0001193125-17-325890.txt : 20171031 0001193125-17-325890.hdr.sgml : 20171031 20171031074614 ACCESSION NUMBER: 0001193125-17-325890 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 21 CONFORMED PERIOD OF REPORT: 20171031 FILED AS OF DATE: 20171031 DATE AS OF CHANGE: 20171031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL S.A. CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: I0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 171164050 BUSINESS ADDRESS: STREET 1: 2 PLACE JEAN MILLIER STREET 2: LA DEFENSE 6 CITY: COURBEVOIE STATE: I0 ZIP: 92400 BUSINESS PHONE: 33147444546 MAIL ADDRESS: STREET 1: 2 PLACE JEAN MILLIER STREET 2: ARCHE NORD COUPOLE/REGNAULT CITY: PARIS LA DEFENSE CEDEX STATE: I0 ZIP: 92078 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL SA DATE OF NAME CHANGE: 20030508 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA SA DATE OF NAME CHANGE: 19990713 6-K 1 d479534d6k.htm 6-K 6-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

October 31, 2017

Commission File Number 001-10888

 

 

TOTAL S.A.

(Translation of registrant’s name into English)

 

 

2, place Jean Millier

La Défense 6

92400 Courbevoie

France

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐            No  ☒

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .)

TOTAL S.A. is providing on this Form 6-K a description of certain recent developments relating to its business.

 

 

 


Table of Contents

TABLE OF CONTENTS

SIGNATURES

Exhibit Index

 

EX-99.1:    Statoil, Shell and Total enter CO2 storage partnership (October 2, 2017)
EX-99.2:    Total targets French residential market with natural gas and green power 10% cheaper than regulated tariffs (October 5, 2017)
EX-99.3:    Guinea: Total reinforces its exploration in West Africa (October 9, 2017)
EX-99.4:    Results of the option to receive the 2017 first interim dividend in shares (October 10, 2017)
EX-99.5:    France: Total Solar and SunPower successful in solar rounds (October 12, 2017)
EX-99.6:    Total enters the petroleum product retail sector in Mexico (October 12, 2017)
EX-99.7:    Total announces its 2017 third interim dividend (October 27, 2017)
EX-99.8:    Third quarter and first nine months 2017 results (October 27, 2017)
EX-99.9:    OGCI announces three investments in low emissions technologies and launches third annual report (October 27, 2017)


Table of Contents

EXHIBIT INDEX

 

EX-99.1:    Statoil, Shell and Total enter CO2 storage partnership (October 2, 2017)
EX-99.2:    Total targets French residential market with natural gas and green power 10% cheaper than regulated tariffs (October 5, 2017)
EX-99.3:    Guinea: Total reinforces its exploration in West Africa (October 9, 2017)
EX-99.4:    Results of the option to receive the 2017 first interim dividend in shares (October 10, 2017)
EX-99.5:    France: Total Solar and SunPower successful in solar rounds (October 12, 2017)
EX-99.6:    Total enters the petroleum product retail sector in Mexico (October 12, 2017)
EX-99.7:    Total announces its 2017 third interim dividend (October 27, 2017)
EX-99.8:    Third quarter and first nine months 2017 results (October 27, 2017)
EX-99.9:    OGCI announces three investments in low emissions technologies and launches third annual report (October 27, 2017)


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  TOTAL S.A.
Date: October 31, 2017   By:  

/s/ ANTOINE LARENAUDIE

    Name:   Antoine LARENAUDIE
    Title:   Treasurer
EX-99.1 2 d479534dex991.htm EX-99.1 EX-99.1

EXHIBIT 99.1

 

LOGO

   LOGO    LOGO

Press Release

Statoil, Shell and Total enter CO2 storage partnership

Oslo, October 2, 2017 - The partners are today signing a partnership agreement to mature the development of carbon storage on the Norwegian continental shelf (NCS). The project is part of the Norwegian authorities’ efforts to develop full-scale carbon capture and storage in Norway.

In June, Gassnova awarded Statoil the contract for the first phase of the project. Norske Shell and Total E&P Norge are now entering as equal partners while Statoil will lead the project. All the partners will contribute people, experience, and financial support.

The first phase of this CO2 project could reach a capacity of approximately 1.5 million ton per year. The project will be designed to accommodate additional CO2 volumes aiming to stimulate new commercial carbon capture projects in Norway, Europe and more globally across the world. In this way, the project has the potential to be the first storage project site in the world receiving CO2 from industrial sources in several countries.

“Statoil believes that without carbon capture and storage, it is not realistic to meet the global climate target as defined in the Paris Agreement. A massive scale up of number of CCS projects are needed and collaboration and sharing of knowledge are essential to accelerating the development. We are very pleased to have Shell and Total as partners and believe their experience and capabilities will further strengthen this project” says Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions. “We trust that this robust partnership is well positioned to develop this first-of-a-kind project”

The three companies share a common vision of a carbon storage infrastructure.

“Shell sees CCS as a transformative technology that can significantly reduce emissions from those industrial sectors that will continue to rely on hydrocarbons for decades to come. Shell has significant experience of working with governments and other experts to support the development and wide-scale deployment of CCS and are pleased to be joining forces with our joint venture partners”, says Monika Hausenblas, Shell’s executive vice president for Environment and Safety.


“Total is integrating the climate challenge into its strategy. Total’s involvement in this first commercial-scale storage project, is thus fully aligned with our low carbon roadmap and our strategy to ultimately become a global CCUS leader” said Philippe Sauquet, President, Gas, Renewables & Power and President, Strategy-Innovation at Total. “The aim of this first integrated industrial-scale project, supported by the Norwegian Government, is to develop viable, reproducible commercial CCUS model in view of carrying out other major projects around the world.”

The storage project will store CO2 captured from onshore industrial facilities in Eastern Norway. This CO2 will be transported by ship from the capture facilities to a receiving terminal located onshore on the west-coast of Norway. At the receiving terminal CO2 will be transferred from the ship to intermediate storage tanks, prior to being sent through a pipeline on the seabed to injection wells east of the Troll field on the NCS. There are three possible locations for the receiving terminal; a final selection will be made later this year.

The objective for the project, which is supported by Gassnova and other relevant governmental stakeholders, is to stimulate necessary development of CCS so the long-term climate targets in Norway and the EU can be reached. The collaboration will form basis for establishing a further partnership for the construction and operational phases.

