Company report
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27 Pages

Total corporate report


Total corporate report

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 includes 2 file(s)

  • Total corporate report PDF - 3.01 MB 27 Pages, 8 Tables, 31 Figures
  • Total Corporate Report.xls XLS - 3.79 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
  • Strategy
    • 1. Increasing portfolio resilience to low oil prices
    • 2. Strong base, but project execution is key
    • 3. Long-term portfolio renewal: new generation of projects
    • 4. Gas, LNG and Renewables
      • 4.1 Gas as a transitional fuel
  • Financial health
    • Financial health overview
  • Investment
    • Development pipeline
  • Resources, reserves and production
    • Resources and reserves overview
    • Production overview
  • Key success factors
  • Economic assumptions

In this report there are 39 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Strategy
    • Post oil price crash relative share price performance
    • Premium/discount to WM base-case
    • Strategic fit of upstream regions
    • 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
    • Benchmarking: gas as % of total production
    • Benchmarking: LNG supply
  • Financial health
    • Financial health: Image 1
    • Financial health: Image 2
    • Benchmarking: cash flow breakeven
    • WM upstream cash flow broken down by country
  • Investment
    • Investment: Image 1
    • Investment: Image 2
    • Discretionary development spend (2016 to 2020)
    • Top discretionary projects by capex and IRR
  • Resources, reserves and production
    • 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
  • Key success factors
    • Top legacy assets by value
    • Key growth assets by value
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Valuation assumptions
    • Foreign exchange rate assumptions
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