Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TOTAL SA. We currently have 17 research reports from 3 professional analysts.
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GMP FirstEnergy ― UK Energy morning research package
22 Dec 16
Total (FP FP) (not covered): Asset Transaction in Brazil | Niko Resources (NKO CN) (not covered): Divesting asset in India | Serinus Energy (SEN CN); HOLD, C$0.70: Licence extension in Romania | Block awards in Cyprus | Rockrose Energy | San Leon (SLE LN) (not covered): Potential take over offer?
Q2 16: best results amongst the European big oils
01 Aug 16
By division As mentioned prviously, in upstream, the results were down 28% yoy to $1.1bn. Production grew by 5% yoy, mainly driven by natural gas (+9%) and cost cutting helped to offset the price decrease on a yoy basis (from $58.2/bbl to $43/bbl). Natural gas prices were lower than in Q1 16 at $3.43/mmbtu vs. $3.46/mmbtu for the group and $4.67/mmbtu a year ago. In downstream, earnings were down 25% yoy to $1bn. Refinery throughput decreased by 10% yoy due to outages in Europe and the US. The refining margin, as already announced, was stable vs. Q1 16 and down 35% yoy. The operational improvement of the group’s major integrated platforms in Asia and the Middle East helped. Currently, the margin is at $20/tonne compared to $35/tonne in the first part of the year. The Marketing & Services division reported a $378m adjusted net income, down 11% yoy. Petroleum product sales decreased by 2% yoy due to the sale of TotalGaz and the marketing network in Turkey. Q1 16 was very low and the group believes the second quarter results will back to a normal level. Equity affiliates Affiliates generated a strong +60% increase to $797m. Affiliates in the upstream generated $452m mainly due the increase from Novatek and the increase from GLNG affiliates. In the downstream, affiliates generated $345m thanks to a good petrochemical environment (Korea, Qatar, Saudi Arabia assets). They are like a sort of confederation of businesses. Cash flow Cash flow from operations was $4.6bn before working capital, capex of $3.7bn and dividend of $1.2bn, with only $300m missing to cover capex and dividend (before working capital which was $-1.7bn). Upstream’s cash flow came in 25% higher than in Q1 at $2.3bn before working capital movements. Downstream generated more than $1.6bn before working capital. The group has a huge working capital that it is working on to reduce. In a stable environment, this will reverse but this is not expected. The group was balanced with Brent averaging $40/bbl. The target remains a $60/bbl break even with a cash dividend by 2017. Capex was in line with expectations and is in line with the guidance for the year, of below $19bn earnings thoguh may be closer to $18bn than $19bn. Thanks to the Atotech sale, the group should be able to show net sales in 2016 of $2bn, in line with the target. Other The low tax rate explains part of the earnings beat. As the group’s upstream division is close to break-even at $40-$45/bbl, the tax rate is very sensitive to this oil price level. We have to integrate that the tax will gradually rise, especially after moving above $45/bbl.
First view: better than expected on cost cutting
28 Jul 16
The group published better than expected earnings at $2.17bn compared to $1.9bn. In the upstream, results came down 28% yoy to $1.1bn. Production grew by 5% yoy, mainly driven by natural gas (+9%) and cost cutting helped to offset the price decrease on a yoy basis (from $58.2/bbl to $43/bbl). Natural gas prices were lower than in Q1 16 at $3.43/mmbtu vs. $3.46/mmbtu for the group and $4.67/mmbtu a year ago. In the downstream, earnings came down 25% yoy to $1bn. Refinery throughput decreased by 10% yoy due to outages in Europe and the United States. The refining margin, as already announced, was stable vs. Q1 16 and down 35% yoy. The operational improvement of the group’s major integrated platforms in Asia and the Middle East helped. Marketing & Services division reported a $378m adjusted net income, down 11% yoy. Petroleum product sales decreased by 2% yoy due to the sale of TotalGaz and the marketing network in Turkey. Cash flow from operations was $4.5bn (excluding working capital) compared to $4.5bn capex and a $1.1bn cash dividend.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.