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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

This report contains

  • Document

    Total corporate report

    PDF 2.93 MB

  • Document

    Total corporate report

    ZIP 3.83 MB

  • Document

    Total Corporate Report.xls

    XLS 3.65 MB

Table of contents

Tables and charts

This report includes 45 images and tables including:

Images

  • Share price performance
  • Premium/discount to WM base-case
  • Global upstream portfolio: Image 1
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • Valuation: Image 1
  • Valuation: Image 2
  • Base case upstream NPV,10
  • Current NPV, 10 vs. future NPV,10
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported cost incurred
  • New project returns
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total resources: regional breakdown
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs Wood Mackenzie
  • Strategy: Image 3
  • Benchmarking: reserves life
  • Reserve replacement (total additions) 2012-2017
  • Benchmarking: net exploration acreage by Major added in the 2015-2017 period
  • Benchmarking: new acreage by year of access
  • Benchmarking: capital investment (2018 to 2022)
  • Capital investment (2018 to 2022)
  • Brent price required for cash flow neutrality
  • Benchmarking: Brent price required for cash flow neutrality
  • Total’s returns on top ten pre-FID projects
  • Benchmark: Majors returns on pre-FID projects
  • Benchmark: onstream assets decline 2018-2022
  • Benchmarking: WM production forecast
  • Benchmarking: production CAGR (%)
  • New production needed in 2030 to keep output flat at 2017 levels
  • Strategy: Image 18
  • Benchmarking: Majors in renewables
  • Benchmarking: gas as % of total production

Tables

  • Executive summary: Table 1
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions

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