About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 | presse@total.com | @TotalPress

Investors Relations: +44 (0)207 719 7962 | holding.communication-financiere@total.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.2 3 d479534dex992.htm EX-99.2 EX-99.2

EXHIBIT 99.2

 

LOGO

Press Release

Total Targets French Residential Market

With Natural Gas and Green Power 10% Cheaper Than Regulated Tariffs

Paris, October 5, 2017 — Total is expanding in the residential gas and power distribution market in France with the introduction of Total Spring, a natural gas and green power offering that is 10% cheaper than regulated tariffs.

Although the residential market was deregulated 10 years ago, French consumers haven’t really seen the effect on their bills. Today, Total is rolling out a unique offering in the French residential market: an affordable, reliable and simple solution. In 2011, we successfully introduced the Total Access service station concept. We’re aiming to repeat that success today with Total Spring, the most competitive natural gas and green power offering in the market. We hope that nearly three million French customers will place their trust in us and subscribe, said Patrick Pouyanné, Chairman and Chief Executive Officer of Total.

Total Spring answers the needs of French consumers who want to reduce their energy bills and to access premium customer service. Total Spring leverages the Total brand’s reputation for quality service, its reliability and the Group’s ambition to grow its power production from natural gas and renewable energies (solar, wind).

The Total Spring rollout will be supported by a major multimedia advertising campaign beginning on October 8.

 

LOGO

“Natural gas and green power, 10% cheaper —and 100% Total service!”

www.total-spring.fr

Total in Gas and Power Distribution

By engaging the brand in the French residential market, Total is pursuing its strategy of downstream integration in the gas and power value chain in Europe. The Group already has more than 400,000 customers in France and 700,000 in Belgium in the residential market. Total is also a leader in the industrial and commercial sector, with more than 500,000 sites supplied in six European countries: the United Kingdom, France, Belgium, the Netherlands, Germany and Spain.


About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 | presse@total.com | @TotalPress

Investors Relations: +44 (0)207 719 7962 | holding.communication-financiere@total.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.3 4 d479534dex993.htm EX-99.3 EX-99.3

EXHIBIT 99.3

 

LOGO

Press Release

Guinea: Total reinforces its exploration in West Africa

Paris, October 9, 2017 Total and the National Office of Petroleum of Guinea (ONAP) signed a Technical Evaluation Agreement to study deep and ultra deep offshore areas located off the coast of Guinea Conakry, covering approximately 55,000 square kilometers.

“By taking this position on a new under-explored area, Total pursues its exploration strategy targeting deep offshore prospective basins,” declared Kevin McLachlan, Senior Vice President Exploration for Exploration & Production at Total. “Therefore, Total has the opportunity to evaluate a very large area, located in an extension of the prolific Mauritania/Senegal basin where we already are. This will allow us to capitalize on our know-how and experience acquired in West Africa.”

According to the terms of this agreement, Total will have a year to assess the potential of the basin on the basis of existing data. At the end of this period, the Group will select three licenses to start an exploration program. As part of the agreement, Total will also train ONAP staff to develop their technical skills in exploration and production.

 

LOGO


Total in Guinea

Total is the first distributor of petroleum products in Guinea. Active in the country in Marketing & Services activities through its Total Guinée affiliate, the Group owns a retail network of 150 service stations, and a 47% stake in SGP (entity managing the country stocks). Total Guinée is also present in aviation activities operated through the SOMCAG depot (with a 66% share).

About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 | presse@total.com | @TotalPress

Investors Relations: +44 (0)207 719 7962 | holding.communication-financiere@total.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.4 5 d479534dex994.htm EX-99.4 EX-99.4

EXHIBIT 99.4

 

LOGO  

Press Release

Results of the option to receive the 2017 first interim dividend in shares

Paris, October 10, 2017 - The Board of Directors of Total met on September 20, 2017, and declared a 2017 first interim dividend of €0.62 per share and offered, under the conditions set by the fourth resolution at the Combined Shareholders’ Meeting of May 26, 2017, the option for shareholders to receive the 2017 first interim dividend in cash or in new shares of the Company.

The period for exercising the option ran from September 25, 2017 to October 4, 2017. At the end of the option period, 68.5% of rights were exercised in favour of receiving the payment for the 2017 first interim dividend in shares.

25,633,559 new shares will be issued, representing 1.0% of the Company’s share capital on the basis of the share capital of September 30, 2017. The share price for the new shares to be issued as payment of the 2017 first interim dividend was set at €41.12 on September 20, 2017. The price is equal to the average opening price on Euronext Paris for the twenty trading days preceding the Board of Directors on September 20, 2017, reduced by the amount of the 2017 first interim dividend, with a 5% discount.

The settlement and delivery of the new shares as well as their admission to trading on Euronext Paris will occur on October 12, 2017. The shares will carry immediate dividend rights and will be fully assimilated with existing shares already listed.

The remaining cash dividend to be paid to shareholders who did not elect to receive the 2017 first interim dividend in shares amounts to 487 million euros and the date for the payment in cash is set for October 12, 2017.

About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.

* * * * *


Total contacts

Media Relations: +33 1 47 44 46 99 | presse@total.com | @TotalPress

Investors Relations: +44 (0)207 719 7962 | holding.communication-financiere@total.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.5 6 d479534dex995.htm EX-99.5 EX-99.5

EXHIBIT 99.5

 

LOGO

Press Release

France: Total Solar and SunPower successful in solar rounds

Paris, October 12, 2017 - Total continues to actively help drive the growth of solar power in France through a strong industrial commitment via its affiliates Total Solar, which develops projects, and SunPower, which supplies solar panels.

On the occasion of the second call for tenders for buildings and small carports, Total Solar, in partnership with the Groupe Carré, was awarded 70 projects totaling the capacity of more than 32 megawatts, or 22% of the allocated capacity. “This success follows on from those under previous calls for tenders, especially for own consumption and large carports. We see rooftop solutions as particularly suitable for the development of solar power in France : fast-track deployment, land protection, distributed power production and own consumption,” emphasizes Julien Pouget, Senior Vice President, Renewables.

SunPower will provide more than 500 megawatts of its SunPower® E-Series and X-Series solar panels for the 2017 winning various calls for tenders. “SunPower leads the French market in 2017,” comments Philippe Sauquet, President, Gas, Renewables & Power. “This reflects their customers’ appreciation of the quality, efficiency and competitiveness of SunPower’s solar systems.”

Total and Solar Energy

Total is active across the entire photovoltaic value chain, from manufacturing cells to designing large-scale turnkey solar power plants and to installing residential or commercial rooftop systems.

Since 2017, Total Solar, a wholly owned affiliate of Total, is spearheading the Group’s own solar activities to accelerate the development of distributed photovoltaic systems at the sites of industrial or commercial customers and solar power plants in developed countries.

