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Total corporate report

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24 April 2018

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.

Table of contents

  • Other Total research
  • Executive summary
    • Portfolio snapshot
      • Strategic fit of upstream regions
    • Strategic priorities
      • 1. Strong financials with continued focus on capital discipline and lower breakevens
        • 1.1 Capital discipline
        • 1.2 Financial health
        • 1.3 Focus on returns
      • 2. Production: near-term strength, long-term challenge
        • 2.1 Strong base; decline management and project execution are critical to success
        • 2.2 Long-term portfolio renewal: new projects are needed to deliver post-2025 growth
      • 3. New business development: accessing low-cost, long-life resources
        • 3.1 Total’s strategic challenge: deepwater v unconventionals
        • Exposure to resource themes: weightings versus Majors' average (% of Majors' total NPV)
      • 4. Energy transition: Gas, Renewables and Power
        • 4.1 Renewables and other clean technologies
        • 4.2 Gas as a transitional fuel
    • 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
  • Global upstream portfolio
    • Africa
      • Links to upstream asset analyses (access subject to entitlement)
    • Upside
    • Downside
    • Timeline
    • Links to upstream asset analyses (access subject to entitlement)
    • Links to upstream asset analyses (access subject to entitlement)
    • Links to upstream asset analyses (access subject to entitlement)
    • Links to upstream asset analyses (access subject to entitlement)
    • Links to upstream asset analyses (access subject to entitlement)
    • Links to upstream asset analyses (access subject to entitlement)
    • Links to upstream asset analyses (access subject to entitlement)
  • Economic assumptions

Tables and charts

This report includes 45 images and tables including:

  • Executive summary: Table 1
  • Share price performance
  • Premium/discount to WM base-case
  • Global upstream portfolio: Image 1
  • 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
  • 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

What's included

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