0001193125-19-280378.txt : 20191031 0001193125-19-280378.hdr.sgml : 20191031 20191031152604 ACCESSION NUMBER: 0001193125-19-280378 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 32 CONFORMED PERIOD OF REPORT: 20191031 FILED AS OF DATE: 20191031 DATE AS OF CHANGE: 20191031 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: 191183455 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 d81042d6k.htm 6-K 6-K

 

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, 2019

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

SIGNATURES

EXHIBIT INDEX

 

Exhibit 99.1 Norway: Johan Sverdrup Giant Field Starts Up in the North Sea (October 7, 2019)

  

Exhibit 99.2 Total launches construction of its third solar power plant in Japan (October 8, 2019)

  

Exhibit 99.3 Brazil: Total Expands Pre-Salt Footprint With New Deep Offshore Exploration License (October 10, 2019)

  

Exhibit 99.4 Total expands its strategic partnership with Adani to supply and market natural gas in India (October 14, 2019)

  

Exhibit 99.5 Deutsche Post DHL Group and Total reinforce their worldwide collaboration on energy solutions and innovative logistics (October 14, 2019)

  

Exhibit 99.6 Total Opens a Digital Factory to Further its Ambition of Becoming the Responsible Energy Major (October 17, 2019)

  

Exhibit 99.7 New Marine Fuels: Total’s First LNG Bunker Vessel Launched (October 17, 2019)

  

Exhibit 99.8 China: Total and Zhejiang Energy Group Join Forces to Develop the Growing Low Sulfur Marine Fuel Market (October 21, 2019)

  

Exhibit 99.9 Plastics Recycling: Total announces plans to double its capacity of recycled polypropylene for the automotive industry (October 22, 2019)

  

Exhibit 99.10 Total dedicates its $400 million global venture fund to Carbon Neutrality (October 24, 2019)

  

Exhibit 99.11 France: Total Tops Rankings in Call for Tenders for Rooftop Solar Installations (October 24, 2019)

  

Exhibit 99.12 Brunei: Total Sells Its Interest in Offshore Block CA1 (October 30, 2019)

  

Exhibit 99.13 Third quarter 2019 results (October 30, 2019)

  

Exhibit 99.14 Total announces the third 2019 interim dividend of 0.68/share, an increase of 6% compared to 2018 (October 30, 2019)

  


EXHIBIT INDEX

Exhibit 99.1 Norway: Johan Sverdrup Giant Field Starts Up in the North Sea (October 7, 2019)

Exhibit 99.2 Total launches construction of its third solar power plant in Japan (October 8, 2019)

Exhibit 99.3 Brazil: Total Expands Pre-Salt Footprint With New Deep Offshore Exploration License (October 10, 2019)

Exhibit 99.4 Total expands its strategic partnership with Adani to supply and market natural gas in India (October 14, 2019)

Exhibit 99.5 Deutsche Post DHL Group and Total reinforce their worldwide collaboration on energy solutions and innovative logistics (October 14, 2019)

Exhibit 99.6 Total Opens a Digital Factory to Further its Ambition of Becoming the Responsible Energy Major (October 17, 2019)

Exhibit 99.7 New Marine Fuels: Total’s First LNG Bunker Vessel Launched (October 17, 2019)

Exhibit 99.8 China: Total and Zhejiang Energy Group Join Forces to Develop the Growing Low Sulfur Marine Fuel Market (October 21, 2019)

Exhibit 99.9 Plastics Recycling: Total announces plans to double its capacity of recycled polypropylene for the automotive industry (October 22, 2019)

Exhibit 99.10 Total dedicates its $400 million global venture fund to Carbon Neutrality (October 24, 2019)

Exhibit 99.11 France: Total Tops Rankings in Call for Tenders for Rooftop Solar Installations (October 24, 2019)

Exhibit 99.12 Brunei: Total Sells Its Interest in Offshore Block CA1 (October 30, 2019)

Exhibit 99.13 Third quarter 2019 results (October 30, 2019)

Exhibit 99.14 Total announces the third 2019 interim dividend of 0.68/share, an increase of 6% compared to 2018 (October 30, 2019)


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, 2019

   

By:

 

/s/ ANTOINE LARENAUDIE

     

Name:  

 

Antoine LARENAUDIE

     

Title:

 

Group Treasurer

EX-99.1 2 d81042dex991.htm EX-99.1 EX-99.1

EXHIBIT 99.1

 

LOGO

Press Release

Norway: Johan Sverdrup Giant Field Starts Up in the North Sea

Paris, October, 7 2019 - The production from Phase 1 of the giant Johan Sverdrup field has started — more than two months ahead of schedule and with a cost reduced by more than 30%. The total investment is $10.5 billion and plateau production is 440,000 barrels per day. Johan Sverdrup is operated by Equinor (42.6267%), alongside Lundin Norway (20%), Petoro (17.36%), Aker BP (11.5733%) and Total (8.44%).

Johan Sverdrup is one of the major developments that were added to Total’s portfolio through the value adding acquisition of Maersk Oil in 2018. It is one of the largest oil fields of the Norwegian Continental Shelf and illustrates our ongoing commitment to Norway – a country that represents about 8% of Total’s global annual production – and to the North Sea where we are the second largest operator,” said Arnaud Breuillac, President Exploration & Production of Total. ”

Located 150 kilometers off the Norwegian coast, Johan Sverdrup’s total recoverable reserves amount to 2.7 billion barrels of oil equivalent. Phase II of the project is already under development and is expected to increase production capacity to 660,000 barrels per day by the end of 2022.

Johan Sverdrup ranks among the world top three offshore projects in terms of carbon emission efficiency. With well below 1 kg of CO2 emitted per barrel, emissions savings are largely due to the electric supply from shore compared with traditional offshore gas turbines.

 

LOGO

About Total’s Exploration & Production in Norway

Total has been present in Norway since 1965 and has played a major role in the development


of many important fields on the Norwegian continental shelf. Total holds interests in 65 production licenses and our production was 211,000 barrels of oil equivalent per day in 2018.

In 2017, Total has signed an agreement with Shell and Equinor to mature the development of a full-scale carbon storage on the Norwegian continental shelf. This is in line with Total’s roadmap to develop carbon capture utilization and storage (CCUS) as a key axis of its low carbon strategy.

In terms of competence and technical know-how, Total benefits from its new Copenhagen-based exploration hub that provides synergies and increased focus on future opportunities on the Norwegian Continental Shelf (NCS) and in the North Sea region at large, where Total is present in Norway, UK, Denmark and the Netherlands.

* * * * *

About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Total Contacts

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

Investor Relations: +44 (0)207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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.

Cautionary note to U.S. Investors

The United States Securities and Exchange Commission 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 the SEC rules. We may use certain terms in this press release, such as 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 No. 1-10888 available from us at TOTAL S.A. — Tour Coupole — 2, place Jean Millier — Arche Nord Coupole/Regnault — 92078 Paris La Défense Cedex — France, or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

EX-99.2 3 d81042dex992.htm EX-99.2 EX-99.2

EXHIBIT 99.2

LOGO

Press Release

Total launches construction of its third solar power plant in Japan

Paris/Tokyo, October 8, 2019 – Total Solar International, a wholly owned Total subsidiary dedicated to utility-scale solar plants, announce the start of the construction of Miyagi Osato Solar Park, a large-scale solar plant of 52 megawatt-peak (MWp) located in Osato, Miyagi prefecture, Japan. The project, which has achieved financial close, is expected to start up in 2021 and will provide clean and reliable electricity to Japanese households.

