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    TTE   FR0000120271

TOTALENERGIES SE

(TTE)
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U.S. to sell 32 mln bbls from 4 sites as part of strategic sale (Nov. 25)

11/25/2021 | 04:18am EST
FILE PHOTO: The Bryan Mound Strategic Petroleum Reserve is seen in an aerial photograph over Freeport, Texas

Nov 25 (Reuters) - The United States will sell 32 million barrels of crude from four Strategic Petroleum Reserve (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said as it auctions oil to try to lower global prices.

International oil prices have held above $80 a barrel even after U.S. President Joe Biden's administration announced on Tuesday it will release millions of barrels of oil from strategic reserves https://www.reuters.com/markets/commodities/us-set-unveil-emergency-oil-release-bid-fight-high-prices-2021-11-23 in coordination with Britain, China, India, South Korea and Japan.

However, traders said they expected the sale of SPR oil, which is mainly blended sour, or high-sulfur, crude, will depress the value of U.S. sour crude grades, such as Mars and Southern Green Canyon, and benefit buyers in Asia, which processes mainly high-sulfur oil.

In the first auction of the coordinated release, about 10 million barrels will be made available from Big Hill and Bryan Mound in Texas, about 7 million barrels from West Hackberry in Louisiana and another 5 million barrels from Bayou Choctaw in Louisiana, the DOE said on its website.

Deliveries will take place January through April 2022, with early deliveries accepted in late December, it added.

Buyers will have to return the oil at later dates between 2022 and 2024, the DOE said.

Companies are required to submit bids on Dec. 6 and contracts will be awarded no later than Dec. 14.

JBC Energy analyst Viktor Katona said spread over four months, the release equated to a steady 270,000 barrels per day stream of medium sour grades providing direct competition to Mars.

The quality of crude to be released will have API gravity of 31 to 33 degrees, Katona said, adding it was "very good news" for Asian buyers of Mars.

The grade, already valued at around minus $3.50 per barrel versus WTI on Wednesday, is expected to weaken further. <WTC-MARS>

South Korea is a leading buyer of Mars crude in Asia while China has purchased the grade whenever the arbitrage window is open.

The prompt WTI monthly spread <CLc1-CLc2> has also flipped into contango after the SPR announcement, which makes it economic for traders to ship the oil over long distances as its value increases over time.

The DOE will also announce the sale for up to 18 million barrels of SPR crude no sooner than Dec. 17.

The winners of a regular, legally required U.S. SPR sale in September of 20 million barrels of crude were: Atlantic Trading & Marketing Inc, an arm of French company TotalEnergies , Chevron USA, ExxonMobil Oil Corp, Marathon Petroleum Supply and Trading, Motiva Enterprises, Phillips 66 Co, Unipec America Inc and Valero Marketing and Supply Co.

(Reporting by Florence Tan and Arathy Nair; editing by Uttaresh.V and Barbara Lewis)


ę Reuters 2021
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Financials (USD)
Sales 2021 188 B - -
Net income 2021 15 383 M - -
Net Debt 2021 35 173 M - -
P/E ratio 2021 7,74x
Yield 2021 7,03%
Capitalization 116 B 131 B -
EV / Sales 2021 0,80x
EV / Sales 2022 0,70x
Nbr of Employees 105 476
Free-Float 93,6%
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Last Close Price 44,23 $
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Patrick PouyannÚ 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
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