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

TOTAL SE

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Total Demonstrates Resilience and Maintains -3-

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07/30/2020 | 08:31am EDT

> Results

 
                                    In millions of 
                           2Q20     dollars, except                      1H20 
                             vs     effective tax                          vs 
2Q20     1Q20     2Q19      2Q19    rate               1H20     1H19      1H19 
                                    Adjusted net 
                                    operating 
(209)    703      2,022    ns       income*            494      3,744    -87% 
                                    including 
                                    income from 
                                    equity 
48       390      239      -80%     affiliates         438      452      -3% 
                                    Effective tax 
56.6%    59.6%    39.5%             rate**             69.6%    44.0% 
 
                                    Organic 
1,112    1,572    1,995    -44%     investments        2,684    3,953    -32% 
                                    Net 
311      (6)      204      +52%     acquisitions       305      242      +26% 
1,423    1,566    2,199    -35%     Net investments    2,989    4,195    -29% 
 
                                    Operating cash 
                                    flow before 
                                    working capital 
1,810    2,576    4,882    -63%     changes ***        4,386    9,128    -52% 
                                    Cash flow from 
910      3,923    3,768    -76%     operations ***     4,833    7,704    -37% 
 

* Details on adjustment items are shown in the business segment information annex to financial statements.

** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

 

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

 

Exploration & Production adjusted net operating loss was $209 million in the second quarter compared to adjusted net operating income of $2,022 million a year ago due to the sharp drop in oil and gas prices and lower production. Operating cash flow before working capital changes was $1,810 million in the second quarter compared to $4,882 million a year earlier for the same reasons.

 

Exploration & Production adjusted net operating income fell to $494 million in the first half 2020 from $3,744 million in the first half 2019 due to the sharp drop in oil and gas prices. Operating cash flow before working capital changes was $4,386 million compared to $9,128 million in the first half 2019.

 

Downstream (Refining & Chemicals and Marketing & Services)

 

> Results

 
                             2Q20                                        1H20 
                               vs     In millions                          vs 
2Q20     1Q20       2Q19      2Q19    of dollars       1H20     1H19      1H19 
                                      Adjusted net 
                                      operating 
704      684        1,138    -38%     income*          1,388    2,237    -38% 
 
                                      Organic 
457      277        557      -18%     investments      734      876      -16% 
                                      Net 
(20)     (30)       38       ns       acquisitions     (50)     (93)     ns 
                                      Net 
437      247        595      -27%     investments      684      783      -13% 
 
                                      Operating 
                                      cash flow 
                                      before 
                                      working 
                                      capital 
1,488    1,064      1,432    +4%      changes **       2,552    3,118    -18% 
                                      Cash flow 
                                      from 
                                      operations 
1,899    (1,582)    2,269    -16%     **               317      1,963    -84% 
 

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

 

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

 

Refining & Chemicals

 

> Refinery and petrochemicals throughput and utilization rates

 
                                    Refinery 
                           2Q20     throughput and                       1H20 
                             vs     utilization                            vs 
2Q20     1Q20     2Q19      2Q19    rate*              1H20     1H19      1H19 
                                    Total refinery 
                                    throughput 
1,249    1,444    1,595    -22%     (kb/d)             1,347    1,729    -22% 
205      255      447      -54%     France             230      520      -56% 
595      756      679      -12%     Rest of Europe     676      751      -10% 
449      433      469      -4%      Rest of world      441      458      -4% 
                                    Utlization rate 
                                    based on crude 
59%      69%      77%               only**             64%      83% 
 

* Includes refineries in Africa reported in the Marketing & Services segment.

 

** Based on distillation capacity at the beginning of the year.

 
                                    Petrochemicals 
                           2Q20     production and                       1H20 
                             vs     utilization                            vs 
2Q20     1Q20     2Q19      2Q19    rate               1H20     1H19      1H19 
1,391    1,386    993      +40%     Monomers* (kt)     2,778    2,386    +16% 
1,193    1,202    1,127    +6%      Polymers  (kt)     2,395    2,424    -1% 
                                    Vapocracker 
                                    utilization 
84%      83%      64%               rate**             83%      75% 
 

* Olefins.