The Miyagi Osato Solar Park is Total’s third and biggest solar plant in Japan, which will allow us to reach a cumulated capacity of over 100 MWp in the country. This project is in line with Total’s commitment to develop renewable production capacities worldwide and in particular in the Japanese market, where we actively pursue our development”, said Julien Pouget, Senior Vice-President Renewables at Total.

The plant is designed to fully meet Japan’s stringent earthquake-resistant building standards. The facility will be equipped with around 116,000 SunPower® Maxeon® high efficiency solar panels that deliver reliable performance throughout the entire life of every installation.

The plant will be operated by Miyagi Osato Solar Park G.K., a special purpose company, majority-owned by Total Solar International (90%), alongside SB Energy Corp. (SB Energy) (10%), a Japanese subsidiary of SoftBank Group.

The launch the construction of Miyagi Osato Solar Park follows the beginning of the operation of two other large-scale solar plants of Total Solar International in Japan: Miyako Solar Park (25 MWp, 2019) and Nanao Power Plant (27 MWp, 2017). This rapid growth (over 100 MWp

 

LOGO


of cumulative capacity achieved in 2 years) sets Total as one of the most dynamic players in the Japanese solar market.

Total and Low-Carbon Electricity

Total integrates climate change into its strategy and is staying ahead of new energy market trends by building a portfolio of low-carbon businesses that could account for 15 to 20% of its sales by 2040. Total’s gross low-carbon power generation capacity worldwide currently stands next to 7 gigawatts, of which over 3 gigawatts from renewable energies.

Total actively contributes to the growth of solar energy worldwide by designing and operating utility-scale power plants and supplying industrial and commercial customers with solar energy generated at their sites.

About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

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

Investor Relations: +44 (0)207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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 d81042dex993.htm EX-99.3 EX-99.3

EXHIBIT 99.3

 

LOGO

Press Release

Brazil: Total Expands Pre-Salt Footprint

With New Deep Offshore Exploration License

Paris, October 10, 2019 Total, operator, and its co-venturers Qatar Petroleum and Petronas have won the C-M-541 deep offshore block today in the 16th Bidding Round held by Brazil’s National Petroleum Agency (ANP). The acreage is located in the pre-salt Campos Basin in a water depth of about 3,000 meters.

“Total is pleased to expand its footprint in the Campos Basin with this new operated exploration block, alongside two strategic partners. It is another demonstration of our ability to seize high quality exploration acreage in a key growth area for the Group,” said Patrick Pouyanné, Chairman and CEO of Total. “This is in line with our strategy to continue building our operator positions in Brazil’s deep offshore, where we can add value thanks to our deepwater competencies. It follows on from our acquisition in 2016, through successful direct negotiations with Petrobras, of operatorship of the Lapa field and an interest in the Iara concession. We have also launched development phases 1 and 2 of the giant Mero field. In this context, Total confirms that it will not participate in the upcoming Transfer-of-Rights (TOR) Surplus Round, as the competitive tender is only offering non-operated interests.”

Total will operate the block with a 40% interest, alongside Qatar Petroleum (40%) and Petronas (20%). The consortium plans to drill a first exploration well in 2021.

This entry into a new block follows the FID made by Total and its partners in June 2019 for the second FPSO of the Mero project (Libra Block), which is expected to start up in 2022. Currently under construction, the first FPSO of the Mero project is progressing according to schedule, with start-up planned in 2021. The first FPSO of the Iara project is expected to start up later this year and the second one in 2020.


LOGO

Total in Brazil

Total has been present in Brazil for over 40 years and has more than 3,000 employees in the country. The Group now operates in all segments: exploration and production, gas, renewable energies, lubricants, chemicals, and distribution.

Total Exploration & Production’s portfolio currently includes 23 blocks, with nine operated. In 2018, the Group’s production in the country averaged 19,000 barrels of oil equivalent per day.

In 2017, Total and Petrobras formed a Strategic Alliance encompassing exploration and production and gas, renewables and power activities. Through the Alliance, the two groups are implementing R&D projects on topics such as artificial intelligence leading to efficiency gains, with direct applications in Brazil.

Total recently entered the fuel distribution market in Brazil with the acquisition in December 2018 of Grupo Zema’s distribution activities. Total thus owns a network of 280 service stations, as well as several storage facilities for petroleum products and ethanol.


About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

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

Investor Relations: +44 (0)207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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 d81042dex994.htm EX-99.4 EX-99.4

EXHIBIT 99.4

 

LOGO

Press Release

Total expands its strategic partnership with Adani

to supply and market natural gas in India

Paris, October 14, 2019 – As part of its strategy to develop new gas markets, Total, the world’s second-largest LNG player, expands its partnership with the Adani Group; the largest energy and infrastructure conglomerate in India, to contribute to the development of the Indian natural gas market.

The Indian natural gas market represents a substantial growth perspective. It is currently only 7% of the energy consumption but has grown over the last 3 years by more than 5% per annum, supported by an active policy of the Indian Government that aims to diversify its energy mix and develop domestic use of gas in cities and as fuel for vehicles. India has set the ambitious target of increasing the share of natural gas in its energy mix to 15% by 2030.

The partnership between Adani (50%) and Total (50%) includes several assets across the gas value chain notably two imports and regasification LNG terminals: Dhamra in East India and potentially Mundra in the West, as well as Adani Gas Limited, one of the 4 main distributors of city gas in India of which Adani holds 74.8% and of which Total will acquire 37.4%.

Adani Gas Limited aims to expand its distribution of gas in the next 10 years through its 38 concessions covering 7.5% of the Indian population and market natural gas to industrial, commercial and domestic customers, targeting 6 million homes as well as through 1,500 retail outlets of natural gas for vehicles.

As part of this partnership, Total will bring its LNG and retail expertise and will supply LNG to Adani Gas Limited. Total and Adani will also establish a joint venture to market LNG in India and Bangladesh.

Energy needs in India are immense and the Indian energy mix is key to the climate change challenge. Firmly investing to develop the use of natural gas in India is in line with Total’s ambition to become the responsible energy major. The natural gas market in India will have a strong growth and is an attractive outlet for the world’s second-largest LNG player that Total has become. Adani will bring its knowledge of the local market and its expertise in the infrastructure and energy sectors. This partnership with Adani is cornerstone to our development strategy in this country.” said Patrick Pouyanné, Chairman and CEO of Total.

To reach a 37.4% shareholding in Adani Gas Limited in accordance with Indian stock market regulations and subject to regulatory approvals, Total will initially launch a tender offer to public shareholders to acquire up to 25.2% of equity shares before buying the remaining shares from Adani.

Taking into account the divestiture of the Group’s interest in Hazira terminal early 2019, the establishment of this partnership on gas in India represents a net acquisition cost for Total of approximately $600 million over 2019-2020.


***

About Adani

Headquartered in Ahmedabad, India, Adani Group is one of India’s largest integrated infrastructure conglomerates with interests in Resources, Logistics, Energy, and Agro, Real Estate, Public Transport Infrastructure, Finance and Defense. Adani owes its success and leadership position to its core philosophy of ‘Nation Building’. The Group is committed to protecting the environment and improving communities through its CSR program based on the principles of sustainability, diversity and shared values.

