Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Amazon com : France's TotalEnergies to buy back shares as fuel prices boom

07/29/2021 | 02:37am EDT
FILE PHOTO: A general view of a logo at the TotalEnergies electric vehicle fuelling station in the La Defense business district in Paris

(Adds share buy back figure, quote from CEO)

PARIS, July 29 (Reuters) - France's TotalEnergies said on Thursday it would use part of its cash flow for share buybacks worth at least $800 million, as rising oil and gas prices boosted profit, offsetting the hit from selling out of one of its Venezuelan ventures.

TotalEnergies has been investing heavily in clean energy projects and electricity production so it can eventually rely less on oil and gas, mirroring moves by European rivals.

On Thursday it announced a collaboration with Amazon , through which it will supply the online retail giant with renewable electricity, and it has been multiplying new investments, including in areas such as electric vehicle charging.

Surging oil and gas prices are boosting the industry for now, however, lifting earnings and feeding into investment budgets. Royal Dutch Shell and Norway's Equinor also announced share buyback schemes on Thursday, sparking a share price rally.

TotalEnergies shares were up 2.4% at 1500 GMT.

The group said it expected to generate more than $25 billion in cash flow this year, based on current high oil price forecasts, and would invest in more new projects and return surplus amounts to shareholders if oil prices remained high.

"The board of directors decided to allocate up to 40% of the additional cash flow generated above $60 per barrel to share buybacks," TotalEnergies said in a statement.

Chief Executive Patrick Pouyanne told an analyst call that it would mean share buybacks of $800 million in 2021.

"And if the average price is going up to $68 (a barrel), for example – we are not far – it could go up to one billion dollars," he said.

The group said it would also pay a second interim dividend of 0.66 euros per share for 2021, stable from the first quarter.


TotalEnergies' adjusted net income progressed further in the April to June period, reaching $3.5 billion, compared to an adjusted net income of $126 million a year ago at the start of the COVID-19 pandemic.

But the group also disclosed it was impacted by a $1.38 billion loss on the sale of its 30.3% stake in Petrocedeno, which produces extra-heavy crude oil from Venezuela's Orinoco Belt and transforms it into light crude oil.

Total said Venezuela's state-run oil company PDVSA would become Petrocedeno's 100% owner as Norway's Equinor also agreed to exit its 9.7% stake.

TotalEnergies, which still has a majority stake in Venezuela's Yucal Placer gas field among assets in the country, said the Petrocedeno development was not in line with the low carbon intensity projects it wants to focus on as part of any new oil investments.

The company slightly lowered its hydrocarbon production forecast to 2.85 million of barrels of oil equivalent per day (Mboe/d) in 2021 due to OPEC+ quotas in the second half of 2021. It had previously forecast that production would be stable versus 2020's 2.87 Mboe/d.

It said net investments would reach between $12 and $13 billion in 2021, with half of that earmarked for growth projects, including a major chunk in renewable energy and electricity.

Like its rivals, TotalEnergies has come under pressure from climate campaigners and some shareholders to speed up the shift from fossil fuels to cleaner sources of energy. It has a plan to reach carbon neutrality by 2050, with staggered targets to 2030.

It also faces the challenge of catching up with renewable energy leaders such as Spanish wind power group Iberdrola and Italy's Enel, which have been positioning themselves for years in the segment.

(Reporting by Sarah White, Benjamin Mallet and Sudip Kar-Gupta, Editing by David Evans, Barbara Lewis and Emelia Sithole-Matarise)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.58% 3405.8 Delayed Quote.5.18%
EQUINOR ASA 2.21% 210.9 Real-time Quote.45.50%
All news about AMAZON.COM, INC.
03:32pAMAZON COM : CareBand and Life360 tap Amazon technology to help people stay connected
02:50pWARNER MUSIC : Twitch Collaborate Over Rollout of Recording Artist Channels, Standalone Mu..
02:22pWall Street pivots to value as Treasury yields rise
12:58pMIDDAY REPORT : US Stocks Mixed as Rising Bond Yields Pressure Technology; Oil Jumps
12:25pUS Stocks Mixed Amid Rising Bond Yields; Oil Jumps
12:09pTelefonica to migrate systems onto cloud in deal with Oracle
10:17aTech mega-caps knock 1% off Nasdaq; banks lift Dow
10:08aAMAZON COM : Morgan Stanley Cuts Price Target for Amazon.com to $4,100 from $4,300 Due To ..
09:43aAMAZON COM : BofA Securities Lowers Amazon's Price Target to $4,100 From $4,300, Maintains..
09:30aWALL STREET STOCK EXCHANGE : A new gift from China
More news
Analyst Recommendations on AMAZON.COM, INC.
More recommendations
Financials (USD)
Sales 2021 478 B - -
Net income 2021 27 015 M - -
Net cash 2021 57 270 M - -
P/E ratio 2021 65,4x
Yield 2021 -
Capitalization 1 735 B 1 735 B -
EV / Sales 2021 3,51x
EV / Sales 2022 2,91x
Nbr of Employees 1 298 000
Free-Float 82,5%
Duration : Period :
Amazon.com, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AMAZON.COM, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 47
Last Close Price 3 425,52 $
Average target price 4 179,55 $
Spread / Average Target 22,0%
EPS Revisions
Managers and Directors
Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Thomas O. Ryder Independent Director
Sector and Competitors
1st jan.Capi. (M$)
AMAZON.COM, INC.5.18%1 734 822
JD.COM, INC.-15.84%114 829
WAYFAIR INC.21.60%28 530
ETSY, INC.25.26%28 208
ALLEGRO.EU SA-29.59%15 534
MOMO.COM INC.265.75%12 843