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

TOTAL SE

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Total: Third Quarter 2020 Results -3-

10/30/2020 | 07:56am EST

* 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 income was:

   -- $801 million in the third quarter compared to $1,734 million a year ago 
      due to the sharp drop in oil and gas prices and lower production. 
 
   -- $1,295 million in the first nine months 2020, a 76% decrease compared to 
      the same period last year for the same reasons. 
 

Operating cash flow before working capital changes was $2,646 million in the third quarter, down 41% year-on-year, and $7,032 million in the first nine months 2020, a 48% decrease compared to the same period last year.

Downstream (Refining & Chemicals and Marketing & Services)

> Results

 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19  In millions of dollars         9M20   9M19    9M19 
                            Adjusted net operating 
373    704    1,365  -73%   income*                        1,761  3,602  -51% 
 
449    457    570    -21%   Organic investments            1,183  1,447  -18% 
2      (20)   52     -96%   Net acquisitions               (48)   (42)   ns 
451    437    622    -27%   Net investments                1,135  1,405  -19% 
 
                            Operating cash flow before 
971    1,488  1,995  -51%   working capital changes **     3,523  5,113  -31% 
2,060  1,899  3,058  -33%   Cash flow from operations **   2,377  5,021  -53% 
 

* 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

 
                     3Q20                                                9M20 
                      vs    Refinery throughput and                       vs 
3Q20   2Q20   3Q19    3Q19  utilization rate*              9M20   9M19    9M19 
                            Total refinery throughput 
1,212  1,249  1,719  -29%   (kb/d)                         1,302  1,725  -25% 
267    205    503    -47%   France                         242    514    -53% 
540    595    757    -29%   Rest of Europe                 630    753    -16% 
405    449    459    -12%   Rest of world                  429    458    -6% 
                            Utlization rate based on 
57%    59%    82%           crude only**                   62%    83% 
 

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

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

 
                     3Q20                                                9M20 
                      vs    Petrochemicals production and                 vs 
3Q20   2Q20   3Q19    3Q19  utilization rate               9M20   9M19    9M19 
1,255  1,391  1,402  -11%   Monomers* (kt)                 4,033  3,788  +6% 
1,248  1,193  1,268  -2%    Polymers (kt)                  3,642  3,692  -1% 
                            Vapocracker utilization 
75%    84%    91%           rate**                         81%    81% 
 

* Olefins.

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

Refinery throughput volumes:

   -- Decreased by 29% in the third quarter 2020 compared to the previous year, 
      mainly due to high inventories of refined products and the drop in 
      demand. The extended shutdown of the distillation unit at the Normandy 
      platform following an incident at the end of 2019 and the safety outage 
      at the Port Arthur refinery in the US in September related to Hurricane 
      Laura also contributed to the reduction. 
 
   -- Decreased by 25% in the first nine months 2020 year-on-year for the same 
      reasons. 
 

Monomer production:

   -- Decreased 11% in the third quarter 2020 year-on-year to 1,255 kt, 
      essentially due to prolonged unscheduled maintenance on the Port Arthur 
      cracker. 
 
   -- Increased 6% in the first nine months 2020 year-on-year as a result of 
      2019 planned maintenance on the steamcracker at Daesan in South Korea. 
 

Polymer production:

   -- Slight decrease of 2% in the third quarter 2020 year-on-year to 1,248 kt, 
      due to the drop in demand. 
 
   -- Stable in the first nine months 2020 compared to the first nine months 
      2019, due to planned maintenance of the steamcracker upstream of the 
      polymer units at Daesan in South Korea in 2019 and offset by the closure 
      of the polystyrene site at El Pratt in Spain and the planned maintenance 
      at the Qatofin platform in Qatar in the first quarter 2020. 
 

> Results

 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19  In millions of dollars         9M20   9M19    9M19 
                            Adjusted net operating 
(88)   575    952    ns     income*                        869    2,423  -64% 
 
291    302    355    -18%   Organic investments            761    948    -20% 
(1)    (15)   19     ns     Net acquisitions               (52)   (163)  ns 
290    287    374    -22%   Net investments                709    785    -10% 
 
                            Operating cash flow before 
242    996    1,373  -82%   working capital changes **     1,912  3,283  -42% 
1,027  1,080  1,575  -35%   Cash flow from operations **   924    2,695  -66% 
 

* 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 to a loss of -$88 million in the third quarter 2020. The drop 
      was due to negative refining margins resulting from weak demand, notably 
      for distillates as a result of particularly depressed demand for air 
      transport. 
 