About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts:

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

Investor Relations: +44 (0) 207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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 d81042dex995.htm EX-99.5 EX-99.5

EXHIBIT 99.5

 

LOGO    LOGO

Press Release

Deutsche Post DHL Group and Total reinforce their worldwide

collaboration on energy solutions and innovative logistics

Signing of a Strategic Cooperation Agreement to strengthen commitment to work together

for sustainable mobility and low-carbon energies, logistics and transport services

Bonn / Paris, October 14, 2019 - Deutsche Post DHL Group (DPDHL Group) and Total have signed a Strategic Cooperation Agreement to strengthen their partnership and contribute to the implementation of their global business ambitions.

Thanks to their complementary geographic presence, the two groups will be able to benefit from new commercial cross-business opportunities, as a customer and a supplier respectively. This B2B partnership displays a common desire of the two companies to work even more closely together on technological and digital challenges and climate issues. Both companies will explore and develop concrete projects alongside their daily business operations and core expertise, including multi-energy offers, sustainable mobility, new solutions for fleet management as well as contract logistics, global freight forwarding, added value supply chain solutions, road freight and express services.

Tim Scharwath, Member of the Board of Management of Deutsche Post DHL Group, comments: “Our ambitious target is to reduce all logistics-related emissions to zero by the year 2050. Alternative drives and fuels as well as clean energy solutions are important cornerstones to achieve this goal. In cooperation with Total, and thanks to their profound expertise in the energy sector, we will be leveraging further innovative solutions to reduce our CO2 emissions and energy consumption. At the same time, we will intensify our partnership to implement best-in-class logistics solutions throughout Total’s various value chains.

Built on a long history of commercial relationships in more than 100 countries around the world this B2B agreement between the two groups will also leverage their respective global organizations to implement operational excellence, support sustainable business growth, and shape the future through innovation.

This strategic partnership marks a new stage of the collaboration between Total and DPDHL Group, enabling the development of new businesses, particularly associated with low carbon energies.” adds Momar Nguer, President for Total Marketing & Services. “Total, thanks to its worldwide geographical footprint and wide range of products and services, including EV mobility and fleet management solutions, is ideally positioned to support DPDHL Group in achieving its GoGreen targets”.


About Deutsche Post DHL Group

Deutsche Post DHL Group is the world’s leading mail and logistics company. The Group connects people and markets and is an enabler of global trade. It aspires to be the first choice for customers, employees and investors worldwide. The Group contributes to the world through responsible business practices, corporate citizenship and environmental activities. By the year 2050, Deutsche Post DHL Group aims to achieve zero emissions logistics.

Deutsche Post DHL Group is home to two strong brands: Deutsche Post is Europe’s leading postal service provider. DHL offers a comprehensive range of international express, freight transport, and supply chain management services, as well as e-commerce logistics solutions. Deutsche Post DHL Group employs approximately 550,000 people in over 220 countries and territories worldwide. The Group generated revenues of more than 61 billion Euros in 2018.

Die Post für Deutschland. The logistics company for the world.

About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

About Total Marketing & Services

The Total Marketing & Services division develops and distributes mainly petroleum-based products and all associated services. Its 31,000 employees are present in 110 countries and its products and service offers are sold in 150 countries. Total Marketing & Services welcomes over 8 million customers daily in its network of over 14,000 service stations in 62 countries. Total is the world’s 4th largest oil and gas company and the number 1 distributor of petroleum-products in Africa. Total Marketing & Services operates 50 production sites worldwide where it manufactures lubricants, bitumen, fuel additives, fuels and special fluids.

* * * * *

Media Contact:

Deutsche Post DHL Group

Media Relations: David Stöppler

Phone: +49 228 182-9944

E-mail: pressestelle@dpdhl.com

On the Internet: dpdhl.de/press

Follow us at: twitter.com/DeutschePostDHL

You can find the press release for download as well as further information on dpdhl.com/pressreleases

Total

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

Investor Relations: +44 (0)207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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 d81042dex996.htm EX-99.6 EX-99.6

EXHIBIT 99.6

 

LOGO

Press Release

Total Opens a Digital Factory to Further its Ambition

of Becoming the Responsible Energy Major

Paris, October 18, 2019 – Total will open a Digital Factory in Paris in early 2020 that will bring together up to 300 developers, data scientists and other experts to accelerate the Group’s digital transformation. Total’s goal is to leverage the capabilities of digital tools to create value in all of its businesses.

The Digital Factory will be tasked with developing the digital solutions Total needs to improve its operations, in terms of both availability and cost, offer new services to customers, notably in the area of managing and controlling energy consumption, extend its reach to new distributed energiesc and reduce its environmental impact. Total’s ambition is to generate as much as $1.5 billion in value per year for the company by 2025 through additional revenue and reductions in operating or investment expenses.

“I am convinced that digital technology is a critical driver for achieving our excellence objectives across all of Total’s business segments. Total’s Digital Factory will serve as an accelerator, allowing the Group to systematically deploy customized digital solutions. Artificial intelligence (AI), the Internet of Things (IoT) and 5G are revolutionizing our industrial practices, and we will have the know-how in Paris to integrate them in our businesses as early as possible. The Digital Factory will also attract the new talent essential to our company’s future,” said Patrick Pouyanné, Chairman and Chief Executive Officer of Total, during France’s Best Developer contest.

New Professions for Total

Under the direction of Frédéric Gimenez, Chief Digital Officer of Total and Digital Factory project manager, teams comprising top developers, data scientists, architects and specialists in agile methodologies will work with operating personnel from Total’s different businesses in the 5,500-square-meter facility located in the center of Paris. From deep in the city’s innovation ecosystem, they will shape the energy professions of tomorrow, focusing on solutions that can be deployed agilely within the Group.

A New Step in Total’s Digital Transformation

The Digital Factory is a new step in Total’s transformation process. It follows on the signature of major partnership agreements with Google on artificial intelligence and geosciences and with Tata Consultancy Services on Refinery 4.0.


About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

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

Investor Relations: +44 (0)207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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 d81042dex997.htm EX-99.7 EX-99.7

EXHIBIT 99.7

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Press Release

New Marine Fuels:

Total’s First LNG Bunker Vessel Launched

Paris, October 18, 2019 – Total announces that its first large liquefied natural gas (LNG) bunker vessel has been launched, following the signature of a long-term charter contract between Total and Mitsui O.S.K Lines (MOL) in February 2018.

After delivery in 2020, the bunker vessel will operate in Northern Europe, where it will supply LNG to commercial vessels, including 300,000 tons per year for CMA CGM’s nine ultra-large newbuild containerships in Europe-Asia trade, for a period of at least 10 years.

The LNG bunker vessel’s construction is in line with the International Maritime Organization (IMO) decision to drastically limit the sulfur content of marine fuels as of 2020. In this context, the transition from heavy fuel oil to LNG is a competitive, efficient and immediately available solution for maritime transportation.

Used as a marine fuel, LNG sharply reduces emissions from ships, resulting in a significant improvement in air quality, particularly for communities in coastal areas and port cities. LNG helps to cut:

 

  §  

Sulfur emissions by 99%,

  §  

Fine particle emissions by 99%,

  §  

Nitrogen oxide emissions by 85%,

  §  

Greenhouse gases emissions by around 20%.

“Developing infrastructure like this giant bunker vessel is essential to allow LNG to become a widely used marine fuel,” said Momar Nguer, President for Total Marketing & Services. “This first ship demonstrates our commitment to offering our customers both more environmentally friendly fuels and the associated logistics. Thanks to this pioneering investment, Total is making a positive contribution to the sustainable evolution of global shipping.”