SunPower, owned 57% by Total, manufactures and supplies the world’s most efficient solar panels.

On September 19, 2017, Total signed an agreement to acquire an indirect 23% interest in EREN Renewable Energy (EREN RE) to develop solar power plants in emerging marketplaces, where demand for power is soaring.


About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 | presse@total.com | @TotalPress

Investor Relations: +44 (0)207 719 7962 | holding.communication-financiere@total.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.6 7 d479534dex996.htm EX-99.6 EX-99.6

EXHIBIT 99.6

 

LOGO

Press Release

Total Enters the Petroleum Product Retail Sector in Mexico

Paris, October 12, 2017 - Total has entered into an agreement with GASORED, a group of service station owners, to rebrand a network of around 250 service stations in and around Mexico City under the Total brand.

Present in Mexico since 1982, Total is aiming to capitalize on the deregulation of the country’s fuel sales and supply market to significantly expand its activities there. “We are pleased with this commercial agreement with GASORED. Strengthening our presence in Mexico, Latin America’s second-largest market for petroleum products, is in line with our strategy of enlarging our network in growth regions,” commented Momar Nguer, President of Marketing & Services at Total.

The first Total-branded stations will open by the end of the year, with deployment continuing in 2018 and 2019. The Total-branded outlets will offer consumers and business customers the company’s full lineup of fuels and lubricants, as well as a broad range of products and services.

Total in Mexico

Total has been present in Mexico since 1982. With 6,000 employees, the Group is involved in specialty chemicals and markets lubricants, additives, special fluids and related services there. Total also has interests in four exploration blocks, two of which it operates, in the Gulf of Mexico.

About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.

www.total.com


About GASORED

Founded in 2004, GASORED is a network of 30 partners operating more than 250 service stations in Mexico City and the surrounding region. Led by Victor Suarez, GASORED offers premium services to customers and meets the highest safety and business ethics standards.

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 | presse@total.com | @TotalPress

Investor Relations: +44 (0)207 719 7962 | holding.communication-financiere@total.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.7 8 d479534dex997.htm EX-99.7 EX-99.7

EXHIBIT 99.7

 

LOGO

Press Release

Total announces its 2017 third interim dividend

Paris, October 27, 2017 - The Board of Directors of Total met on October 26, 2017, and approved a 2017 third interim dividend of 0.62 euro per share. This interim dividend, unchanged compared to the proposed 2017 first and second interim dividends, is payable in euro according to the following timetable:

 

Ex-dividend date    March 19, 2018
Record date    March 16, 2018
Payment date in cash    April 9, 2018
or shares issued in lieu of cash   

The Board of Directors will meet on March 14, 2018, to:

 

    declare the 2017 third interim dividend;

 

    offer, under the conditions set by the fourth resolution of the Combined Shareholders’ Meeting of May 26, 2017, the option for shareholders to receive the 2017 third interim dividend in cash or in new shares of the Company;

 

    set the issuance price of the new shares with a discount between 0% and 10% based on the average opening price on the Euronext Paris for the 20 trading days preceding the Board of Directors’ meeting, and reduced by the amount of the 2017 third interim dividend;

 

    set the period for shareholders to elect to receive the payment in new shares from March 19, 2018 to March 28, 2018, both dates inclusive; and

 

    authorize the payment of the dividend in cash or the delivery of shares issued in lieu of the dividend in cash on April 9, 2018.

Holders of Total’s American Depositary Receipts (“ADRs”) will receive the 2017 third interim dividend in dollars based on the then-prevailing exchange rate according to the following timetable:

 

ADR ex-dividend date    March 15, 2018
ADR record date    March 16, 2018
ADR payment date in cash    April 16, 2018
or shares issued in lieu of cash   

Registered ADR holders may also contact JP Morgan Chase Bank for additional information. Non-registered ADR holders should contact their broker, financial intermediary, bank or financial institution for additional information.


About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 | presse@total.com | @TotalPress

Investors Relations: +44 (0)207 719 7962 | ir@total.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.8 9 d479534dex998.htm EX-99.8 EX-99.8
LOGO   EXHIBIT 99.8

Press Release

Third quarter and first nine months 2017 results

 

     3Q17      Change
vs 3Q16
    9M17      Change
vs 9M16
 

Adjusted net income1

          

- in billions of dollars (B$)

     2.7        +29     7.7        +31

- in dollars per share

     1.04        +23     3.02        +25

Operating cash flow before working capital changes1 (B$)

     5.2        +14     15.2        +24

Net income2 of 2.7 B$ in the third quarter 2017

          

Net-debt-to-equity ratio of 18.0% at September 30, 2017

 

       

Hydrocarbon production of 2,581 kboe/d in the third quarter 2017

 

    

Interim dividend of 0.62 €/share payable in April 20183

 

       

Paris, October 27, 2017 - Total’s Board of Directors met on October 26, 2017, to review the Group’s accounts for the third quarter and first nine months 2017. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

“Total reported adjusted net income of $2.7 billion this quarter, a 29% increase compared to a year ago while the Brent price increased by 14%. This solid performance was also reflected in a return on equity of close to 10% and strong cash flow generation: excluding acquisitions-divestments, the Group generated $2.1 billion of cash flow after investments in the third quarter 2017 and $5.2 billion in the first nine months. The Group took full advantage of the favorable environment thanks to the performance of its integrated model and its strategy to reduce its breakeven point.

Adjusted net operating income from Exploration & Production increased by 84% compared to last year, benefiting notably from a 6% increase in production. Total continues to capitalize on its strengths: the Group took over as the operator of the giant 300 kb/d Al-Shaheen field in Qatar and announced the acquisition of Maersk Oil, which will strengthen its position in the North Sea and generate strong synergies.

The Downstream benefited from favorable refining margins and increased its results by 18% compared to the second quarter, despite the impact of Hurricane Harvey on its American operations, and generated more than $5.1 billion in cash flow in the first nine months, in line with the target for the year. Marketing & Services has announced its entry into the distribution sector in Mexico, the second-largest market in Latin America.

Investment discipline continues. Organic investments were $3.1 billion in the third quarter 2017 and $10.0 billion in the first nine months, in line with the target of $14 billion this year, and cost reduction will be more than $3.6 billion, surpassing the target for the year.

With operating cash flow before working capital changes of $15 billion in the first nine months of 2017, an increase of $3 billion over last year, the Group continues to strengthen its balance sheet, with a net-debt-to-equity ratio below 20%. This allows the implementation of the strategy for profitable growth, taking advantage of the low cost environment, notably by launching high-return projects.”

