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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Total SE    FP   FR0000120271

TOTAL SE

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Total Demonstrates Resilience and Maintains -2-

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07/30/2020 | 08:31am EDT

> Environment* -- liquids and gas price realizations, refining margins

 
                        2Q20                                             1H20 
                          vs                                               vs 
2Q20    1Q20    2Q19     2Q19                            1H20    1H19     1H19 
29.6    50.1    68.9    -57%     Brent ($/b)             40.1    66.0    -39% 
1.8     1.9     2.5     -30%     Henry Hub ($/Mbtu)      1.8     2.7     -33% 
1.7     3.1     4.1     -59%     NBP ($/Mbtu)            2.4     5.2     -54% 
2.1     3.6     4.9     -57%     JKM ($/Mbtu)            2.9     5.8     -50% 
                                 Average price of 
                                 liquids ($/b) 
                                 Consolidated 
23.4    44.4    63.7    -63%     subsidiaries            33.8    61.2    -45% 
                                 Average price of gas 
                                 ($/Mbtu) 
                                 Consolidated 
2.61    3.35    3.82    -32%     subsidiaries            2.99    4.16    -28% 
                                 Average price of LNG 
                                 ($/Mbtu) 
                                 Consolidated 
                                 subsidiaries and 
4.40    6.32    5.69    -23%     equity affiliates       5.42    6.42    -16% 
 
14.3    26.3    27.6    -48%     Variable cost margin    21.0    30.6    -31% 
                                 - Refining Europe, 
                                 VCM ($/t) 
 

* The indicators are shown on page 15.

 

The average LNG sales price fell by 30% in the second quarter 2020 compared to the previous quarter. The share of volumes sold at spot prices increased in the second quarter 2020 compared to the first quarter of 2020 due to deferrals of LNG liftings by long-term contract buyers, while the average selling price of long-term LNG contracts LNG terms decreased by only 16% due to the delayed impact of lower oil prices.

 

> Production*

 
                           2Q20                                                1H20 
                            vs                                                  vs 
2Q20     1Q20     2Q19     2Q19                              1H20     1H19     1H19 
                                   Hydrocarbon production 
2,846    3,086    2,957    -4%     (kboe/d)                  2,966    2,951    - 
                                   Oil (including 
1,315    1,448    1,407    -7%     bitumen) (kb/d)           1,381    1,416    -2% 
                                   Gas (including 
                                   condensates and 
                                   associated NGL) 
1,531    1,638    1,549    -1%     (kboe/d)                  1,584    1,535    +3% 
 
                                   Hydrocarbon production 
2,846    3,086    2,957    -4%     (kboe/d)                  2,966    2,951    - 
1,553    1,699    1,624    -4%     Liquids (kb/d)            1,626    1,627    - 
7,045    7,560    7,309    -4%     Gas (Mcf/d)**             7,302    7,238    +1% 
 

* Group production = EP production + iGRP production.

 

** 2Q19 and 1H19 data restated

 

Hydrocarbon production was 2,846 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2020, a decrease of 4% year-on-year, comprised of:

   -- -5% due to OPEC+ quotas, notably in the United Arab Emirates, Nigeria, 
      Angola and Kazakhstan, as well as voluntary reductions in Canada and 
      disruptions in Libya. 
 
   -- -1% due to gas demand in the context of the pandemic. 
 
   -- +1% due to lower prices. 
 
   -- +4% due to the start-up and ramp-up of new projects, notably Culzean in 
      the United Kingdom, Johan Sverdrup in Norway, Iara in Brazil and Tempa 
      Rossa in Italy. 
 
   -- -3% due to the natural decline of fields. 
 

Analysis of business segments

 

Integrated Gas, Renewables & Power (iGRP)

 

> Liquefied natural gas (LNG) production and sales and low carbon electricity

 
                           2Q20     Hydrocarbon                          1H20 
                             vs     production for                         vs 
2Q20     1Q20     2Q19      2Q19    LNG                1H20     1H19      1H19 
520      552      559      -7%      iGRP (kboe/d)      536      538      - 
66       73       73       -10%     Liquids (kb/d)     69       70       - 
2,471    2,611    2,680    -8%      Gas (Mcf/d)*       2,541    2,570    -1% 
 
                           2Q20     Liquefied                            1H20 
                             vs     Natural Gas in                         vs 
2Q20     1Q20     2Q19      2Q19    Mt                 1H20     1H19      1H19 
                                    Overall LNG 
10.4     9.8      8.5      +22%     sales              20.2     16.3     +24% 
                                    incl. Sales 
                                    from equity 
4.3      4.7      4.1      +7%      production**       9.0      7.8      +15% 
                                    incl. Sales by 
                                    Total from 
                                    equity 
                                    production and 
                                    third party 
8.7      7.8      6.7      +29%     purchases          16.5     12.7     +30% 
 

