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

TOTAL SE

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Total Demonstrates Resilience and Maintains Dividend in Exceptionally Weak Second Quarter Environment

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07/30/2020 | 08:31am EDT

Regulatory News:

 
                                                      Change          Change 
                                                2Q20   vs 2Q19  1H20   vs 1H19 
 
Oil price - Brent ($/b)                         29.6  -57%      40.1  -39% 
European gas price - NBP ($/Mbtu)               1.7   -59%      2.4   -54% 
Adjusted net income (Group share)(1) 
- in billions of dollars (B$)                   0.13  -96%      1.91  -66% 
- in dollars per share                          0.02  -98%      0.68  -67% 
 
DACF(1) (B$)                                    3.6   -49%      8.2   -41% 
Cash Flow from operations (B$)                  3.5   -44%      4.8   -52% 
 
 
Net income (Group share) of -8.4 B$ in 2Q20, considering the 
 exceptional asset impairments of 8.1 B$(2) 
Net-debt-to-capital ratio of 23.6% (excl. 
 leases impact) at June 30, 2020 
Hydrocarbon production of 2,846 kboe/d in 2Q20, a decrease of 
 4% compared to 2Q19 
Second 2020 interim dividend set at 0.66 
 EUR/share 
 
 

Total's (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on July 29, 2020, under the chairmanship of CEO Patrick Pouyanné to approve the Group's second quarter 2020 financial statements. On this occasion, Patrick Pouyanné said:

<< During the second quarter, the Group faced exceptional circumstances: the COVID-19 health crisis with its impact on the global economy and the oil market crisis with Brent falling sharply to 30 $/b on average, gas prices dropping to historic lows and refining margins collapsing due to weak demand.

OPEC+ production restraint, however, has contributed to the market recovery since June, with an average Brent price above 40 $/b. The discipline with which the countries implemented the quotas reduced the Group's production by close to 100 kboe/d in the second quarter to 2.85 Mboe/d, and the Group now anticipates full-year production in the range of 2.9-2.95 Mboe/d in 2020.

Due to the significant slowdown of the European economy during the lockdown, the Group's retail networks observed an average decrease in petroleum products demand on the order of 30% during the quarter, and the utilization rate at its European refineries fell to around 60%. However, June saw a rebound of activity in Europe to 90% of pre-crisis levels for the retail networks and 97% for its gas and electricity marketing business.

In this historically difficult context, the Group demonstrates its resilience, reporting $3.6 billion of cash flow, positive adjusted net income and a level of gearing under control. These results are driven in particular by the outperformance of trading activities, once again demonstrating the relevance of Total's integrated model, and by the effectiveness of the action plan put in place from the start of the crisis, notably the discipline on spend.

Taking into account this resilience, the Board of Directors maintains the second interim dividend at EUR0.66 per share and reaffirms its sustainability in a 40 $/b Brent environment.

This quarter shows once again the quality of the Group's portfolio with a breakeven below 25 $/b, benefiting from the strategy to focus on assets with low production costs, notably in the Middle East. Active portfolio management continues with the sale of non-operated assets in Gabon and the Lindsey refinery in the United Kingdom.

 

In the midst of these short-term challenges, the Group is resolutely implementing its new climate ambition, announced on May 5, 2020 with the entry into a giant offshore wind project in the North Sea as well as the acquisition in Spain of a portfolio of 2.5 million residential gas and electricity customers plus electricity generation capacity. Investments in low-carbon electricity will be close to 2 B$ and account for nearly 15% of Capex in 2020. In line with this ambition, the Group reviewed the assets that could have been qualified as "stranded assets". The only assets concerned are the Canadian oil sands projects and the Board of Directors has decided to impair these assets in Canada for $7 billion(2) .>>

 

Highlights(3)

   -- New Climate Ambition to achieve carbon neutrality by 2050 
 
   -- Joined the "Coalition for the Energy of the Future" with 10 major 
      partners to accelerate the energy transition of transportation and 
      logistics 
 
   -- Joined the "Getting to Zero Coalition" to contribute to the shipping 
      industry's decarbonization 
   -- Investment decision for the Northern Lights project in Norway for the 
      transport and storage of CO2 
 
   -- Signed the external financing agreement for the Mozambique LNG project 
      for $14.9 billion, the largest project financing in Africa 
 