Built by Hudong-Zhonghua Shipbuilding at their shipyard near Shanghai, the bunker vessel is fitted with innovative tank technologies, with a capacity of 18,600 cubic meters, provided by the French company GTT. Designed to be highly maneuverable, the 135-meter-long vessel will be able to operate safely in the ports and terminals considered. Lastly, she meets the highest environmental standards thanks to the use of LNG as fuel and complete reliquefaction of boil-off gas.

Total, Second-Largest Private Global LNG Player:

Total is the second-largest private global LNG player, with an overall portfolio of around 40 million tons per year by 2020 and a global market share of 10%. With 22 million tons of LNG sold in 2018, the Group has solid, diversified positions across the LNG value chain. Through its stakes in liquefaction plants in Qatar, Nigeria, Russia, Norway, Oman, Egypt, the United Arab Emirates, the United States, Australia and Angola, Total sells LNG in markets worldwide.


Total Marine Fuels Global Solutions

Total Marine Fuels Global Solutions is Total’s dedicated business unit in charge of worldwide bunkering activities. Total Marine Fuels Global Solutions is the single point of contact for a full spectrum of solutions with innovative and efficient bunkering services.

www.marinefuels.total.com.

 

LOGO

***

About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Total Contacts

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

Investor Relations: +44 (0)207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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 d81042dex998.htm EX-99.8 EX-99.8

EXHIBIT 99.8

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Press Release

China: Total and Zhejiang Energy Group Join Forces

to Develop the Growing Low Sulfur Marine Fuel Market

Zhoushan, October 21, 2019 Total has signed a shareholders’ agreement with Chinese state-owned Zhejiang Energy Group (ZEG), to create a joint venture company dedicated to the supply and delivery of marine fuels in the region of Zhoushan, China.

The agreement, signed on the sidelines of the IPEC conference in Zhoushan, follows a Memorandum of Understanding concluded by Total and ZEG in April 2019 to explore opportunities in the supply and distribution of energy in China. Total China Investment (TCI) will hold a 49% share in the new company while Zhejiang Zheneng Petroleum New Energy (ZZPNE) will hold the remaining.

Zhoushan region covers both Ningbo and Shanghai ports, the busiest shipping hub in the world in terms of cargo tonnage.

By combining ZEG’s historical anchoring in the energy business in the region and Total’s longstanding expertise in the trading and marketing of international bunkers, the new company aims to actively contribute to the development of this fast-growing market.

“This new partnership is fully aligned with our strategy to support and supply our shipping customers wherever they go.” declared Philippe Charleux, Senior Vice-President Lubricants & Specialties of Total. “Providing them with low sulphur fuels fully compliant with IMO regulation in China will further contribute to the transition towards a sustainable shipping industry.”

The creation of the new company ensures the continuity of Total’s business development strategy initiated almost 40 years ago in China.

About Total in China

Total has been present in China for almost 40 years. The Group was the first international energy company to enter China’s offshore oil and gas exploration and refining business. With a team of more than 4,000 employees the company is actively present across the entire value chain of China’s energy industry, including Exploration & Production, Gas, Renewables & Power, Refining & Chemicals, and Marketing & Services activities. Total is constantly developing new business opportunities with Chinese partners both in China and globally.

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 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l 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-99.9 10 d81042dex999.htm EX-99.9 EX-99.9

EXHIBIT 99.9

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Press Release

Plastics Recycling: Total announces plans to double its

capacity of recycled polypropylene for the automotive industry

Paris, October 22, 2019 – Total has decided to double the production capacity of its affiliate Synova to meet growing market demand for high-performance recycled materials. By early 2021, Normandy-based Synova, a French leader in its sector, will produce 40,000 tons per year of recycled polypropylene that meets the demanding quality standards of automotive OEMs and carmakers.

“Among their many qualities, plastics help to reduce the weight of everyday items, improving their energy efficiency, and to shrink our carbon emissions. By developing the share of recycled raw materials, we provide a concrete response to the challenge of managing the end-of-life of plastics,” said Valérie Goff, Senior Vice President Polymers at Total Refining & Chemicals. “This investment, which consolidates the acquisition of Synova in early 2019, marks a new milestone in our circular economy activities and contributes to our target of producing 30% recycled polymers by 2030 and Total’s ambition to be the responsible energy major.”

Total and end-of-life of plastics

Total is a founding member of The Alliance to End Plastic Waste, an organization that brings together around 40 member companies from across the plastics and consumer goods value chain. They have committed over $1 billion, with the ultimate goal of investing $1.5 billion, over the next five years to provide solutions to eliminate plastic pollution in the environment, particularly the oceans.

Total is working on all forms of recycling to develop high-performance recycled polymers.

For example, the Group produces Circular Compounds®, polypropylene and polyethylene containing at least 50% recycled material, with the same properties as virgin grade polymers.

Total has also joined forces with Citeo, Saint-Gobain and Syndifrais to create a polystyrene recycling channel in France by 2020. The feasibility of large-scale production will be validated at the Group’s industrial sites in Carling (France) and Feluy (Belgium).

Additionally, Total is a global leader in bioplastics. The Total Corbion PLA joint venture owns a plant in Thailand with a capacity of 75,000 tons per year of polylactic acid (PLA), a 100% renewable-based bioplastic that is recyclable and biodegradable.

Total has set a target of producing 30% recycled plastics by 2030.

* * * * *


About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

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

Investor Relations: +44 (0)207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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-99.10 11 d81042dex9910.htm EX-99.10 EX-99.10

EXHIBIT 99.10

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Press Release

Total dedicates its $400 million global venture fund

to Carbon Neutrality

Paris, October 24, 2019 - Total today announces that it will focus its global venture fund on fostering carbon neutrality. The fund will increase its capital to a cumulative $400 million within five years’ time. Its investments will support start-ups that develop innovative technologies and solutions which help companies to reduce their energy consumption or the carbon intensity of their activities. The fund will be known as Total Carbon Neutrality Ventures (TCNV).

The Total Carbon Neutrality Ventures fund will fully support Total’s ambition to become the responsible energy major. It will allow us to expand the reach of our low carbon- businesses beyond our own borders,” said Patrick Pouyanné, Chairman and CEO of Total. Over five years, the $400 million fund will invest in start-ups whose technologies or innovative solutions could contribute to carbon neutrality”.

TCNV will invest globally, with teams based in Europe and the U.S., focusing on the areas such as smart energy, energy storage, smart mobility, bioplastics and recycling.

The fund builds on Total Ventures’ existing portfolio of 35 global start-ups that directly and indirectly contribute to carbon neutrality. That portfolio includes Solidia, Sunfire, Scoop, Shyft Power Solutions, Ionic Materials, MTPV, AutoGrid, Stem and OnTruck.

About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Total Contacts

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

Investor Relations: +44 207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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-99.11 12 d81042dex9911.htm EX-99.11 EX-99.11

EXHIBIT 99.11

 

LOGO

Press Release

France: Total Tops Rankings in Call for Tenders

for Rooftop Solar Installations

Paris, October 24, 2019 - Total continues to actively contribute to the growth of solar and wind power in France, with its affiliate Total Quadran winning 32 MW of new solar and wind power projects during the recent call for tenders issued by the French Energy Regulatory Commission (CRE).

