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Total corporate report

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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

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