 

1  Definitions on page 2.
2  Group share.
3  The ex-dividend date will be March 19, 2018, and the payment date will be set for April 9, 2018.

 

1


Key figures4

 

3Q17

    2Q17      3Q16      3Q17
vs
3Q16
    

In millions of dollars, except effective tax rate,
earnings per share and number of shares

   9M17      9M16      9M17
vs
9M16
 
  3,062       2,748        2,332        +31    Adjusted net operating income from business segments*      8,577        6,734        +27
  1,439       1,359        781        +84   

Exploration & Production

     4,180        2,210        +89
  97       95        191        -49   

Gas, Renewables & Power

     253        307        -18
  1,020       861        916        +11   

Refining & Chemicals

     2,904        3,064        -5
  506       433        444        +14   

Marketing & Services

     1,240        1,153        +8
  674       578        515        +31    Contribution of equity affiliates to adjusted net income      1,843        1,811        +2
  32.6     28.2      21.5      —        Group effective tax rate5      30.9      22.0      —    
  2,674       2,474        2,070        +29    Adjusted net income      7,706        5,880        +31
  1.04       0.97        0.84        +23    Adjusted fully-diluted earnings per share (dollars)6      3.02        2.42        +25
  0.88       0.88        0.76        +16    Adjusted fully-diluted earnings per share (euros)**      2.71        2.17        +25
  2,505       2,485        2,404        +4    Fully-diluted weighted-average shares (millions)      2,480        2,375        +4
  2,724       2,037        1,954        +39    Net income (Group share)      7,610        5,648        +35
  3,910       4,205        5,201        -25    Investments7      11,793        14,675        -20
  539       360        192        x2.8      Divestments8      3,797        1,950        +95
  3,373       3,845        5,116        -34    Net investments9      7,998        12,829        -38
  3,060       3,949        4,082        -25    Organic investments10      9,953        12,756        -22
  542       52        74        x7.3      Resource acquisitions      607        129        x4.7  
  5,159       5,334        4,522        +14    Operating cash flow before working capital changes 11      15,180        12,230        +24
  4,363       4,640        4,740        -8    Cash flow from operations      13,704        9,503        +44

 

* The new Gas, Renewables & Power segment reflects the Group’s ambition in low-carbon energies. It encompasses downstream Gas activities previously integrated in the Upstream (now Exploration & Production) segment, New Energies activities (excluding biotechnologies) previously integrated in the Marketing & Services segment and a new Innovation & Energy Efficiency division. The Exploration & Production, Refining & Chemicals (which includes a new Biofuels division) and Marketing & Services segments have been restated accordingly. 2015 and 2016 historical data is available at total.com.
** Average €-$ exchange rate: 1.1746 in the third quarter 2017 and 1.1140 in the first nine months 2017.

Highlights since the beginning of the third quarter 201712

 

    Announced acquisition of Maersk Oil for $7.45 billion in a share and debt transaction

 

    Started operations on the giant Al-Shaheen oil field concession in Qatar

 

    Started up the Edradour-Glenlivet fields with 56 kboe/d capacity in West of Shetland area, ahead of schedule and 30% under budget

 

    Signed contract to develop phase 11 of the South Pars giant gas field in Iran

 

    Signed agreement with Chevron to strengthen exploration portfolio in the Gulf of Mexico

 

    Sold remaining 15% interest in the Gina Krog field in Norway to Kufpec

 

    Entered petroleum product retail sector in Mexico in agreement with GASORED to rebrand network of 250 stations as Total

 

    Launched Total Spring in France to target residential market with gas and green power distribution that is 10% cheaper than regulated tariffs

 

    Acquired 23% interest in EREN Renewable Energy to accelerate profitable growth of renewable business

 

 

4  Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 10.
5  Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
6  In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the perpetual subordinated bond
7  Including acquisitions and increases in non-current loans.
8  Including divestments and reimbursements of non-current loans.
9  Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.
10  Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
11  Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 13.
12  Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.

 

2


Analysis of business segments

Exploration & Production

 

  > Environment – liquids and gas price realizations*

 

3Q17      2Q17      3Q16      3Q17
vs
3Q16
          9M17    9M16      9M17
vs
9M16
 
  52.1        49.6        45.9        +14    Brent ($/b)    51.8      41.9        +24
  48.9        45.1        41.4        +18    Average liquids price ($/b)    47.7      38.4        +24
  4.05        3.93        3.45        +17    Average gas price ($/Mbtu)    4.03      3.45        +17
  38.2        35.5        32.4        +18    Average hydrocarbon price ($/boe)    37.2      30.6        +22

 

* Consolidated subsidiaries, excluding fixed margins.

 

  > Production

 

3Q17      2Q17      3Q16      3Q17
vs
3Q16
    

Hydrocarbon production

   9M17      9M16      9M17
vs
9M16
 
  2,581        2,500        2,443        +6   

Combined production (kboe/d)

     2,550        2,449        +4
  1,392        1,298        1,290        +8   

Liquids (kb/d)

     1,331        1,276        +4
  6,427        6,500        6,286        +2   

Gas (Mcf/d)

     6,605        6,397        +3

Hydrocarbon production was 2,581 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2017, an increase of close to 6% compared to the third quarter 2016, due to the following:

 

    +6% due to project ramp ups, notably Kashagan, Moho Nord, Surmont, Incahuasi, Angola LNG and Edradour-Glenlivet;

 

    +4% portfolio effect, mainly due to taking over the concession for the giant Al-Shaheen oil field in Qatar and acquiring an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo;

 

    +1% related to improved security conditions in Libya and Nigeria; and

 

    -5% due to natural field decline, maintenance activity, the PSC price effect and OPEC quotas.

In the first nine months 2017, hydrocarbon production was 2,550 kboe/d, an increase of more than 4% compared to the first nine months 2016, due to the following:

 

    +5% due to new project ramp ups, notably Kashagan, Moho Nord, Incahuasi, Surmont, and Angola LNG;

 

    +2% portfolio effect, mainly due to the acquisition of an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo and asset sales in Russia and Norway;

 

    +1% related to improved security conditions in Libya and Nigeria; and

 

    -4% due to natural field decline, the PSC price effect and OPEC quotas.

