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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Total    FP   FR0000120271

TOTAL

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Total considers stopping fuel oil sales for power: CEO

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02/14/2020 | 08:12am EST
FILE PHOTO: Total CEO Pouyanne attends the St. Petersburg International Economic Forum

ABERDEEN, Scotland (Reuters) - France's Total is considering stopping sales of fuel oil to power markets as the energy giant seeks to reduce its carbon footprint and grow its renewable power business, its chief executive told Reuters.

Fuel oil is one of the most carbon intensive refined oil products, used mainly for power generation and as a marine fuel.

"We want to stop selling fuel oil for making power," Total Chief Executive Patrick Pouyanne told Reuters in an interview on Feb. 6. Total, Europe's largest refiner, produced and traded over 4% of all oil products consumed globally last year.

Many refiners, including Total, have in recent years upgraded plants in order to cut their fuel oil output as the shipping sector shifted to cleaner fuel.

Total has a global processing capacity of around 2 million barrels per day, and one of the world's largest oil and gas trading businesses.

Its petroleum product sales, which include refined products and chemicals, reached 4.1 million barrels per day in 2019.

The previous year, fuel oil for both power and shipping accounted for around 5% of its total refined products output, according to the company's data.

It was unclear how much revenue fuel oil trading generates for Total.

Total's refining products split: https://fingfx.thomsonreuters.com/gfx/ce/7/8534/8515/Pasted%20Image.jpg

A Total spokeswoman said the group's marketing division was studying the option of no longer selling fuel oil to power plants.

Total aims to reduce the carbon intensity of its products by 15% by 2030 from their 2015 levels. That could be done partly by reducing sales of carbon-intensive products and boosting sales of cleaner fuels as well as renewable power.

The group, which has rebranded itself in recent years as an energy rather than oil and gas company, is targeting a near ten-fold expansion in renewable power generation by 2025 to 25 gigawatts.

By Ron Bousso and Bate Felix

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -1.77% 55.94 Delayed Quote.-10.42%
TOTAL -4.90% 42.115 Real-time Quote.-9.97%
WTI -1.77% 51.19 Delayed Quote.-12.39%
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Financials (USD)
Sales 2020 181 B
EBIT 2020 19 294 M
Net income 2020 13 347 M
Debt 2020 31 171 M
Yield 2020 6,34%
P/E ratio 2020 9,43x
P/E ratio 2021 8,65x
EV / Sales2020 0,86x
EV / Sales2021 0,82x
Capitalization 124 B
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Mean consensus BUY
Number of Analysts 24
Average target price 62,01  $
Last Close Price 48,05  $
Spread / Highest target 57,2%
Spread / Average Target 29,1%
Spread / Lowest Target -1,12%
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Managers
NameTitle
Patrick Pouyanné Chairman & Chief Executive Officer
Jean-Pierre Gerard Claude Sbraire Chief Financial Officer
Marie-Noelle Semeria Group Chief Technology Officer & Senior VP
Patrick Artus Independent Director
Marie-Christine Coisne-Roquette Independent Director
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