* The indicators are shown on page 16.

The average LNG sales price fell by 19% in the third quarter 2020 compared to the previous quarter, due to the delayed impact of lower oil prices in the first half 2020 on long-term LNG contracts.

> Production* 


 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19                                 9M20   9M19    9M19 
                            Hydrocarbon production 
2,715  2,846  3,040  -11%   (kboe/d)                       2,882  2,981  -3% 
                            Oil (including bitumen) 
1,196  1,315  1,441  -17%   (kb/d)                         1,319  1,424  -7% 
                            Gas (including condensates 
1,519  1,531  1,599  -5%    and associated NGL) (kboe/d)   1,563  1,557  - 
 
                            Hydrocarbon production 
2,715  2,846  3,040  -11%   (kboe/d)                       2,882  2,981  -3% 
1,437  1,553  1,720  -16%   Liquids (kb/d)                 1,563  1,658  -6% 
6,973  7,045  7,200  -3%    Gas (Mcf/d)**                  7,193  7,225  -

* Group production = EP production + iGRP production.

** 3Q19 and 9M19 data restated

Hydrocarbon production was 2,715 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2020, a decrease of 11% year-on-year, comprised of: 


   -- -7% due to compliance with OPEC+ quotas, notably in Nigeria, the United 
      Arab Emirates, Angola, Kazakhstan and Iraq, as well as voluntary 
      reductions in Canada and disruptions in Libya. 
 
   -- -1% due to portfolio effect, notably linked to the sale of Block CA1 in 
      Brunei and the sale of assets in the United Kingdom. 
 
   -- +3% 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. 
 
   -- -3% due to maintenance.

Hydrocarbon production was 2,715 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2020, a decrease of 5% compared to the previous quarter, comprised of: 


   -- -3% due to reinforcement OPEC+ quotas, notably in Nigeria. 
 
   -- -1% due to portfolio effect, notably linked to the sale of assets in the 
      United Kingdom. 
 
   -- +1% due to the ramp-up of recently started projects, notably Ichthys in 
      Australia, Tempa Rossa in Italy and Iara in Brazil. 
 
   -- -2% due to the natural decline of fields and maintenance.

Analysis of business segments

Integrated Gas, Renewables & Power (iGRP)

> Production and sales of Liquefied natural gas (LNG) and electricity 


 
                     3Q20                                                9M20 
                      vs    Hydrocarbon production for                    vs 
3Q20   2Q20   3Q19    3Q19  LNG                            9M20   9M19    9M19 
518    520    539    -4%    iGRP (kboe/d)                  530    539    -2% 
70     66     73     -5%    Liquids (kb/d)                 70     71     -2% 
2,445  2,471  2,546  -4%    Gas (Mcf/d)*                   2,509  2,562  -2% 
 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19  Liquefied Natural Gas in Mt    9M20   9M19    9M19 
8.1    10.4   7.4    +9%    Overall LNG sales              28.3   23.7   +19% 
                            incl. Sales from equity 
4.3    4.3    4.2    +3%    production**                   13.3   12.0   +11% 
6.6    8.7    5.5    +20%   incl. Sales by Total from      23.2   18.3   +27% 
                            equity production and third 
                            party purchases

* 3Q19 and 9M19 data restated

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


 
                  3Q20                                                   9M20 
                   vs                                                     vs 
3Q20  2Q20  3Q19   3Q19  Renewables & Electricity            9M20  9M19   9M19 
                         Gross renewables installed 
5.1   5.1   2.7   +85%   capacity (GW)*                      5.1   2.7   +85% 
                         Gross renewables installed or in 
                         development capacity with PPA 
14.2                     (GW)*                               14.2 
4.1   2.9   2.9   +41%   Net power production (TWh)**        9.9   7.9   +25% 
                         incl. Power production from 
1.0   1.1   0.5   x2.1   renewables                          2.8   1.4   x2 
                         Clients power - BtB and BtC 
4.4   4.2   4.1   +7%    (Million)*                          4.4   4.1   +7% 
                         Clients gas - BtB and BtC 
1.7   1.7   1.6   +4%    (Million)*                          1.7   1.6   +7% 
10.2  9.4   9.9   +3%    Sales power - BtB and BtC (TWh)     33.8  33.2  +2% 
13.5  17.3  13.5  -      Sales gas - BtB and BtC (TWh)       64.4  65.5  -2%

* Capacity at end of period.

** Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.

Hydrocarbon production for LNG was stable compared to the previous quarter and down 4% compared to last year.

Total LNG sales: 


   -- increased by 9% in the third quarter 2020 compared to last year, notably 
      due to an increase in trading activities. 
 
   -- increased by 19% for the first nine months 2020 compared to the same 
      period last year for the same reason and thanks to the ramp-up of Yamal 
      LNG, Ichthys LNG and the start-up of the first two Cameron LNG trains in 
      the US.

Gross installed renewable power generation capacity was 5.1 GW end of third quarter, a strong 85% 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 power and gas customers grow compared to last year by 7% and 4%, respectively, and for the first nine months 2020 by 7%.

Net electricity production was 4.1 TWh in the third quarter, up 41% year-on-year, notably due to higher demand on the Group's CCGTs and the doubling of renewable electricity production.

Electricity sales increased by 2% in the first nine months 2020 compared to the same period last year, while gas sales decreased by 2% in the same comparison, impacted by lower demand linked to the lockdown in Europe.

> Results 


 
                    3Q20                                                 9M20 
                     vs                                                   vs 
3Q20  2Q20   3Q19    3Q19  In millions of dollars          9M20   9M19    9M19 
285   326    574    -50%   Adjusted net operating income*  1,524  1,595  -4% 
                           including income from equity 
99    (69)   206    -52%   affiliates                      278    656    -58% 
 
450   618    640    -30%   Organic investments             1,714  1,575  +9% 
36    433    3,375  -99%   Net acquisitions                1,606  3,934  -59% 
486   1,051  4,015  -88%   Net investments                 3,320  5,509  -40% 
 
                           Operating cash flow before 
695   1,051  732    -5%    working capital changes **      2,346  2,052  +14% 
654   1,389  401    +63%   Cash flow from operations ***   1,554  1,934  -20%

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

** Excluding financial charges, except those related to leases. 2Q20, 3Q19 and 9M19 data restated.

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

Adjusted net operating income for the iGRP segment was: 


   -- $285 million in the third quarter 2020 compared to $574 million in the 
      third quarter 2019, due to the drop in LNG prices. 
 
   -- $1,524 million in the first nine months 2020, a decrease of 4% compared 
      to the same period last year for the same reason.

Operating cash flow before working capital changes was $695 million in the third quarter 2020, a 5% decrease year-on-year, and $2,346 million in the first nine months 2020, an increase of 14% compared to the same period last year and in line with the 19% increase in LNG sales.

Exploration & Production

> Production 


 
                     3Q20                                         9M20 
                      vs                                           vs 
3Q20   2Q20   3Q19    3Q19  Hydrocarbon production  9M20   9M19    9M19 
2,197  2,326  2,501  -12%   EP (kboe/d)             2,352  2,442  -4% 
1,367  1,487  1,647  -17%   Liquids (kb/d)          1,493  1,587  -6% 
4,528  4,574  4,654  -3%    Gas (Mcf/d)             4,684  4,663  -

> Results 


 
                     3Q20                                                9M20 
                      vs    In millions of dollars,                       vs 
3Q20   2Q20   3Q19    3Q19  except effective tax rate     9M20   9M19     9M19 
                            Adjusted net operating 
801    (209)  1,734  -54%   income*                       1,295  5,478   -76% 
                            including income from equity 
268    48     297    -10%   affiliates                    706    749     -6% 
32.9%  56.6%  39.7%         Effective tax rate**          39.7%  42.8% 
 
1,266  1,112  2,064  -39%   Organic investments           3,950  6,017   -34% 
(309)  311    (3)    ns     Net acquisitions              (4)    239     ns 
957    1,423  2,061  -54%   Net investments               3,946  6,256   -37% 
 
                            Operating cash flow before 
2,646  1,810  4,451  -41%   working capital changes ***   7,032  13,579  -48% 
                            Cash flow from operations 
2,043  910    5,007  -59%   ***                           6,876  12,711  -46%

(MORE TO FOLLOW) Dow Jones Newswires

10-30-20 0855ET