Leader in the Call for Tenders for Rooftop Solar Installations

Through Energie Développement, its 50-50 joint venture with solar project developer Amarenco France, Total Quadran is among the leaders of the eighth round of the CRE 41 call for tenders, winning 17 MWp, or 14% of the capacity awarded.

In total, with more than 166 MWp won across all rounds of the CRE 4 call for tenders issued in 2017, Energie Développement comes out on top in the rooftop solar installation industry in France (see Finergreen ranking2.)

 

LOGO

We are very pleased to be the leading supplier in the rooftop solar installation industry in France. In addition to our activities in the areas of utility-scale solar plants and solar carports, this success reinforces Total Quadran’s position as the most active solar industry operator in France, across all segments,” said Thierry Muller, CEO of Total Quadran.

 

 


1Group 2 (500 KWp to 8 MWp)

1Source : http://www.finergreen.com/wp-content/uploads/2017/04/19-10-08-Analyse-AO-Solaire-CRE4.8-ISB-vFR.pdf

Total and Low-Carbon Electricity

Total integrates climate change into its strategy and is staying ahead of new energy market trends by building a portfolio of low-carbon businesses that could account for 15 to 20% of its sales by 2040. Total’s gross low-carbon power generation capacity worldwide currently stands at nearly 7 gigawatts, of which over 3 gigawatts from renewable energies.

About Total Quadran

Total Quadran, a pioneering renewable energy company in France, joined Total in 2018. It develops, builds and operates power generation facilities that use renewable resources (wind, photovoltaic, hydro and biogas) with a strong presence in mainland France and overseas French regions.

About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

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

Investor Relations: +44 (0)207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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-99.12 13 d81042dex9912.htm EX-99.12 EX-99.12

EXHIBIT 99.12

 

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Press Release

Brunei: Total Sells Its Interest in Offshore Block CA1

Paris, October 30, 2019 - Total has signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo BV — which holds an 86.95% interest in Block CA1, located 100 kilometers off the coast of Brunei — to Shell1 for $300 million. The transaction is subject to approval by the competent authorities and is expected to close by December 2019.

This transaction fits with our strategy of actively managing our portfolio and will contribute to our program to dispose of $5 billion of non-core assets over the period 2019-2020, said Arnaud Breuillac, President Exploration & Production at Total.

Block CA1 covers 5,850 square kilometers, with water depths ranging from 1,000 to 2,500 meters. Total currently operates the block alongside partners Murphy Oil (8.05%) and Petronas (5%).

 

LOGO

 

1 Dordtsche Petroleum Maatschappij BV


* * * * *

About Total

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Total Contacts

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

Investor Relations: +44 (0)207 719 7962 l 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”, “Total Group” and Group are sometimes used for convenience. 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-99.13 14 d81042dex9913.htm EX-99.13 EX-99.13

EXHIBIT 99.13

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Press Release

Third quarter 2019 results

In a weaker environment, continued strong cash flow generation

and low carbon strategy development

 

         
      3Q19      Change
vs 3Q18
     9M19      Change
vs 9M18  
 
   

Oil price - Brent ($/b)

     62.0        -18%            64.6        -10%      
   

European gas price - NBP ($/Mbtu)

     3.9        -54%            4.8        -37%      
   

Adjusted net income (Group share)1

             
   

- in billions of dollars (B$)

     3.02        -24%            8.66        -17%      
   

- in dollars per share

     1.13        -23%            3.20        -18%      
   

DACF1 (B$)

     7.4        -2%            21.1        +6%      
   

Cash Flow from operations (B$)

     8.2        +43%            18.1        +29%      
 

Net income (Group share) of 2.8 B$ in 3Q19, a 29% decrease compared to 3Q18

 

 

Net-debt-to-capital ratio of 21.1% at September 30, 2019

 

 

Hydrocarbon production of 3,040 kboe/d in 3Q19, an increase of 8.4% compared to 3Q18

 

 

Ex-dividend date for third 2019 interim dividend of 0.68 €/share on March 30, 2020

 

Paris, October 30, 2019 - Total’s Board of Directors met on October 29, 2019, to approve the Group’s third quarter 2019 financial statements. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

“The Group continues to achieve solid results despite a third quarter environment compared to a year ago that was marked by an 18% decrease in the Brent price to $62/b and gas prices that fell by about 55% in Europe and Asia.

Cash flow (DACF) was essentially stable at $7.4 billion compared to a year ago, thanks to production growth of more than 8% from cash flow accretive projects. Year-to-date cash flow from the iGRP segment increased by nearly $1 billion, driven by LNG production growth of 55% (Yamal LNG in Russia and Ichthys in Australia). Thus Total reduced its organic pre-dividend breakeven to less than $25/b.                

In this context, adjusted net income was $3.02 billion in the third quarter and nearly $9 billion in the first nine months of the year. The return on equity was 10.3%.

In Exploration & Production, the Group continues to high-grade its portfolio, particularly in Norway with the start-up of Johan Sverdrup and in the United Kingdom with the ramp-up of Culzean and the sale of high-breakeven mature assets. In Exploration, the Group became operator of a new high-potential pre-salt exploration block in Brazil and participated in two discoveries in Guyana.

The Group continues its dynamic strategy of growth in natural gas to contribute to the energy transition in concrete terms with the acquisition of Anadarko’s stake in Mozambique LNG, the launch of the Arctic LNG 2 project in Russia and the investment in the gas marketing partnership with conglomerate Adani in India.

It also continued to grow in low carbon electricity by adding 500 MW of new projects in France during the quarter, launching the construction of a third solar farm in Japan and joining forces with Envision to develop distributed solar projects in China.

Strong performance of the Downstream from leveraging its diversified portfolio of activities confirms the effectiveness of the integrated model. Downstream cash flow was $2 billion in the third quarter, up 14% year-on-year.

Total maintains a solid financial position with gearing of 17.2% excluding capitalized leases (21.1% including). In accordance with the decision of the Board of Directors announced on September 24, the Group is accelerating dividend growth and will distribute the third interim for 2019 in the amount of 0.68€ per share, an increase of 6% compared to 2018. In addition, given the resilience of its cash flow, the Group bought back $1.15 billion of its shares through September and will buy back a total of $1.75 billion of its shares in 2019.”

 

 

1 Definition on page 2

 

1


Key figures2

 

                 
3Q19   2Q19    3Q18    3Q19
vs
3Q18
  

In millions of dollars, except effective tax rate,

earnings per share and number of shares

   9M19    9M18    9M19
vs
9M18
     
3,673   3,589    4,548      -19   

Adjusted net operating income from business segments

   10,675    12,112    -12%     
1,734   2,022    2,439      -29   

Exploration & Production*

   5,478    6,571    -17%     
574   429    697      -18   

Integrated Gas, Renewables & Power*

   1,595    1,743    -8%   
952   715    938      +1   

Refining & Chemicals

   2,423    2,479    -2%   
413   423    474      -13   

Marketing & Services

   1,179    1,319    -11%     
521   457    865      -40   

Contribution of equity affiliates to adjusted net income

   1,592    2,268    -30%     
30.7%   33.0%    38.6%            

Group effective tax rate3

   34.9%    38.9%          
3,017   2,887    3,958      -24   

Adjusted net income (Group share)

   8,663    10,395    -17%     
1.13   1.05    1.47      -23   

Adjusted fully-diluted earnings per share (dollars)4

   3.20    3.88    -18%     
1.01   0.94    1.26      -20   

Adjusted fully-diluted earnings per share (euros)**

   2.85    3.25    -12%     
2,614   2,625    2,637      -1   

Fully-diluted weighted-average shares (millions)

   2,621    2,618    -     
                                            
2,800   2,756    3,957      -29   

Net income (Group share)

   8,667    10,314    -16%     
                                            
3,296   3,028    2,568      +28   

Organic investments5

   9,107    7,967    +14%     
3,422   402    3,640      -6   

Net acquisitions6

   4,131    4,893    -16%     
6,718   3,430    6,208      +8   

Net investments7

   13,238    12,860    +3%     
6,853   6,707    7,088      -3   

Operating cash flow before working capital changes8

   19,593    18,857    +4%      
7,385   7,208    7,507      -2   

Operating cash flow before working capital changes w/o financial

charges (DACF)9

   21,129    19,972    +6%     
8,206   6,251    5,736      +43   

Cash flow from operations

   18,086    14,063    +29%     

2019 data take into account the impact of the new rule IFRS16 “Leases”, effective January 1, 2019.