 

3


  > Results

 

3Q17     2Q17      3Q16      3Q17
vs
3Q16
    

In millions of dollars, except effective tax rate

   9M17      9M16      9M17
vs
9M16
 
  1,439       1,359        781        +84   

Adjusted net operating income*

     4,180        2,210        +89
  435       373        241        +80   

including income from equity affiliates

     1,123        934        +20
  42.8     36.2      30.5      

Effective tax rate**

     40.5      13.3   
  3,228       3,448        3,484        -7   

Investments

     9,312        11,252        -17
  339       132        105        x3.2     

Divestments

     584        1,369        -57
  2,388       3,296        3,355        -29   

Organic investments

     8,189        10,760        -24
  3,197       3,248        2,768        +15    Operating cash flow before working capital changes      9,476        6,841        +39
  2,633       2,504        2,275        +15   

Cash flow from operations

     7,633        4,971        +54

 

* Details on adjustment items are shown in the business segment information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

Operating cash flow before working capital changes from Exploration & Production was 3,197 M$ in the third quarter 2017, an increase of 15% compared to the third quarter 2016, notably due to increases in production and hydrocarbon prices. For the first nine months 2017, operating cash flow before working capital changes was 9,476 M$, an increase of 39% compared to an increase of 24% for Brent, notably due to production ramp-ups on major projects started up since 2016, including Kashagan and Moho Nord, and to operating cost reductions.

The Exploration & Production segment’s adjusted net operating income was:

 

    1,439 M$ in the third quarter 2017, an increase of 84% compared to the third quarter 2016, notably due to production growth, cost reductions, and an increase in oil and gas prices; and

 

    4,180 M$ in the first nine months 2017, an increase of 89% compared to the first nine months 2016, for the same reasons above.

Gas, Renewables & Power

 

  > Results

 

3Q17      2Q17      3Q16      3Q17
vs
3Q16
    

In millions of dollars

   9M17    9M16      9M17
vs
9M16
  97        95        191        -49   

Adjusted net operating income*

   253      307      -18%
  99        77        1,097        -91    Investments    491      1,339      -63%
  —          23        33        ns     

Divestments

   27      137      -80%
  98        68        104        -6   

Organic investments

   268      327      -18%
  87        110        73        +19   

Operating cash flow before working capital changes

   217      22      x9.9
  325        (114      24        x13.5     

Cash flow from operations

   336      (194    ns

 

* Detail of adjustment items shown in the business segment information annex to financial statements.

Adjusted net operating income for the Gas, Renewables & Power segment was 97 M$ in the third quarter 2017, in line with the second quarter. Adjusted net operating income for the first nine months 2017 decreased by 18%, due to weakness in the solar market.

 

4


Refining & Chemicals

 

  > Refinery throughput and utilization rates*

 

3Q17     2Q17     3Q16     3Q17
vs
3Q16
         9M17     9M16     9M17
vs
9M16
 
  1,877       1,672       1,947       -4   Total refinery throughput (kb/d)      1,821       1,949       -7
  648       574       681       -5  

France

     616       653       -6
  802       684       771       +4  

Rest of Europe

     761       806       -6
  427       414       495       -14  

Rest of world

     444       490       -9
  90     81     85     Utlization rate based on crude only**      88     84     —    

 

* Includes share of TotalErg, and African refineries reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.

Refinery throughput:

 

    decreased by 4% in the third quarter 2017 compared to the third quarter 2016, mainly as a result of shutting down the Port Arthur refinery in the United States due to Hurricane Harvey and the ending of oil refining at La Mede at year-end 2016; and

 

    decreased by 7% in the first nine months 2017 compared to the first nine months 2016, for the same reasons above and also due to a higher level of maintenance in the second quarter 2017.

 

  > Results

 

3Q17      2Q17      3Q16      3Q17
vs
3Q16
   

In millions of dollars except the ERMI

   9M17      9M16      9M17
vs
9M16
 
  48.2        41.0        25.5        +89   European refining margin indicator - ERMI ($/t)      42.7        31.9        +34
  1,020        861        916        +11   Adjusted net operating income*      2,904        3,064        -5
  357        401        554        -36   Investments      1,024        1,295        -21
  24        20        21        +14   Divestments      2,784        73        x38.1  
  338        381        403        -16   Organic investments      941        1,094        -14
  1,218        1,352        1,051        +16   Operating cash flow before working capital changes      3,604        3,509        +3
  662        1,972        1,697        -61   Cash flow from operations      4,399        2,839        +55

 

* Detail of adjustment items shown in the business segment information annex to financial statements.

The Group’s European refining margin indicator (ERMI) increased sharply to 48.2 $/t in the third quarter 2017, due to elevated petroleum product demand in the face of limited supply resulting from numerous shutdowns due in part to Hurricane Harvey. Petrochemicals continued to benefit from a favorable environment albeit down compared to a year ago.

Refining & Chemicals benefited from the favorable environment, despite the impact of Hurricane Harvey on its American operations, and operating cash flow before working capital changes was 1,218 M$ in the third quarter 2017, an increase of 16% compared to the third quarter 2016.

Refining & Chemicals adjusted net operating income was:

 

    1,020 M$ in the third quarter 2017, an increase of 11% compared to the third quarter 2016 despite the sale of Atotech; and

 

    2,904 M$ in the first nine months 2017, a decrease of 5% compared to the first nine months 2016, notably due to the impact of Hurricane Harvey and the sale of Atotech in early 2017.

 

5


Marketing & Services

 

  > Petroleum product sales

 

3Q17      2Q17      3Q16      3Q17
vs
3Q16
   

Sales in kb/d*

   9M17      9M16      9M17
vs
9M16
 
  1,807        1,760        1,814        —      

Total Marketing & Services sales

     1,765        1,788        -1
  1,072        1,039        1,113        -4  

        Europe

     1,050        1,083        -3
  735        721        701        +5  

        Rest of world

     715        705        +1

 

* Excludes trading and bulk refining sales, includes share of TotalErg.

Petroleum product sales were generally stable compared to the previous year, with a move toward Africa and Asia where the Group has strong growth. European sales were affected by the divestment of mature activities for LPG distribution in Belgium and Germany.

 

  > Results

 

3Q17      2Q17      3Q16      3Q17
vs
3Q16
   

In millions of dollars

   9M17      9M16      9M17
vs
9M16
 
  506        433        444        +14  

Adjusted net operating income*

     1,240        1,153        +8
  190        258        243        -22  

Investments

     887        745        +19
  150        182        29        x5.2    

Divestments

     368        359        +3
  205        185        209        -2  

Organic investments

     485        543        -11
  517        602        508        +2  

Operating cash flow before working capital changes

     1,530        1,470        +4
  596        229        573        +4  

Cash flow from operations

     1,138        1,414        -20

 

* Detail of adjustment items shown in the business segment information annex to financial statements.

