TOTALENERGIES SE > Results
In millions of
2Q20 dollars, except 1H20
vs effective tax vs
2Q20 1Q20 2Q19 2Q19 rate 1H20 1H19 1H19
Adjusted net
operating
(209) 703 2,022 ns income* 494 3,744 -87%
including
income from
equity
48 390 239 -80% affiliates 438 452 -3%
Effective tax
56.6% 59.6% 39.5% rate** 69.6% 44.0%
Organic
1,112 1,572 1,995 -44% investments 2,684 3,953 -32%
Net
311 (6) 204 +52% acquisitions 305 242 +26%
1,423 1,566 2,199 -35% Net investments 2,989 4,195 -29%
Operating cash
flow before
working capital
1,810 2,576 4,882 -63% changes *** 4,386 9,128 -52%
Cash flow from
910 3,923 3,768 -76% operations *** 4,833 7,704 -37%
* 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 loss was $209 million in the second quarter compared to adjusted net operating income of $2,022 million a year ago due to the sharp drop in oil and gas prices and lower production. Operating cash flow before working capital changes was $1,810 million in the second quarter compared to $4,882 million a year earlier for the same reasons.
Exploration & Production adjusted net operating income fell to $494 million in the first half 2020 from $3,744 million in the first half 2019 due to the sharp drop in oil and gas prices. Operating cash flow before working capital changes was $4,386 million compared to $9,128 million in the first half 2019.
Downstream (Refining & Chemicals and Marketing & Services)
> Results
2Q20 1H20
vs In millions vs
2Q20 1Q20 2Q19 2Q19 of dollars 1H20 1H19 1H19
Adjusted net
operating
704 684 1,138 -38% income* 1,388 2,237 -38%
Organic
457 277 557 -18% investments 734 876 -16%
Net
(20) (30) 38 ns acquisitions (50) (93) ns
Net
437 247 595 -27% investments 684 783 -13%
Operating
cash flow
before
working
capital
1,488 1,064 1,432 +4% changes ** 2,552 3,118 -18%
Cash flow
from
operations
1,899 (1,582) 2,269 -16% ** 317 1,963 -84%
* 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
Refinery
2Q20 throughput and 1H20
vs utilization vs
2Q20 1Q20 2Q19 2Q19 rate* 1H20 1H19 1H19
Total refinery
throughput
1,249 1,444 1,595 -22% (kb/d) 1,347 1,729 -22%
205 255 447 -54% France 230 520 -56%
595 756 679 -12% Rest of Europe 676 751 -10%
449 433 469 -4% Rest of world 441 458 -4%
Utlization rate
based on crude
59% 69% 77% only** 64% 83%
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.
Petrochemicals
2Q20 production and 1H20
vs utilization vs
2Q20 1Q20 2Q19 2Q19 rate 1H20 1H19 1H19
1,391 1,386 993 +40% Monomers* (kt) 2,778 2,386 +16%
1,193 1,202 1,127 +6% Polymers (kt) 2,395 2,424 -1%
Vapocracker
utilization
84% 83% 64% rate** 83% 75%
* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.
Refinery throughput volumes decreased by 22% in the second quarter and in the first half of 2020 year-on-year, mainly due to prolonging the planned shutdown at Feyzin in France, the decision to not restart Grandpuits after a major turnaround given the drop in demand and the shutdown of the distillation unit at the Normandy platform following an incident at the end of 2019.
Monomer production was:
-- Up by a strong 40% in the second quarter compared to a year ago. In the
second quarter 2019, it was 993 kt due to planned maintenance on the
steamcrackers at Daesan in South Korea and Port Arthur in the United
States.
-- Up 16% in the first half for the same reasons.
Polymer production was:
-- Up 6% in the second quarter 2020 compared to a year ago. It was 1,127 kt
in the second quarter 2019 due to planned maintenance of the steamcracker
upstream of the polymer units at Daesan in South Korea.
-- Stable in the first half for the same reasons and taking into account the
closure of the polystyrene site at El Prat in Spain and the planned
maintenance at the Qatofin platform in Qatar in the first quarter 2020.
> Results
2Q20 1H20
vs In millions vs
2Q20 1Q20 2Q19 2Q19 of dollars 1H20 1H19 1H19
Adjusted net
operating
575 382 715 -20% income* 957 1,471 -35%
Organic
302 168 353 -14% investments 470 593 -21%
Net
(15) (36) (58) ns acquisitions (51) (182) ns
Net
287 132 295 -3% investments 419 411 +2%
Operating
cash flow
before
working
capital
996 674 806 +24% changes ** 1,670 1,910 -13%
Cash flow
from
operations
1,080 (1,183) 1,658 -35% ** (103) 1,120 ns
* 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 by 20% to $575 million in the second quarter 2020 compared to a year ago. The decrease was notably due to an even more severely degraded refining margin environment in the second quarter and low plant utilization of 59%, partially offset by resilient petrochemical margins and outperformance of the trading activities.
Operating cash flow before working capital changes was $996 million in the second quarter of 2020, up 24% year-on-year for the reasons above as well as the receipt in the second quarter of the dividend from HTC.
In the first half 2020, Refining & Chemicals adjusted net operating income was $1 billion, down 35% compared to a year ago, and operating cash flow before working capital changes decreased by 13% to $1.7 billion. This decrease was notably linked to the degraded refining margin environment in the first half and to the weak plant utilization rate of 64%, partially offset by resilient petrochemical margins and very good performance of the trading activities.
Marketing & Services
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07-30-20 0830ET
