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Total corporate report

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Report summary

Total’s response to low oil prices has been swift. A combination of cuts in E&P spend, an accelerated opex reduction programme, new start-ups, expanded asset sales and moving to a scrip dividend has driven down cash flow breakevens further than any other Major.

What's included

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    Total corporate report

    PDF 3.07 MB

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Table of contents

Tables and charts

This report includes 39 images and tables including:


  • Post oil price crash relative share price performance
  • Premium/discount to WM base-case
  • Strategic fit of upstream regions
  • Investment: Image 1
  • Investment: Image 2
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • Upstream cash flow by project type
  • Benchmarking: base business* CAGR 2016-2025
  • Total’s upstream new project returns
  • Benchmarking: Majors’ new project returns
  • Benchmarking: indexed production
  • Reserve replacement (total additions) 2010-2015
  • Exposure to resource themes: weightings versus Majors' average (% of Majors' total NPV)
  • Benchmarking: deepwater acreage
  • Benchmarking: conventional exploration IRR
  • Financial health: Image 1
  • Financial health: Image 2
  • Benchmarking: cash flow breakeven
  • WM upstream cash flow broken down by country
  • Discretionary development spend (2016 to 2020)
  • Top discretionary projects by capex and IRR
  • Reserves and resource detail
  • Benchmark: reserves and resources detail
  • Benchmark: reserves and resource life
  • Production outlook
  • Benchmark: production CAGR
  • Production by resource theme (2016 to 2020)
  • Production outlook - projects under development
  • Benchmarking: gas as % of total production
  • Benchmarking: LNG supply


  • Executive summary: Table 1
  • Top legacy assets by value
  • Key growth assets by value
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions

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