The results were down 26% in Q4 15 at $2.1bn, 20% above expectations. For the full year, the results were only down 18% while income per share is down 20%, or 2% more due to the dilution of the scrip. Upstream earnings were down 55% yoy in Q4 15, refining up 5% yoy and marketing doubled yoy. Gearing is at 28%, in the high range of the group's target. Capex is down 15% this year vs 2015.
11 Feb 2016
First view: above expectations, quality of earnings questionable
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First view: above expectations, quality of earnings questionable
TotalEnergies SE (TTE:LON) | 6,720 -2016 (-0.4%) | Mkt Cap: 160,396m
- Published:
11 Feb 2016 -
Author:
Alexandre Andlauer -
Pages:
2
The results were down 26% in Q4 15 at $2.1bn, 20% above expectations. For the full year, the results were only down 18% while income per share is down 20%, or 2% more due to the dilution of the scrip. Upstream earnings were down 55% yoy in Q4 15, refining up 5% yoy and marketing doubled yoy. Gearing is at 28%, in the high range of the group's target. Capex is down 15% this year vs 2015.