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    TTE   FR0000120271

TOTALENERGIES SE

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Real-time Euronext Paris  -  11:38 2022-11-30 am EST
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Strike action, outages in France's refined product sector

09/27/2022 | 07:36am EST

Sept 27 (Reuters) - France's refined products sector is under strain as a result of strike action over pay and unplanned maintenance which have led to more than 40% of its refining capacity being taken offline.

The outages come at a time where Europe is looking to ease its dependence on Russian fuel.

Here are the oil companies and sites affected by strike action and outages.

EXXON MOBIL

French unions CGT and Force Ouvriere called for a strike on Sept. 20 following wage negotiations with Exxon Mobil related to rising inflation in Europe.

Strike action continued on Sept. 27 with wage discussions still underway, an Exxon Mobil spokesperson told Reuters.

"This unfortunate situation may impact our customers, contractors, suppliers, and employees, and affects the international reputation of Exxon Mobil activities in France," the spokesperson said.

PORT JEROME-GRAVENCHON

Exxon began gradually closing the 240,000 barrel per day (bpd) Port Jerome-Gravenchon oil refinery on Sept. 20, which was completed on the weekend of Sept. 24.

NOTRE DAME DE GRAVENCHON PETROCHEMICAL SITE

Exxon began closing the NGD petrochemical site on Sept. 20 as a result of strike action and completed the shutdown on the weekend of Sept. 24.

FOS-SUR-MER

Strike action spread to Exxon’s 235,000 bpd Fos-Sur-Mer refinery on Sept. 21, leading to a gradual shutdown of the plant, which was completed on the weekend of Sept. 24.

TERMINALS

Workers at Exxon’s Toulouse depot joined the strike on Sept. 22 but Exxon said on Sept. 27 that operations at its terminals have not been impacted.

TOTALENERGIES

French union CGT began a three-day strike over wages on Sept. 27 across TotalEnergies’ platforms, apart from the 230,000 bpd Donges refinery.

"In anticipation of the strike, TotalEnergies has taken the necessary logistical measures to be able to supply its service station network and its customers normally," a TotalEnergies spokesperson said.

REFINERIES

No product is leaving TotalEnergies’ 240,000 bpd Gonfreville oil refinery, the 119,000 bpd Feyzin oil refinery, and La Mede biorefinery, CGT union delegate Thierry Defresne said.

DEPOTS

Product transport from the Cote d’Opale fuel storage depots near Dunkirk has also stopped, CGT union delegate Thierry Defresne said.

FEYZIN REFINERY

TotalEnergies' 119,000 barrel per day (bpd) Feyzin oil refinery in southern France was taken offline on Sept. 16 after a leak at the fluid catalytic cracking unit.

The refinery is likely to remain closed for 4-6 weeks from that date, CGT union delegate Thierry Defresne said. (Reporting by Rowena Edwards; Editing by Alexander Smith)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL 0.22% 86.8 Delayed Quote.6.82%
EXXON MOBIL CORPORATION 0.72% 111.34 Delayed Quote.80.65%
TOTALENERGIES SE 2.32% 60.31 Real-time Quote.35.13%
WTI -0.13% 80.467 Delayed Quote.1.55%
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Financials (USD)
Sales 2022 259 B - -
Net income 2022 28 155 M - -
Net Debt 2022 16 684 M - -
P/E ratio 2022 5,73x
Yield 2022 5,62%
Capitalization 156 B 156 B -
EV / Sales 2022 0,67x
EV / Sales 2023 0,71x
Nbr of Employees 101 309
Free-Float 91,1%
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Number of Analysts 23
Last Close Price 62,19 $
Average target price 66,59 $
Spread / Average Target 7,06%
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Managers and Directors
Patrick Pouyanné Chairman & Chief Executive Officer
Jean-Pierre Gerard Claude Sbraire Vice President-Crude Acquisitions
Marie-Noëlle Séméria Chief Technology Officer
Marie-Christine Coisne-Roquette Lead Independent Director
Patricia Barbizet-Dussart Independent Director
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1st jan.Capi. (M$)
TOTALENERGIES SE35.13%152 699
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PETROCHINA COMPANY LIMITED0.29%126 799
EQUINOR ASA59.81%119 593
GAZPROM-42.32%76 435