b
54 $/b
71 $/b
50 $/b
60 $/b
26.1
** At 60 $/b
20. 2018 Results and Outlook
Clear priorities for cash flow allocation 2018-20
15-17 B$ per year
Capital
investment
1
10% increase
over 2018-20
Dividend
2
Maintain
gearing < 20%
grade A credit rating
Balance
sheet
3
5 B$ over 2018-20
Share
buyback
4
20
2019 vs. 2017: +6.5%
Ending scrip dividend
from 2019 AGM
2018: 1.5 B$
2019: 1.5 B$ at 60 $/b
22. 2018 Results and Outlook
300
2017 2040
Integrating climate into strategy
Taking into account anticipated market trends
Global energy demand
Mboe/d
IEA 2°C
scenario*
Renewables
Nuclear
Coal
Oil
Natural gas
Focusing on
oil projects
with low
breakeven
Expanding
along the
gas value
chain
Developing
profitable &
sizeable
low carbon
electricity
business
* IEA Sustainable Development Scenario
22
23. 2018 Results and Outlook
Oil & Gas: Building on our strengths
Leveraging expertise in 7 core areas
23
Deepwater1 LNG2 Retail & Lubricants4Petrochemicals3
Africa
Market leader
5
Middle East & North Africa
Partner of choice
6
North Sea
#2 operator
7
24. 2018 Results and Outlook
20
Acquisitions Divestments
Countercyclical M&A creating value
Acquisitions and divestments 2015-18
B$
24
Maersk Oil
(shares & debt)
• 7 Bboe of resources added at < 2.5 $/boe
• > 4 B$/y CFFO at 60 $/b from 2019 on average
• ROACE at 60 $/b ~10%
E&P 2015-18 acquisitions
• ~10 Mt/y of LNG contracts
• Cameron LNG T1-3 start-up 2019 + T4-5 expansion
• 300-400 M$/y CFFO
• ROACE ~20%
Engie LNG
25. 2018 Results and Outlook
Sanctioning high return projects for future growth
Launching > 700 kboe/d by 2020
25
* Direct + indirect.
** Subject to closing
Fenix
60 kboe/d, 38% Op.
Mero 2
150 kb/d, 20%
Mero 3
150 kb/d, 20%
Zinia 2
40 kb/d, 40%, Op.
Tilenga & Kingfisher
230 kb/d, 44%**, Op.
Ikike
45 kboe/d, 40% Op.
Johan Sverdrup 2
220 kb/d, 8%
Al Shaheen 2
85 kb/d, 30%
Arctic LNG 2
600 kboe/d, 22%*
Papua LNG
160 kboe/d, 31% Op.
Ballymore
170 kb/d, 40%
Mero 4
150 kb/d, 20%
GLNG Roma/Arcadia
30 kboe/d, 28%
Owowo
180 kboe/d, 18%
NLNG extension
7.5Mt/y, 15%
Cameron LNG T4/T5
9 Mt/y, 17%
North Platte
70 kb/d, 60% Op.
Vaca Muerta
40 kboe/d, 41% Op.
Glendronach
25 kboe/d, 60%, Op.
A6
60 kboe/d, 40% Op.
Troll, Ekofisk
360 kboe/d, ~21% average
Anchor
80 kb/d, 33%
Iara 3
150 kb/d, 23%
Lapa 3
30 kb/d, 35% Op.
Energia Costa Azul
2.5 Mt/y, 17%
Preowei
70 kboe/d, 24% Op.