* 3Q18 and first nine months 2018 restated; historical data for 2017 and 2018 available on www.total.com.

** Average €-$ exchange rate: 1.1119 in the third quarter 2019 and 1.1236 in the first nine months 2019.

Highlights since the beginning of the third quarter 201910

 

   

Finalized acquisition of Anadarko’s stake in Mozambique LNG

 

   

Launched Arctic LNG 2 project in Russia

 

   

Expanded partnership with Adani to supply and market natural gas in India

 

   

Signed agreements with Benin to develop LNG market there

 

   

Started production at Johan Sverdrup in the North Sea

 

   

Expanded Brazil pre-salt footprint with new deep offshore exploration license

 

   

Inaugurated 1000th Total service station equipped with solar panels

 

   

Launched construction of third solar farm in Japan

 

   

Alliance with Envision in the fast-growing distributed solar energy market in China

 

   

Acquired renewable energy company Vents d’Oc in France

 

   

Increased ethylene production capacity by 30% at Hanwha Total Petrochemical in South Korea

 

   

Announced creation of a digital factory to accelerate the digital transformation of the Group

 

 

 

2 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 11.

3 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).

4 In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond

5 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.

6 Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests (see page 11).

7 Net investments = Organic investments + net acquisitions (see page 11).

8 Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, and effective second quarter 2019 including organic loan repayments from equity affiliates. The inventory valuation effect is explained on page 14. The reconciliation table for different cash flow figures is on page 12.

9 DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.

10 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.

 

2


Key figures of environment and Group production

>     Environment* – liquids and gas price realizations**, refining margins

 

3Q19    2Q19    3Q18    3Q19
vs
3Q18
         9M19    9M18    9M19
vs
9M18
     
62.0    68.9    75.2      -18   

Brent ($/b)

   64.6    72.1    -10%   
2.3    2.5    2.9      -19   

Henry Hub ($/Mbtu)

   2.6    2.8    -10%   
3.9    4.1    8.4      -54   

NBP ($/Mbtu)

   4.8    7.6    -37%   
4.7

 

   4.9

 

   10.7

 

    

 

-56

 

 

  

JKM ($/Mbtu)

 

   5.4

 

   9.7

 

   -44%

 

  
                 
58.0    63.7    68.8      -16   

Average price of liquids ($/b)**

   60.0    66.1    -9%   
3.48

 

   3.82

 

   5.06

 

    

 

-31

 

 

  

Average price of gas ($/Mbtu)**

 

   3.93

 

   4.83

 

   -19%

 

    
                                                
47.4

 

   27.6

 

   47.2

 

    

 

-

 

 

 

  

Variable cost margin - Refining Europe, VCM ($/t)

 

   36.2

 

   37.3

 

   -3%

 

    

* The indicators are shown on page 15.

** Consolidated subsidiaries.

>     Production*

 

3Q19    2Q19    3Q18    3Q19
vs
3Q18
         9M19    9M18    9M19
vs
9M18
     
3,040

 

   2,957

 

   2,804

 

    

 

+8

 

 

  

Hydrocarbon production (kboe/d)

 

   2,981

 

   2,742

 

   +9%

 

  
                 
1,441    1,407    1,431      +1   

Oil (including bitumen) (kb/d)

   1,424    1,377    +3%   
1,599

 

   1,549

 

   1,373

 

    

 

+16

 

 

  

Gas (including condensates and associated NGL) (kboe/d)

 

   1,557

 

   1,365

 

   +14%

 

  
                 
                                             
3,040

 

   2,957

 

   2,804

 

    

 

+8

 

 

  

Hydrocarbon production (kboe/d)

 

   2,981

 

   2,742

 

   +9%

 

    
1,720    1,624    1,611      +7   

Liquids (kb/d)

   1,658    1,558    +6%   
7,399

 

   7,477

 

   6,557

 

    

 

+13

 

 

  

Gas (Mcf/d)

 

   7,399

 

   6,465

 

   +14%

 

    

* Group production = EP production + iGRP production.

Hydrocarbon production was 3,040 thousand barrels of oil equivalent per day (kboe/d) in third quarter 2019, an increase of 8% compared to last year, due to:

 

+12% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria, and Culzean in the United Kingdom,

 

-3% due to the natural decline of the fields,

 

-1% due to maintenance, notably in Norway.

Hydrocarbon production was 2,981 thousand barrels of oil equivalent per day (kboe/d) in the first nine months 2019, an increase of 9% compared to last year, due to:

 

+12% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in Nigeria,

 

+1% due to portfolio effect, notably the integration of the Maersk Oil assets,

 

-3% due to the natural decline of the fields,

 

-1% due to maintenance, notably in Nigeria and Norway.

 

3


Analysis of business segments

Exploration & Production (EP – redefined scope)

>  Production

 

                   3Q19                          9M19    
    3Q19            2Q19            3Q18        vs   Hydrocarbon production        9M19            9M18        vs
               3Q18                   9M18 
2,501    2,398    2,433    +3%   EP (kboe/d)    2,442    2,389    +2%
1,647    1,551    1,575    +5%  

Liquids (kb/d)

   1,587    1,522    +4%
4,654    4,629    4,678    -1%  

Gas (Mcf/d)

   4,663    4,729    -1%

 

>  Results

 

                 3Q19                        9M19    
    3Q19            2Q19           3Q18       vs   In millions of dollars, except effective tax rate        9M19           9M18       vs
             3Q18                9M18
1,734    2,022   2,439   -29%   Adjusted net operating income*    5,478   6,571   -17%
297    239   316   -6%  

including income from equity affiliates

   749   871   -14%
39.7%    39.5%   47.5%       Effective tax rate**    42.8%   47.5%    
                               
2,065    1,995   1,605   +29%   Organic investments    6,018   5,188   +16%
(3)    204   373   ns   Net acquisitions    239   2,305   -90%
2,061    2,199   1,978   +4%   Net investments    6,256   7,493   -17%
                               
4,451    4,882   5,200   -14%   Operating cash flow before working capital changes ***    13,579   13,921   -2%
5,007    3,768   4,431   +13%   Cash flow from operations ***    12,711   12,227   +4%

* 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).

*** Excluding financial charges, except those related to leases.

Exploration & Production adjusted net operating income was:

   

1,734 M$ in the third quarter 2019, a decrease of 29% year-on-year, impacted notably by lower Brent and natural gas prices as well as higher DD&A expenses on new projects.