* 2Q19 and 1H19 data restated

 

** The Group's equity production may be sold by Total or by the joint ventures.

 
                        2Q20                                             1H20 
                          vs     Low carbon                                vs 
2Q20    1Q20    2Q19     2Q19    electricity             1H20    1H19     1H19 
                                 Gross renewables 
                                 installed capacity 
5.1     3.0     2.6     +97%     (GW)*                   5.1     2.6     +97% 
                                 Net low carbon power 
2.9     2.9     2.4     +23%     production (TWh)**      5.9     5.0     +16% 
                                 Clients gas and 
                                 power - BtB and BtC 
5.9     5.9     5.5     +7%      (Million)*              5.9     5.5     +7% 
                                 Sales gas and power 
26.7    47.8    27.4    -3%      - BtB and BtC (TWh)     74.5    75.3    -1% 
 

* Capacity at end of period.

 

** Solar, wind, biogas, hydroelectric and CCGT plants.

 

Hydrocarbon production for LNG was stable in the first half compared to last year.

 

Total LNG sales increased by 22% in the second quarter compared to last year, notably due to an increase in trading activities. For the first half, total sales increased by 24% year-on-year for the same reason and thanks to the ramp-up of Yamal LNG and Ichthys plus the start-up of the first two Cameron LNG trains in the US.

 

Gross installed renewable power generation capacity rose to 5.1 GW in the second quarter, a strong 97% increase year-on-year, notably thanks to the acquisition in India of 50% of a portfolio of more than 2 GW from the Adani Group.

 

The Group continues to implement its strategy to integrate along the gas and electricity chain in Europe and has seen the number of its gas and electricity customers grow during the quarter to 5.9 million, a 7% increase compared to a year ago. Sales of gas and electricity decreased by 3%, impacted by lower demand linked to the lockdown in Europe.

 

> Results

 
                          2Q20                                           1H20 
                            vs     In millions of                          vs 
2Q20     1Q20     2Q19     2Q19    dollars             1H20     1H19      1H19 
                                   Adjusted net 
                                   operating 
326      913      429     -24%     income*             1,239    1,021    +21% 
                                   including income 
                                   from equity 
(69)     248      195     ns       affiliates          179      450      -60% 
 
                                   Organic 
618      646      442     +40%     investments         1,264    935      +35% 
433      1,137    159     x2.7     Net acquisitions    1,570    559      x2.8 
1,051    1,783    601     +75%     Net investments     2,834    1,494    +90% 
 
                                   Operating cash 
                                   flow before 
                                   working capital 
555      852      869     -36%     changes **          1,407    1,479    -5% 
                                   Cash flow from 
1,389    (489)    641     x2.2     operations **       900      1,533    -41% 
 

* Detail of adjustment items shown in the business segment information annex to financial statements.

 

** Excluding financial charges, except those related to leases.

 

Adjusted net operating income for the iGRP segment was $326 million in the second quarter 2020, down 24% year-on-year and operating cash flow before working capital changes decreased by 36% in the same period to $555 million. The results are mainly due to the sharp drop in gas prices compared to the second quarter 2019.

 

In the first half 2020, adjusted net operating income for the iGRP segment was $1,239 million, an increase of 21% compared to last year, notably due to the strong 24% growth in LNG sales.

 

Exploration & Production

 

> Production

 
                           2Q20                                          1H20 
                             vs     Hydrocarbon                            vs 
2Q20     1Q20     2Q19      2Q19    production         1H20     1H19      1H19 
2,326    2,534    2,398    -3%      EP (kboe/d)        2,430    2,413    +1% 
1,487    1,626    1,551    -4%      Liquids (kb/d)     1,557    1,557    - 
4,574    4,949    4,629    -1%      Gas (Mcf/d)        4,761    4,668    +2% 
 

(MORE TO FOLLOW) Dow Jones Newswires

07-30-20 0830ET

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 2.15% 6.4702 Delayed Quote.42.80%
LONDON BRENT OIL 1.66% 45.28 Delayed Quote.-31.89%
TOTAL SE 0.67% 34.42 Real-time Quote.-30.51%
WTI 2.20% 42.505 Delayed Quote.-31.52%
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Financials (USD)
Sales 2020 126 B - -
Net income 2020 -1 591 M - -
Net Debt 2020 38 954 M - -
P/E ratio 2020 -126x
Yield 2020 7,78%
Capitalization 105 B 106 B -
EV / Sales 2020 1,14x
EV / Sales 2021 0,98x
Nbr of Employees 107 776
Free-Float 92,4%
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Mean consensus BUY
Number of Analysts 24
Average target price 49,54 $
Last Close Price 40,13 $
Spread / Highest target 68,6%
Spread / Average Target 23,5%
Spread / Lowest Target -22,9%
EPS Revisions
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 Lead Independent Director
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