The financial contribution of Marketing & Services continues to grow in a context of strong marketing margins, notably in Africa. Compared to a year ago, adjusted net operating income increased by 14% to 506 M$ in the third quarter 2017 and by 8% to 1,240 M$ in the first nine months 2017.

Group results

 

  > Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

 

    3,062 M$ in the third quarter 2017, an increase of 31% compared to the third quarter 2016, mainly due to the 84% increase in contribution from Exploration & Production which benefited from new projects ramp ups and higher prices;

 

    8,577 M$ in the first nine months 2017, an increase of 27% compared to the first nine months 2016 for the same reasons above.

 

  > Adjusted net income (Group share)

Adjusted net income was 2,674 M$ in the third quarter 2017, an increase of 29% compared to the third quarter 2016, and 7,706 M$ in the first nine months 2017, an increase of 31% compared to the first nine months 2016.

The increase was the result of a higher contribution from Exploration & Production and the ongoing decrease in the Group’s breakeven.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value13.

 

 

13  Details shown on page 13.

 

6


Total adjustments affecting net income (Group share)14 were:

 

    50 M$ in the third quarter 2017; and

 

    -96 M$ in the first nine months 2017, including mainly an impairment of the Fort Hill project in Canada related to a cost increase and a gain on the sale of Atotech.

The effective tax rate15 for the business segments was:

 

    32.6% in the third quarter 2017 compared to 21.5% in the third quarter 2016, mainly due to the higher effective tax rate for the Exploration & Production segment in the context of higher hydrocarbon prices and the larger share of Exploration & Production in the Group’s quarterly results;

 

    30.9% in the first nine months 2017 compared to 22.0% in the first nine months 2016, for the same reasons above.

 

  > Adjusted fully-diluted earnings per share

Adjusted earnings per share were:

 

    $1.04 in the third quarter 2017, calculated on the basis of 2,505 million fully-diluted weighted-average shares,   a 23% increase from $0.84 in the third quarter 2016;

 

    $3.02 in the first nine months 2017, calculated on the basis of 2,480 million fully-diluted weighted-average shares,   a 25% increase from $2.42 in the first nine months 2016.

The number of fully-diluted shares was 2,509 million on September 30, 2017.

 

  > Divestments – acquisitions

Asset sales were:

 

    202 M$ in the third quarter 2017, comprised mainly of the sale of LPG activities in Germany; and

 

    3,120 M$ in the first nine months 2017, essentially comprised of the sale of Atotech, the SPMR pipeline and LPG activities in Germany.

Acquisitions were:

 

    513 M$ in the third quarter 2017, essentially comprised of the bonus related to the certification of resources for Elk-Antelope in Papua New Guinea; and

 

    1,163 M$ in the first nine months 2017, essentially comprised of the bonus related to the certification of resources for Elk-Antelope, a 23% equity share in Tellurian, and a marketing and logistics network in East Africa.

 

  > Cash flow

The Group’s net cash flow16 was:

 

    1,786 M$ in the third quarter 2017 compared to -594 M$ in the third quarter 2016, mainly due to the decrease in net investments and the increase in operating cash flow before working capital changes;

 

    7,182 M$ in the first nine months 2017 compared to -599 M$ in the first nine months 2016, mainly due to the nearly 3 B$ increase in operating cash flow before working capital changes, the decrease in organic investments and the sale of Atotech.

 

  > Return on equity

Return on equity for the twelve months ended September 30, 2017, was 9.7%17, an increase compared to last year.

 

 

14  Details shown on page 10 and in the annex to the financial statements.
15  Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
16  Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).
17  Details shown on page 12.

 

7


Summary and outlook

The imbalance between supply and demand has decreased in recent months, and Brent rose above 55 $/b. Markets however should remain volatile given the uncertainties in supply, and inventories, while falling, remain high. In this context, the Group continues to reduce its breakeven point by reducing its operating costs with a target of 5 B$ in savings by 2020 and increasing production by 5% per year until 2022.

In the Upstream, annual production growth should be approximately 5% in 2017, notably supported by the start-up of the giant Al Shaheen oil field in Qatar, and the ongoing ramp-up of Kashagan in Kazakhstan and Moho Nord in the Republic of the Congo. Yamal LNG in Russia is expected to begin producing by year-end. Finally, the acquisition of Maersk Oil is expected to be completed in the first quarter of 2018.

In the Downstream, refining margins are above 40 $/t at the beginning of the fourth quarter and the petrochemicals environment remains favorable. The Downstream is in line with its goal to generate approximately 7 B$ of operating cash flow before working capital changes in 2017, having generated more than 5.1 B$ in the first nine months.

The pre-dividend organic breakeven for the Group (excluding acquisitions-divestments) will be below 30 $/b in 2017 and should continue to fall to 20 $/b in 2019.

 

•    •    •

To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 13:30 (London time) please log on to total.com or call +44 (0)203 427 1910 in Europe or +1 212 444 0481 in the United States (code: 3052387). For a replay, please consult the website or call +44 (0)207 984 7568 in Europe or +1 719 457 0820 in the United States (code: 3052387).

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investors Relations: +44 (0)207 719 7962 l ir@total.com

 

8


Operating information by segment

 

  > Exploration & Production

 

3Q17      2Q17      3Q16      3Q17
vs
3Q16
    

Combined liquids and gas

production by region (kboe/d)

   9M17      9M16      9M17
vs
9M16
 
  730        746        720        +1    Europe and Central Asia      761        759        —    
  665        656        649        +2    Africa      652        638        +2
  592        514        529        +12    Middle East and North Africa      547        522        +5
  357        344        285        +25    Americas      345        265        +30
  237        240        261        -9    Asia Pacific      245        265        -8

 

 

    

 

 

    

 

 

    

 

 

    

 

  

 

 

    

 

 

    

 

 

 
  2,581        2,500        2,443        +6   

Total production

     2,550        2,449        +4

 

 

    

 

 

    

 

 

    

 

 

    

 

  

 

 

    

 

 

    

 

 

 
  659        597        592        +11   

including equity affiliates

     634        613        +3
3Q17      2Q17      3Q16      3Q17
vs
3Q16
    

Liquids production by region (kb/d)

   9M17      9M16      9M17
vs
9M16
 
  257        266        238        +8    Europe and Central Asia      264        247        +7
  517        505        524        -1    Africa      503        518        -3
  452        376        380        +19    Middle East and North Africa      407        376        +8
  138        126        118        +16    Americas      130        105        +23
  29        26        29        +1    Asia Pacific      28        31        -9

 

 

    

 

 

    

 

 

    

 

 

    

 

  

 

 

    

 

 

    

