Company Report

Total corporate report

This report is currently unavailable

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

- FAQ's about online orders
- Find out more about subscriptions

02 August 2019

Total corporate report

Report summary

Preparing for a low carbon future is Total’s key strategic priority. The oil and gas business is still core, and will be for the foreseeable future. But the focus has shifted towards ‘sustainability’ - low breakeven oil and increasing exposure to gas. In parallel, the company is also leading investment in new energies across the electricity value chain. The Anadarko transaction adds a growing production base that fits with Total's thematic strengths in deepwater and LNG. The flipside is that Total's already high exposure to non-OECD country risk would increase. The Supermajor has recently managed this through additional OECD-led M&A, including the Maersk acquisition and bolt-on North Sea deals. We expect that it will continue to manage this balance going forward.

Table of contents

  • Market rating
    • Financial health
    • Investment programme
    • Upstream
    • Current strategic positioning
    • Production: strong near-term, challenged long-term
    • Project execution and decline management are paramount
    • Long-term portfolio renewal: new projects are needed to deliver post-2025 growth
    • Focus on returns
    • New business development: revived exploration, continued focus on low-cost, long-life resources
    • Exploration
    • Acquisitions
    • Discovered resource opportunities (DROs)
    • Integrated Gas, Renewables and Power (iGRP)
    • Renewables and other clean technologies
    • Gas as a transitional fuel
    • Downstream
    • Refining
    • Petrochemicals
    • Marketing & Services
    • Trading & Shipping
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserves and resources metrics

Tables and charts

This report includes 49 images and tables including:

  • Share price performance
  • Premium/discount to WM base-case
  • Brent price required for cash flow neutrality
  • Brent price required for cash flow neutrality
  • Benchmarking: capex 2014-2018 v 2019-2023
  • Capital investment (2018 to 2022)
  • Strategic fit of upstream regions
  • Benchmark: onstream assets decline 2019-2023
  • Benchmarking: WM production forecast
  • Benchmarking: production CAGR (%)
  • New production needed in 2030 to keep output flat at 2017 levels
  • Total’s returns on top ten pre-FID projects
  • Benchmark: Majors returns on pre-FID projects
  • Benchmarking: net exploration acreage by Major added in the 2014-2019 period
  • Benchmarking: the Majors’ global exploration acreage
  • Resource additions 2013-2018
  • Benchmarking: Reported Organic Reserves Replacement - 2013-2018
  • Benchmarking: Majors’ M&A spend
  • Benchmarking: gas as % of total production
  • Total reported Earnings by business
  • Total – major refinery benchmarking
  • Benchmark: Refining return on average capital employed
  • Refining benchmark: Total vs. peers
  • Total: Service stations
  • Total: Service Stations as % of total
  • Upstream EV vs. Upstream NPV,10
  • Upstream portfolio sensitivities vs. NPV,10
  • Base case upstream NPV,10
  • Current NPV, 10 vs. future NPV,10
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • New project returns
  • Reported development costs
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs Wood Mackenzie
  • 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

What's included

This report contains:

  • Document

    Total_Corporate_report.xlsx

    XLSX 1.48 MB

  • Document

    Total corporate report

    PDF 1.29 MB

  • Document

    Total corporate report

    ZIP 2.38 MB

Trusted by leading organisations