   -- Decreased to $869 million in the first nine months 2020, down 64% 
      compared to the same period last year, due to refining margin 
      deterioration and low plant utilization based on crude oil throughput of 
      62%, partially offset by resilient petrochemical margins and 
      outperformance of the trading activities in the second quarter 2020. 
 

Operating cash flow before working capital changes fell to $242 million in the third quarter 2020, down 82% compared to a year ago, and to $1,912 million in the first nine months 2020, down by 42%.

Marketing & Services

> Petroleum product sales

 
                     3Q20                                                9M20 
                      vs                                                  vs 
3Q20   2Q20   3Q19    3Q19  Sales in kb/d*                 9M20   9M19    9M19 
                            Total Marketing & Services 
1,442  1,301  1,848  -22%   sales                          1,466  1,848  -21% 
819    740    1,034  -21%   Europe                         822    1,017  -19% 
623    561    814    -23%   Rest of world                  645    831    -22% 
 

* Excludes trading and bulk refining sales

Petroleum product sales volumes decreased by 22% compared to a year ago and by 21% in the first nine months of 2020 compared to the same period last year, notably due to the impact of Covid-19 and associated lockdown on global demand. However, there was an improvement over the previous quarter thanks to the recovery in demand, mainly in Europe and Asia.

> Results

 
                    3Q20                                                 9M20 
                     vs                                                   vs 
3Q20   2Q20  3Q19    3Q19  In millions of dollars          9M20   9M19    9M19 
461    129   413    +12%   Adjusted net operating income*  892    1,179  -24% 
 
158    155   215    -27%   Organic investments             422    499    -15% 
3      (5)   33     -91%   Net acquisitions                4      121    -97% 
161    150   248    -35%   Net investments                 426    620    -31% 
 
                           Operating cash flow before 
729    492   622    +17%   working capital changes **      1,611  1,830  -12% 
1,033  819   1,483  -30%   Cash flow from operations **    1,453  2,326  -38% 
 

* 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 was $461 million in the third quarter 2020, an increase of 12% compared to a year ago, due to rising margins.

Operating cash flow before working capital changes increased by 17% to $729 million in the third quarter.

Group results

> Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

   -- $1,459 million in the third quarter 2020, a decrease of 60% compared to a 
      year ago, due to lower Brent prices, natural gas prices and refining 
      margins. 
 
   -- $4,580 million in the first nine months 2020, a decrease of 57% 
      year-on-year for the same reasons. 
 

> Adjusted net income (Group share)

Adjusted net income (Group share) was:

   -- $848 million in the third quarter 2020, compared to $3,017 million in the 
      third quarter 2019, due to lower Brent prices, natural gas prices and 
      refining margins. 
 
   -- $2,755 million in the first nine months 2020, a decrease of 68% 
      year-on-year, for the same reasons. 
 

Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value(3) .

(MORE TO FOLLOW) Dow Jones Newswires

10-30-20 0855ET

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -0.58% 504.05 Delayed Quote.-6.05%
KT CORPORATION 0.63% 24100 End-of-day quote.-10.74%
LONDON BRENT OIL 0.73% 48.1 Delayed Quote.-26.00%
S&P AFRICA 40 INDEX -0.30% 163.26 Delayed Quote.-5.58%
TOTAL SE 1.18% 37.68 Real-time Quote.-24.05%
WTI 0.87% 45.39 Delayed Quote.-25.37%
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Financials (USD)
Sales 2020 126 B - -
Net income 2020 -6 845 M - -
Net Debt 2020 38 856 M - -
P/E ratio 2020 -16,8x
Yield 2020 6,99%
Capitalization 117 B 117 B -
EV / Sales 2020 1,24x
EV / Sales 2021 1,11x
Nbr of Employees 107 776
Free-Float 91,1%
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Mean consensus BUY
Number of Analysts 23
Average target price 47,87 $
Last Close Price 44,50 $
Spread / Highest target 31,6%
Spread / Average Target 7,56%
Spread / Lowest Target -47,3%
EPS Revisions
Managers
NameTitle
Patrick Pouyanné Chairman & Chief Executive Officer
Jean-Pierre Gerard Claude Sbraire Chief Financial Officer
Marie-Noelle Semeria Chief Technology Officer
Patrick Artus Independent Director
Marie-Christine Coisne-Roquette Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
TOTAL SE-24.05%116 945
SAUDI ARABIAN OIL COMPANY1.84%1 913 443
ROYAL DUTCH SHELL PLC-42.13%137 507
PETROCHINA COMPANY LIMITED-32.23%112 858
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-14.45%63 994
PUBLIC JOINT STOCK COMPANY ROSNEFT OIL COMPANY-14.98%58 215