 

 

 
  1,392        1,298        1,290        +8    Total production      1,331        1,276        +4

 

 

    

 

 

    

 

 

    

 

 

    

 

  

 

 

    

 

 

    

 

 

 
  311        244        249        +25   

including equity affiliates

     273        251        +9
3Q17      2Q17      3Q16      3Q17
vs
3Q16
    

Gas production by region (Mcf/d)

   9M17      9M16      9M17
vs
9M16
 
  2,556        2,592        2,594        -1    Europe and Central Asia      2,678        2,760        -3
  663        679        617        +7    Africa      685        592        +16
  778        763        813        -4    Middle East and North Africa      777        805        -3
  1,228        1,223        927        +32    Americas      1,207        889        +36
  1,202        1,243        1,335        -10    Asia Pacific      1,258        1,351        -7

 

 

    

 

 

    

 

 

    

 

 

    

 

  

 

 

    

 

 

    

 

 

 
  6,427        6,500        6,286        +2    Total production      6,605        6,397        +3

 

 

    

 

 

    

 

 

    

 

 

    

 

  

 

 

    

 

 

    

 

 

 
  1,798        1,829        1,831        -2   

including equity affiliates

     1,880        1,932        -3
3Q17      2Q17      3Q16      3Q17
vs
3Q16
    

Liquefied natural gas

   9M17      9M16      9M17
vs
9M16
 
  2.95        2.64        2.74        +8    LNG sales* (Mt)      8.56        8.24        +4

 

* Sales, Group share, excluding trading; 2016 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2016 SEC coefficient.

 

9


  > Downstream (Refining & Chemicals and Marketing & Services)

 

3Q17      2Q17      3Q16      3Q17
vs
3Q16
   

Petroleum product sales by region (kb/d)*

   9M17      9M16      9M17
vs
9M16
 
  2,361        2,082        2,430        -3  

Europe

     2,178        2,363        -8
  544        586        537        +1  

Africa

     593        545        +9
  584        654        627        -7  

Americas

     587        585        —    
  678        735        567        +20  

Rest of world

     720        681        +6

 

 

    

 

 

    

 

 

    

 

 

   

 

  

 

 

    

 

 

    

 

 

 
  4,167        4,057        4,161        —      

Total consolidated sales

     4,078        4,174        -2

 

 

    

 

 

    

 

 

    

 

 

   

 

  

 

 

    

 

 

    

 

 

 
  583        538        706        -17  

Including bulk sales

     579        707        -18
  1,754        1,759        1,641        +7  

Including trading

     1,734        1,679        +3

 

* Includes share of TotalErg.

Adjustment items to net income (Group share)

 

3Q17     2Q17      3Q16     

In millions of dollars

   9M17      9M16  
  (123     (108      (98   

Special items affecting net income (Group share)

     5        (434
  —         125        (32   

Gain (loss) on asset sales

     2,264        312  
  (2     (54      (18   

Restructuring charges

     (61      (22
  (74     (32      (33   

Impairments

     (1,824      (211
  (47     (147      (15   

Other

     (374      (513
  183       (310      (5   

After-tax inventory effect: FIFO vs. replacement cost

     (72      217  
  (10     (19      (13   

Effect of changes in fair value

     (29      (15

 

 

   

 

 

    

 

 

    

 

  

 

 

    

 

 

 
  50       (437      (116   

Total adjustments affecting net income

     (96      (232

 

 

   

 

 

    

 

 

    

 

  

 

 

    

 

 

 

2017 Sensitivities*

 

     Scenario    Change    Estimated impact
on adjusted
net operating
income
   Estimated
impact on
cash flow

Dollar

   1.1 $/€    -0.1 $ per €    +0.1 B$    ~0 B$

Brent

   50 $/b    +10 $/b    +2 B$    +2.5 B$

European refining margin indicator (ERMI)

   35 $/t    +10 $/t    +0.5 B$    +0.6 B$

 

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2017. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

 

10


Investments - Divestments

 

3Q17     2Q17      3Q16      3Q17
vs
3Q16
    

In millions of dollars

   9M17      9M16      9M17
vs
9M16
 
  3,060       3,949        4,082        -25   

Organic investments

     9,953        12,756        -22
  161       166        136        +18            capitalized exploration      438        536        -18
  153       443        135        +13   

        increase in non-current loans

     754        964        -22
  (337     (153      (101      x3.3     

        repayment of non-current loans

     (677      (502      +35
  513       103        1,018        -50   

Acquisitions

     1,163        1,417        -18
  202       207        91        x2.2     

Asset sales

     3,120        1,448        x2.2  
  (2     —          (107      ns     

Other transactions with non-controlling interests

     (2      (104      ns  
  3,373       3,845        5,116        -34   

Net investments

     7,998        12,829        -38

Net-debt-to-equity ratio

 

In millions of dollars

   9/30/2017     6/30/2017     9/30/2016  

Current borrowings

     11,206       13,070       13,383  

Net current financial assets

     (2,306 )      (3,377     (1,375

Net financial assets classified as held for sale

     (2 )      (2     (81

Non-current financial debt

     40,226       41,548       44,450  

Hedging instruments of non-current debt

     (626 )      (558     (1,089

Cash and cash equivalents

     (28,583 )      (28,720     (24,801
  

 

 

   

 

 

   

 

 

 

Net debt

     19,915       21,961       30,487  
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity - Group share

     109,801       107,188       98,168  

Estimated dividend payable

     (1,826 )      (1,762     (1,629

Non-controlling interests

     2,799       2,772       2,948  
  

 

 

   

 

 

   

 

 

 

Adjusted shareholders’ equity

     110,774       108,198       99,487  
  

 

 

   

 

 

   

 

 

 

Net-debt-to-equity ratio

     18.0 %      20.3     30.6

 

11


Return on equity

 

In millions of dollars

   October 1, 2016
September 30, 2017
    July 1, 2016 to
June 30, 2017
    January 1, 2016 to
December 31, 2016
 

Adjusted net income

     10,244       9,661       8,447  

Average adjusted shareholders’ equity

     105,130       103,734       96,929  
  

 

 

   

 

 

   

 

 

 

Return on equity (ROE)

     9.7     9.3     8.7
  

 

 

   

 

 

   

 

 

 

Return on average capital employed

 

  > Twelve months ended September 30, 2017

 

In millions of dollars

   Exploration &
Production
    Gas,
Renewables
& Power
    Refining &
Chemicals
    Marketing &
Services
    Group  