   -- Extension of the LNG supply contract with Sonatrach for 2 Mt/y 
 
   -- Agreement with SSE Renewables to acquire a 51% stake in the 1,140 MW 
      offshore wind project in the Scottish North Sea 
 
   -- Acquisition of EDP's portfolio of 2.5 million residential customers and 
      two natural gas-fired combined-cycle power plants, with a combined 
      capacity of nearly 850 megawatts 
 
   -- Started up the second FPSO on the deep-offshore Iara field in Brazil 
 
   -- Discovery of Bashrush gas field in Egypt on North El Hammad permit 
 
   -- Third discovery (Kwaskwasi) on block 58 in Surinam 
 
   -- Sale of the portfolio of mature and non-operated assets in Gabon 
 
   -- Sale of the Lindsey refinery in the United Kingdom 
   -- Creation of a 50:50 JV with IndianOil to manufacture and market 
      high-quality bitumen derivatives 
 
   -- Adoption by the Group of statutes to become a European Company 
 

Key figures(4)

 
                                     In millions of 
                                     dollars, except 
                                     effective tax 
                                     rate, earnings 
                             2Q20    per share and                            1H20 
                              vs     number of                                 vs 
2Q20       1Q20     2Q19     2Q19    shares              1H20       1H19      1H19 
                                     Adjusted net 
                                     operating income 
                                     from business 
821        2,300    3,589    -77%    segments            3,121      7,002     -55% 
                                     Exploration & 
(209)      703      2,022    ns      Production          494        3,744     -87% 
                                     Integrated Gas, 
                                     Renewables & 
326        913      429      -24%    Power               1,239      1,021     +21% 
                                     Refining & 
575        382      715      -20%    Chemicals           957        1,471     -35% 
                                     Marketing & 
129        302      423      -70%    Services            431        766       -44% 
                                     Contribution of 
                                     equity 
                                     affiliates to 
                                     adjusted net 
11         658      457      -98%    income              669        1,071     -38% 
                                     Group effective 
-6.8%      30.0%    33.0%            tax rate(5)         24.3%      36.9% 
                                     Adjusted net 
                                     income (Group 
126        1,781    2,887    -96%    share)              1,907      5,646     -66% 
                                     Adjusted 
                                     fully-diluted 
                                     earnings per 
                                     share 
0.02       0.66     1.05     -98%    (dollars)(6)        0.68       2.07      -67% 
                                     Adjusted 
                                     fully-diluted 
                                     earnings per 
0.02       0.60     0.94     -98%    share (euros)**     0.62       1.84      -66% 
                                     Fully-diluted 
                                     weighted-average 
                                     shares 
2,598      2,601    2,625    -1%     (millions)          2,598      2,622     -1% 
 
                                     Net income 
(8,369)    34       2,756    ns      (Group share)       (8,335)    5,867     ns 
 
                                     Organic 
2,201      2,523    3,028    -27%    investments(7)      4,724      5,811     -19% 
                                     Net 
721        1,102    402      +79%    acquisitions(8)     1,823      709       x2.6 
                                     Net 
2,922      3,625    3,430    -15%    investments(9)      6,547      6,520     - 
                                     Operating cash 
                                     flow before 
                                     working capital 
3,148      4,016    6,707    -53%    changes(10)         7,164      12,740    -44% 
                                     Operating cash 
                                     flow before 
                                     working capital 
                                     changes w/o 
                                     financial 
                                     charges 
3,647      4,528    7,208    -49%    (DACF)(11)          8,175      13,744    -41% 
                                     Cash flow from 
3,479      1,299    6,251    -44%    operations          4,778      9,880     -52% 
 

From 2019, data take into account the impact of the new rule IFRS16 "Leases", effective January 1, 2019.

 

* Average EUR-$ exchange rate: 1.1014 in the second quarter 2020 and 1.1020 in the first half 2020.

 

Key figures of environment and Group production

 

(MORE TO FOLLOW) Dow Jones Newswires

07-30-20 0830ET

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.61% 472.17 Delayed Quote.-11.53%
EURO / BRAZILIAN REAL (EUR/BRL) 2.17% 6.4678 Delayed Quote.42.80%
LONDON BRENT OIL 2.02% 45.46 Delayed Quote.-31.89%
S&P AFRICA 40 INDEX 1.03% 156.82 Delayed Quote.-9.82%
TOTAL SE 0.67% 34.42 Real-time Quote.-30.51%
WTI 2.68% 42.7 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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Technical analysis trends TOTAL SE
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
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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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