   

5,478 M$ in the first nine months 2019, a decrease of 17%, for the same reasons.

Operating cash flow before working capital changes, compared to last year, decreased by 14% in the third quarter to 4.5 B$ and by 2% in the first nine months to 13.6 B$. The start-up of highly accretive cash flow projects offset the effect of lower Brent and gas prices.

 

4


Integrated Gas, Renewables & Power (iGRP)

>  Production and liquefied natural gas (LNG) sales

 

                   3Q19                          9M19    
    3Q19            2Q19            3Q18        vs   Hydrocarbon production (kboe/d)        9M19            9M18        vs
               3Q18                  9M18
539    559    371    +45%   iGRP (kboe/d)    539    353    +53%
73    73    36    x2  

Liquids (kb/d)

   71    36    +94%
2,745    2,848    1,879    +46%  

Gas (Mcf/d)

   2,736    1,736    +58%
                        
               3Q19                  9M19
3Q19    2Q19    3Q18    vs   Liquefied Natural Gas in Mt    9M19    9M18    vs
               3Q18                  9M18
7.4    8.5    6.2    +20%   Overall LNG sales    23.7    13.9    +71%
4.2    4.1    2.8    +50%  

incl. Sales from equity production*

   12.0    7.7    +55%
5.5    6.7    5.1    +8%  

incl. Sales by Total from equity production and third party purchases

   18.3    10.5    +75%

* The Group’s equity production may be sold by Total or by the joint ventures.

Production growth compared to a year ago is essentially linked to the start-up of production from the Ichthys project in Australia in the third quarter 2018 and the successive start-ups of trains at Yamal LNG in Russia.

Total LNG sales increased by 20% compared to last year for the third quarter thanks to the ramp-up of Yamal LNG and Ichthys as well as the start-up of the first train at Cameron LNG in the United States.

Total LNG sales increased by 71% in the first nine months 2019 for the same reasons as well as the acquisition of the portfolio of LNG contracts from Engie in the third quarter 2018.

>  Results

 

                   3Q19                           9M19    
    3Q19            2Q19            3Q18        vs    In millions of dollars        9M19            9M18        vs
               3Q18                   9M18
574    429    697    -18%    Adjusted net operating income*    1,595    1,743    -8%
206    195    324    -36%   

including income from equity affiliates

   656    802    -18%
                                       
641    442    407    +57%    Organic investments    1,576    1,131    +39%
3,375    159    3,341    +1%    Net acquisitions    3,934    3,047    +29%
4,015    601    3,748    +7%    Net investments    5,509    4,178    +32%
                                       
848    869    553    +53%    Operating cash flow before working capital changes **    2,327    1,438    +62%
401    641    (164)    ns    Cash flow from operations **    1,934    162    x11.9

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

** Excluding financial charges, except those related to leases.

Driven by strong LNG sales growth, operating cash flow before working capital changes for the iGRP segment increased by 53% in the third quarter 2019 and 62% in the first nine months 2019.

Adjusted net operating income was 574 M$ in the third quarter 2019 and 1,595 M$ in the first nine months 2019, a decrease of 18% and 8%, respectively, compared to last year, impacted by lower gas prices in Europe and Asia in particular as well as higher DD&A expenses on new projects.

 

5


Downstream (Refining & Chemicals and Marketing & Services)

> Results

 

3Q19    2Q19    3Q18    3Q19
vs
3Q18
   In millions of dollars        9M19            9M18            9M19    
    vs    
     9M18    
1,365    1,138    1,412    -3%   

Adjusted net operating income*

   3,602    3,798    -5%
                                    
569    557    540    +5%   

Organic investments

   1,446    1,575    -8%
52    38    (75)    ns   

Net acquisitions

   (41)    (458)    ns
622    595    465    +34%   

Net investments

   1,405    1,117    +26%
                                    
1,995    1,432    1,754    +14%   

Operating cash flow before working capital changes **

   5,113    4,768    +7%
3,058    2,269    2,090    +46%   

Cash flow from operations **

   5,021    2,761    +82%

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

** Excluding financial charges, except those related to leases.

Refining & Chemicals

> Refinery throughput and utilization rates*

 

3Q19   2Q19    3Q18    3Q19
vs
3Q18
             9M19            9M18            9M19    
    vs    
     9M18    
1,719   1,595    1,953    -12%   

Total refinery throughput (kb/d)

   1,725    1,840    -6%
503   447    654    -23%   

France

   514    616    -17%
757   679    795    -5%   

Rest of Europe

   753    737    +2%
459   469    504    -9%   

Rest of world

   458    487    -6%
82%   77%    92%        

Utlization rate based on crude only**

   83%    87%     

* Includes refineries in Africa reported in the Marketing & Services segment.

** Based on distillation capacity at the beginning of the year.

Refinery throughput volumes:

   

decreased by 12% in the third quarter 2019 year-on-year, notably as a result of the start of planned maintenance at Normandy and the partial contribution of Grandpuits in France this quarter.

   

decreased by 6% in the first nine months 2019 year-on-year for the same reasons.

> Results

 

3Q19    2Q19    3Q18    3Q19
vs
3Q18
   In millions of dollars        9M19            9M18            9M19    
    vs    
     9M18    
952    715    938    +1%   

Adjusted net operating income*

   2,423    2,479    -2%
                                    
354    353    295    +20%   

Organic investments

   947    989    -4%
19    (58)    (6)    ns   

Net acquisitions

   (163)    (313)    ns
374    295    289    +29%   

Net investments

   785    676    +16%
                                    
1,373    806    1,174    +17%   

Operating cash flow before working capital changes **

   3,283    3,112    +5%
1,575    1,658    1,338    +18%   

Cash flow from operations **

   2,695    1,228    x2.2

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

** Excluding financial charges, except those related to leases.

Adjusted net operating income for the Refining & Chemicals segment increased by 1% to 952 M$ in the third quarter 2019, benefiting notably from more favorable petrochemical margins in Europe, and decreased by 2% in the first nine months 2019 to 2,423 M$.

Operating cash flow before working capital changes was 1,373 M$ in the third quarter 2019 and 3,283 M$ in the first nine months 2019, an increase of 17% and 5%, respectively, compared to 2018.

 

6


Marketing & Services

>  Petroleum product sales

 

3Q19    2Q19    3Q18    3Q19
vs
3Q18
   Sales in kb/d*        9M19            9M18            9M19    
    vs    
     9M18    

1,848

   1,860    1,818    +2%   

Total Marketing & Services sales

   1,848    1,806    +2%

1,034

   1,004    1,024    +1%   

Europe

   1,017    1,006    +1%

814

   856    794    +3%   

Rest of world

   831    800    +4%

* Excludes trading and bulk refining sales

Sales of petroleum products increased by 2% in the third quarter 2019 and the first nine months 2019, due to the development of activities in the African and American regions, notably Mexico and Brazil.

>  Results

 

3Q19    2Q19    3Q18    3Q19
vs
3Q18
   In millions of dollars        9M19            9M18            9M19    
    vs    
     9M18    
413    423    474    -13%   

Adjusted net operating income*

   1,179    1,319    -11%
                                    
215    204    245    -12%   

Organic investments

   498    586    -15%
33    96    (69)    ns   

Net acquisitions

   121    (145)    ns
248    300    176    +41%   

Net investments

   620    441    +41%
                                    
622    626    580    +7%   

Operating cash flow before working capital changes **

   1,830    1,656    +10%
1,483    611    752    +97%   

Cash flow from operations **

   2,326    1,533    +52%

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

** Excluding financial charges, except those related to leases

Adjusted net operating income was 413 M$ in the third quarter 2019, a decrease of 13%, and 1,179 M$ for the first nine months of 2019.