Adjusted net operating income

     5,187       385       4,035       1,646       11,298  

Capital employed at 9/30/2016*

     109,210       6,058       12,034       5,704       130,535  

Capital employed at 9/30/2017*

     110,114       5,388       11,919       6,871       131,185  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

ROACE

     4.7     6.7     33.7     26.2     8.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

  > Twelve months ended June 30, 2017

 

In millions of dollars

   Exploration &
Production
    Gas,
Renewables
& Power
    Refining &
Chemicals
    Marketing &
Services
    Group  

Adjusted net operating income

     4,529       479       3,931       1,584       10,609  

Capital employed at 6/30/2016*

     107,405       4,622       12,249       5,789       129,635  

Capital employed at 6/30/2017*

     108,618       5,363       10,957       6,937       130,831  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

ROACE

     4.2     9.6     33.9     24.9     8.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

  > Full-year 2016

 

In millions of dollars

   Exploration &
Production
    Gas,
Renewables
& Power
    Refining &
Chemicals
    Marketing &
Services
    Group  

Adjusted net operating income

     3,217       439       4,195       1,559       9,274  

Capital employed at 12/31/2015*

     103,791       4,340       10,454       5,875       121,143  

Capital employed at 12/31/2016*

     107,617       4,975       11,618       5,884       127,423  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

ROACE

     3.0     9.4     38.0     26.5     7.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* At replacement cost (excluding after-tax inventory effect).

 

12


This press release presents the results for the third quarter 2017 and the first nine months 2017 from the consolidated financial statements of TOTAL S.A. as of September 30, 2017 (unaudited). The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com.

This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.

Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) Inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

Furthermore, TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Euro amounts presented herein represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

 

13

EX-99.9 10 d479534dex999.htm EX-99.9 EX-99.9

EXHIBIT 99.9

 

LOGO

OGCI announces three investments in low emissions technologies and launches third annual report

 

  OGCI Climate Investments, OGCI’s investment arm, announces first three investments in low-emission technologies and projects

 

  OGCI releases its third annual report, A Catalyst for Change, and outlines progress made this year and future plans at its CEO stakeholder dialogue event in London

 

  OGCI sets out its aim for near zero methane emissions in the natural gas value chain

LONDON, UK, OCTOBER 27, 2017 – The Oil and Gas Climate Initiative (OGCI) announces today its first three investments, moving forward the organization’s commitments into concrete action to spur the growth of promising low carbon technologies.

CEOs from OGCI’s member companies and the CEO of its investment arm, OGCI Climate Investments, are meeting in London to share key outcomes of OGCI’s third year of work. Some of the world’s climate and energy leaders – representing government, NGOs and international organizations – will join their discussion.

OGCI Climate Investments is the billion-dollar investment fund established last year by OGCI. The fund invests in promising technologies and business models that have the potential to significantly reduce greenhouse gas emissions. OGCI Climate Investments is building a network of partners and co-investors in key sectors to leverage the expertise of this global network.

Pratima Rangarajan, CEO of OGCI Climate Investments, said: “The three investments we are announcing today have the potential to make a meaningful impact on greenhouse gas emissions. We look forward to working with these innovative teams to help them achieve commercial success on a global scale.”

OGCI also releases its third annual report today, which shows the progress made towards tackling some of the industry’s biggest challenges and shares new partnership agreements that support OGCI’s ambitions.

In a joint statement, the ten CEOs who lead OGCI said: “Natural gas is a vital part of the transition to a lower carbon future. Our aim is to work towards near zero methane emissions from the gas value chain. We are also committed to ensure that natural gas continues to deliver its clear climate and clean air benefit compared to coal.”

OGCI is partnering with United Nations Environment and the Environmental Defense Fund to provide financial and technical backing for the world’s first global methane study to fill gaps in the identification and quantification of global methane emissions. This project has the potential to inform new policy and will help to identify new initiatives to reduce emissions.

Erik Solheim, Executive Director of UN Environment, said: “Oil and gas industry leaders have a critical role to play in our efforts to take on climate change and limit the global temperature rise. We are counting on groups such as OGCI to support the needed shift in the way we produce and consume energy. Partnerships like this are extremely important. They’re not only about financial support, but concrete action – because this is how success will be measured.”


OGCI is also working with Imperial College London on research that aims to provide a more accurate picture of total greenhouse gas emissions across the natural gas value chain, from well to distribution. This will identify emission hotspots that will allow OGCI to focus its efforts on areas that could bring the greatest benefits.

Looking ahead, OGCI will continue to focus on chosen key areas:

 

    Accelerating the deployment of carbon capture, use and storage (CCUS), reducing methane emissions from the global oil and gas industry in order to maximize the climate benefits of natural gas, as well as energy efficiency in transport and the oil and gas value chain. OGCI focuses its initiatives on areas where it believes it can make the most impact on greenhouse gas emissions now and remove obstacles to the development, deployment and scale-up of technologies needed to achieve long-term climate goals.

The full OGCI report, A Catalyst for Change, can be found here: www.oilandgasclimateinitiative.com/news.html

Investments announced today by OGCI Climate Investments

 

    Solidia Technologies, a US-based cement and concrete production company. Their patented technology allows for the production of cement in a way that generates fewer emissions; CO2 is then used rather than water to cure the concrete. Solidia’s innovative technology has the potential to lower emissions in concrete production by up to 70% and water consumption by up to 80%. Companies like Solidia demonstrate how carbon dioxide can be re-used successfully from both an environmental and a commercial perspective.

 

    Achates Power, a company developing more efficient vehicle engines. Achates Power develops innovative high-efficiency opposed-piston engines with the potential to substantially reduce the greenhouse gas emissions produced by vehicles. With investment from OGCI Climate Investments, as part of a broader consortium alongside engine makers, Achates Power aims to accelerate its technology deployment worldwide.

 

    A project that aims to design a full scale gas power plant with carbon capture and storage, including industrial CO2 sequestration capability. OGCI Climate Investments will work with the project team on a commercially viable concept and basic engineering design that can receive government support and attract private sector investors.

Notes to editors

 

  The Oil and Gas Climate Initiative is a voluntary, CEO-led initiative which aims to lead the industry response to climate change.

 

  Launched in 2014, OGCI is currently made up of ten oil and gas companies that pool expert knowledge and collaborate on action to reduce greenhouse gas emissions.

 

  Its billion-dollar investment arm, OGCI Climate Investments, supports the development, deployment and scale-up of low emissions technology.

To learn more about OGCI, please visit www.oilandgasclimateinitiative.com.

Contacts

Media Enquiries: E. OGCI@hkstrategies.com T. +44 (0)207 413 3448

 

LOGO

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