 

** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.

 

Refinery throughput volumes decreased by 22% in the second quarter and in the first half of 2020 year-on-year, mainly due to prolonging the planned shutdown at Feyzin in France, the decision to not restart Grandpuits after a major turnaround given the drop in demand and the shutdown of the distillation unit at the Normandy platform following an incident at the end of 2019.

 

Monomer production was:

   -- Up by a strong 40% in the second quarter compared to a year ago. In the 
      second quarter 2019, it was 993 kt due to planned maintenance on the 
      steamcrackers at Daesan in South Korea and Port Arthur in the United 
      States. 
 
   -- Up 16% in the first half for the same reasons. 
 

Polymer production was:

   -- Up 6% in the second quarter 2020 compared to a year ago. It was 1,127 kt 
      in the second quarter 2019 due to planned maintenance of the steamcracker 
      upstream of the polymer units at Daesan in South Korea. 
 
   -- Stable in the first half for the same reasons and taking into account the 
      closure of the polystyrene site at El Prat in Spain and the planned 
      maintenance at the Qatofin platform in Qatar in the first quarter 2020. 
 

> Results

 
                             2Q20                                        1H20 
                               vs     In millions                          vs 
2Q20     1Q20       2Q19      2Q19    of dollars       1H20     1H19      1H19 
                                      Adjusted net 
                                      operating 
575      382        715      -20%     income*          957      1,471    -35% 
 
                                      Organic 
302      168        353      -14%     investments      470      593      -21% 
                                      Net 
(15)     (36)       (58)     ns       acquisitions     (51)     (182)    ns 
                                      Net 
287      132        295      -3%      investments      419      411      +2% 
 
                                      Operating 
                                      cash flow 
                                      before 
                                      working 
                                      capital 
996      674        806      +24%     changes **       1,670    1,910    -13% 
                                      Cash flow 
                                      from 
                                      operations 
1,080    (1,183)    1,658    -35%     **               (103)    1,120    ns 
 

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

 

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

 

Refining & Chemicals adjusted net operating income decreased by 20% to $575 million in the second quarter 2020 compared to a year ago. The decrease was notably due to an even more severely degraded refining margin environment in the second quarter and low plant utilization of 59%, partially offset by resilient petrochemical margins and outperformance of the trading activities.

 

Operating cash flow before working capital changes was $996 million in the second quarter of 2020, up 24% year-on-year for the reasons above as well as the receipt in the second quarter of the dividend from HTC.

 

In the first half 2020, Refining & Chemicals adjusted net operating income was $1 billion, down 35% compared to a year ago, and operating cash flow before working capital changes decreased by 13% to $1.7 billion. This decrease was notably linked to the degraded refining margin environment in the first half and to the weak plant utilization rate of 64%, partially offset by resilient petrochemical margins and very good performance of the trading activities.

 

Marketing & Services

 

(MORE TO FOLLOW) Dow Jones Newswires

07-30-20 0830ET

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.58% 471.81 Delayed Quote.-11.53%
HTC CORPORATION -1.33% 29.75 End-of-day quote.-22.63%
KT CORPORATION 3.43% 25600 End-of-day quote.-5.19%
LONDON BRENT OIL 2.11% 45.46 Delayed Quote.-31.89%
S&P AFRICA 40 INDEX 1.01% 156.7 Delayed Quote.-9.82%
TOTAL SE 0.67% 34.42 Real-time Quote.-30.51%
WTI 2.77% 42.72 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 7,76%
Capitalization 106 B 107 B -
EV / Sales 2020 1,15x
EV / Sales 2021 0,99x
Nbr of Employees 107 776
Free-Float 92,4%
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Technical analysis trends TOTAL SE
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 24
Average target price 49,58 $
Last Close Price 40,13 $
Spread / Highest target 68,6%
Spread / Average Target 23,6%
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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PETROCHINA COMPANY LIMITED-30.18%111 129
GAZPROM-25.25%62 082
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-23.53%56 390