FEED, under studyLaunched 2019 targeted FID
Wt. avg. IRR
>15%
at 50 $/b
Prod. growth
2020-25
> 2%/y
26. 2018 Results and Outlook
Delivering profitable short cycle developments
Launching 400 Mboe by end-2019
Short cycle projects launched in 2018
Short cycle reserve split
Bboe
Dalia 3 and Clov 2 (Angola),
Elgin Franklin (UK), TFT (Algeria)
> 1 Bboe
reserves
Sanctioned
in 2018-19
2020+
sanctions
26
Average IRR
> 20%
at 50 $/b
Capex
< 7 $/boe
27. 2018 Results and Outlook
Production
Fully integrated along the oil value chain
Investing through the cycle and resilient in a volatile market
27
Note: 2018 data
1.6 Mb/d
Refining Marketing & Services
1.9 Mb/d 1.8 Mb/d
28. 2018 Results and Outlook
Expanding high return petrochemicals
Leveraging world class integrated platforms
Investing in growing markets
Building on low cost gas feedstock
Founding member of new global
alliance to end plastic waste
Petrochemical projects
Port Arthur
Satorp
Qatar
Daesan
Normandy
Antwerp
New ethane cracker
PE capacity increase
Start up 2021
US: Total Borealis Nova JV
Propane cracker expansion
PE & PP capacity increase
Start up 2019-20
South Korea: Hanwha Total JV
New mixed feed cracker
New PE capacity
> 15% IRR, FEED ongoing
Saudi Arabia: SATORP
Petrochemicals
New Propane dehydrogenation
+ PP capacity
> 15% IRR, FEED ongoing
Algeria: Sonatrach Total JV
28
29. 2018 Results and Outlook
Marketing & Services targeting large growing markets
Expanding worldwide network of 14,000 service stations
3
2018 2022
Delivering non-cyclical
cash flow growth
Marketing & Services CFFO
B$
2018 M&A and partnerships
JV with Adani
Targeting 1,500 stations over 10 years
India
Alliance with local partners
~400 stations by 2022
Mexico
JV with Sonangol
Initial 50 stations doubling over 5 years
Angola
Acquiring 280 stations
doubling over 5 years
Brazil
Retail2018 M&A and partnerships
29
+100 M$
per year
30. 2018 Results and Outlook
2
4
Accelerating integrated LNG growth CFFO growing ~2x by 2020
iGRP: investing for growth
Capturing the value of integrated gas and low carbon electricity
CFFO
B$
Capital Investments
B$*
30
2019-202018
2
4
2018 2019 2020
70 $/b
60 $/b
71 $/b
* At 60$/b
31. 2018 Results and Outlook
3
2018 2019 2020
~60% growth by 2020
Strong contribution from 2018 start-ups
Growing world-class LNG portfolio
Priority to low cost, brownfield projects
Integrated LNG CFFO
B$*
New LNG projects in key supply regions
LNG Trading portfolio : doubling to 20 Mt/y
from 2019
Pre-FID projects Equity Project capa.
Arctic LNG 2 Russia 22%** 20 Mt/y
Energia Costa Azul Ph1 Mexico 10-17% 2.5 Mt/y
Nigeria LNG extension Nigeria 15% 7.5 Mt/y
Papua LNG Papua 31% 5.5 Mt/y
Cameron LNG T4-5 USA 16.6% 9 Mt/y
* at 60$/b ** Direct + indirect.
31
32. 2018 Results and Outlook
10%
20%
Building a profitable low carbon electricity business
Integrated approach: production, trading and marketing
Renewables project value creation
Nominal IRR %
Generating returns through leverage and farm down
>15%
Investing 1.5-2 B$/y in low carbon electricity
Supply &
Trading 5-7%
32
Europe
~3 GW* by 2020
Gas to electricity
Worldwide
~7 GW by 2022
Renewables to electricity
4 M customers in Europe in 2018
targeting 7 M by 2022
Marketing
* including 2 planned CCGT acquisitions from EPH, 1 in development ** Source Wood Mackenzie
Typical
Project IRR**
Leverage Farm down TOTAL
Equity IRR
33. 2018 Results and Outlook
50
100
2015 2020 2025 2030 2035 2040
Strategy contributing to tackle climate change
Reducing the carbon intensity of our energy sales
2015 2040
Ambition
-15%
2015-30
Further improving efficiency of our operations
Growing in natural gas
Developing a profitable low carbon
electricity business
Promoting sustainable biofuels
Investing in carbon sink businesses
(natural sinks & CCUS)
Carbon intensity
Base 100 in 2015 (75 gCO2/kbtu)
IEA NPS
IEA SDS
2030
NPS: New Policy Scenario ~2.7°C by 2100
SDS: Sustainable Development Scenario ~2°C by 2100
Possible sales mix 2040
Natural gas : 45-55%
Oil (incl. biofuels): 30-40%
Low carbon electricity: 15-20%
33
34. 2018 Results and Outlook
Total, the Responsible Energy Major
Balancing added value distribution among stakeholders
~100,000 employees
Working in > 130 countries worldwide
450,000 institutional and individual investors
Supporting network of ~100,000 suppliers
Serving 15 million customers daily
2010-18 added value, ~50 B$/y
B$
Salaries
& benefits
Dividends
Taxes
Net
investments
34
35. 2018 Results and Outlook
Consistently delivering
Delivering on objectives
• Outstanding production growth
• Capex and Opex discipline
• Best-in-class Profitability
Strong cash flow growth underpins
shareholder returns
• Increasing dividend by 3.1% in 2019
• Ending scrip option from 2019 AGM
• 1.5 B$ buyback at 60 $/b in 2019
Integrating along the oil, gas and low carbon
electricity value chains to capture upsides
Attractive portfolio in hand to deliver the
strategy post-2020
35
37. 2018 Results and Outlook
kboe/d Share Country
Yamal LNG T1 150 29.7% Russia
Fort Hills 180 24,5% Canada
Vaca Muerta 100 41% Op. Argentina
Timimoun 30 38% Algeria
Yamal LNG T2 150 29.7% Russia
Kaombo North 115 30% Op. Angola
Ichthys LNG 340 30% Australia
Halfaya 3 200 22.5% Iraq
Egina 200 24% Op. Nigeria
Yamal LNG T3 150 29.7% Russia
Tempa Rossa 55 50% Op. Italy
Iara 1 150 22.5% Brazil
Kaombo South 115 30% Op. Angola
Culzean 100 49.99% Op. UK
Johan Sverdrup 1 440 8.44% Norway
Yamal LNG T4 20 29.7% Russia
Iara 2 150 22.5% Brazil
Absheron 35 50% Azerbaijan
Zinia 2 40 40% Op. Angola
2018-20 major start-ups
Delivering ~600 kboe/d by 2020
2018
2019
2020
37
Yamal: direct + indirect working interest
38. 2018 Results and Outlook
Targeted Total hubs
