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Date Source Announcement
23Nov16 07:00 RNS Admission of securities to the official list
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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.