7
2017 2020
Benefiting from
900 kb/d low sulfur production
Well positioned for new IMO regulation
Positive for E&P and R&C, a new opportunity for M&S
Low fuel oil yield (<5%)
High distillate output (50%)
Building supply
network on main hubs
Crude Oil
Low sulfur crude value increasing
Products value
HSFO decreasing, distillates increasing
Alternative fuel
Development of LNG for bunkering
Total:
60%
low sulfur
World:
42%
low sulfur
38
2
Antwerp modernization
Port Arthur coker
Logistic segregation
LS/HS crude
flexibility
Mt/y
IMO: International Maritime Organization
39. 2018 Results and Outlook
This document may contain forward-looking information on the Group (including objectives and trends), as well
as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably
with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do
not represent forecasts within the meaning of European Regulation No. 809/2004.
Such forward-looking information and statements included in this document are based on a number of
economic data and assumptions made in a given economic, competitive and regulatory environment. They
may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a
significant difference between actual results and those anticipated, including the price of petroleum products,
the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations,
changes in regulations including environmental and climate, currency fluctuations, as well as economic and
political developments and changes in business conditions. Certain financial information is based on estimates
particularly in the assessment of the recoverable value of assets and potential impairments of assets relating
thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Further information on factors, risks and uncertainties that could affect the Group’s
business, financial condition, including its operating income and cash flow, reputation or outlook is provided in
the most recent Registration Document filed by the Company with the French Autorité des Marchés Financiers
and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the internal reporting system and
shows internal segment information that is used to manage and measure the performance of TOTAL. In addition
to IFRS measures, certain alternative performance indicators are presented, such as performance indicators
excluding the adjustment items described below (adjusted operating income, adjusted net operating income,
adjusted net income), return on equity (ROE), return on average capital employed (ROACE) and gearing ratio.
These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison
of income between periods. They allow investors to track the measures used internally to manage and measure
the performance of the Group. These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are
excluded from the business segment figures. In general, special items relate to transactions that are significant,
infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals,
which are not considered to be representative of the normal course of business, may be qualified as special
items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments
are presented according to the replacement cost method. This method is used to assess
the segments’ performance and facilitate the comparability of the segments’ performance with those of its
competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of
inventory values in the statement of income is, depending on the nature of the inventory, determined using either
the month-end price differentials between one period and another or the average prices of the period rather
than the historical value.
The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and
the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects for some transactions differences
between internal measures of performance used by TOTAL’s management and the accounting for these
transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best
reflect the management of economic exposure through derivative transactions, internal indicators used to
measure performance include valuations of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair
value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are
defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented herein represent dollar amounts converted at the average euro-dollar (€-$) exchange
rate for the applicable period and are not the result of financial statements prepared in euros.
This document also contains extra-financial performance indicators, including a carbon intensity indicator for
TOTAL energy sales that measures the weighted average greenhouse gas emissions of energy products sold by
TOTAL, from their production in TOTAL facilities to their end use by TOTAL customers. This carbon intensity indicator
covers, besides direct GHG emissions of TOTAL (scope 1), indirect GHG emissions (scopes 2 and 3) that TOTAL
does not control (for the definitions of scopes 1, 2 and 3, refer to Total’s Registration Document).
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to
separately disclose proved, probable and possible reserves that a company has determined in accordance with
SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly
prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our
Form 20-F, File N° 1-10888, available from us at 2, Place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-
La Défense Cedex, France, or at our website: total.com. You can also obtain this form from the SEC by calling 1-
800-SEC-0330 or on the SEC’s website: sec.gov.
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Disclaimer