Operating cash flow before working capital changes was 622 M$ in the third quarter 2019 and 1,830 M$ in the first nine months 2019, an increase of 7% and 10%, respectively, compared to 2018.

Group results

>  Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

 

3,673 M$ in the third quarter 2019, down 19% compared to last year due to lower Brent and natural gas prices.

 

10,675 M$ in the first nine months 2019, down 12% compared to last year for the same reasons.

>  Adjusted net income (Group share)

Adjusted net income (Group share) was:

 

3,017 M$ in the third quarter 2019, down 24% compared to last year. This decrease reflects the decrease in the adjusted net operating income of the segments.

 

8,663 M$ in the first nine months 2019, down 17% compared to last year for the same reasons and the increase in the net cost of net debt compared to a year ago mainly due to the rise in U.S. dollar interest rates.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value11.

Total net income adjustments12 were:

 

-217 M$ in the third quarter 2019.

 

4 M$ in the first nine months 2019.

The effective tax rate for the Group was:

 

30.7% in the third quarter 2019, compared to 38.6% the same quarter last year, mainly due to the lower tax rate for Exploration & Production segment linked to the lower hydrocarbon prices.

 

34.9% in the first nine months 2019, compared to 38.9% the first nine months 2018, for the same reasons.

 

 

 

11 

Adjustment items shown on page 11.

12 

Details shown on page 11 and in the annex to the financial statements.

 

7


>   Adjusted fully-diluted earnings per share

Adjusted earnings per share was:

   

$1.13 in the third quarter 2019, a decrease of 23%, calculated on the basis of a weighted average of 2,614 million fully-diluted shares, compared to $1.47 in the third quarter 2018.

   

$3.20 in the first nine months 2019, a decrease of 18%, calculated on the basis of a weighted average of 2,621 million fully-diluted shares, compared to $3.88 in the first nine months 2018.

In the framework of the shareholder return policy announced in February 2018, the Group has continued to buy back shares, including:

   

the buyback of 16.1 million shares, representing all shares issued in 2019 under the scrip dividend option until it was terminated.

   

the buyback of additional shares: 8 million shares repurchased in the third quarter 2019 for 0.40 B$ and 21.7 million shares in the first nine months 2019 for 1.15 B$ as part of the 5 B$ buyback program for 2018-20.

The number of fully-diluted shares was 2,614 million on September 30, 2019.

>   Acquisitions - asset sales

Acquisitions were:

   

4,429 M$ in the third quarter 2019, linked notably to the acquisition of Anadarko’s interest in Mozambique LNG.

   

5,713 M$ in the first nine months 2019, linked notably to the elements above as well as to the signing of the acquisition of a 10% stake in the Arctic LNG 2 project in Russia and the acquisition of Chevron’s interest in the Danish Underground Consortium in Denmark.

Asset sales were:

   

1,007 M$ in the third quarter 2019, including notably the payment received with the take-over of the Toshiba LNG portfolio in the United States.

   

1,582 M$ in the first nine months 2019, linked notably to the elements above and the sale of the interest in the Wepec refinery in China, the sale of the Group’s interest in the Hazira terminal in India and polystyrene activities in China.

>   Net cash flow

Net cash flow13 for the Group was:

   

135 M$ in the third quarter 2019, a decrease of 745 M$ from last year due to increased net acquisitions.

   

6,355 M$ in the first nine months 2019, an increase of 358 M$ from last year due to higher operating cash flow before working capital changes partially offset by higher net acquisitions.

>   Profitability

The return on equity was 10.3% for the twelve months ended September 30, 2019.

 

                    In millions of dollars    October 1, 2018
September 30, 2019
  July 1, 2018
June 30, 2019
  October 1, 2017
September 30, 2018

 

Adjusted net income

 

  

 

12,104

 

 

 

13,125

 

 

 

13,679

 

 

Average adjusted shareholders’ equity

 

  

 

117,037

 

 

 

117,787

 

 

 

114,729

 

 

Return on equity (ROE)

 

  

 

10.3%

 

 

 

11.1%

 

 

 

11.9%

 

The return on average capital employed was 9.6% for the twelve months ended September 30, 2019.

 

                    In millions of dollars    October 1, 2018
September 30, 2019
  July 1, 2018
June 30, 2019
  October 1, 2017
September 30, 2018

 

Adjusted net operating income

 

  

 

14,094

 

 

 

15,087

 

 

 

15,295

 

 

Average capital employed

 

  

 

146,222

 

 

 

145,247

 

 

 

138,242

 

 

ROACE

 

  

 

9.6%

 

 

 

10.4%

 

 

 

11.1%

 

Total S.A. accounts

Net income for Total S.A., the parent company, was 5,934 million euros in the first nine months 2019, compared to 4,814 million euros a year ago.

 

 

13 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

 

8


2019 Sensitivities*

 

      Change   

 

Estimated impact on
adjusted

net operating income

 

  

 

Estimated impact on
cash flow from
operations

 

 

Dollar

 

  

+/- 0.1 $ per 

 

  

-/+ 0.1 B$

 

  

~0 B$

 

 

Average liquids price**

 

  

 

+/- 10 $/b

 

  

 

+/- 2.7 B$

 

  

 

+/- 3.2 B$

 

 

Variable cost margin, European refining (VCM)

  

 

+/- 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 2019. 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.

** In a 60 $/b Brent environment.

Summary and outlook

Since the start of the fourth quarter 2019, Brent has traded around 60 $/b on average. The environment remains volatile, with uncertainty about hydrocarbon demand growth related to the outlook for global economic growth and in a context of geopolitical instability.

The Group maintains its cost discipline and the organic pre-dividend cash flow breakeven will remain below 30 $/b. The Group continues its cost reduction program with more than 0.5 B$ of additional savings this year to reach cumulative savings of more than 4.7 B$ by the end of 2019. It will continue its 5 B$ asset sale program over the 2019-20 period (1.6 B$ was completed at the end of September) and 2019 net investments should be less than 18 B$.

Production growth should reach 9% in 2019, thanks to ramp-ups on projects started in 2018, start-ups since the beginning of the year, including Kaombo Sul in Angola and Culzean in the UK North Sea, Johan Sverdrup in Norway, and the upcoming Iara 1 in Brazil.

The Group will continue to implement its strategy for profitable growth on the integrated gas and low carbon electricity chains, and the iGRP segment will benefit in 2020 from the start-ups of Yamal LNG train 4 as well as Cameron LNG trains 2&3.

Despite volatile European refining margins, the Downstream is well positioned to generate cash flow close to 7 B$ in 2019.

Taking into account the stronger visibility on the Group’s future, the Board of Directors decided on September 23, 2019, to accelerate dividend growth for the coming years with guidance of increasing the dividend by 5-6% per year. In addition, the Group will continue to buy back shares within the framework of its 5 B$ share buyback program over the 2018-20 period at 60 $/b with the cumulative projected amount of 3.25 B$ by the end of 2019.

 

         

To listen to the presentation by CFO Jean-Pierre Sbraire today at 13:00 (London time) please log on to total.com or call +44 (0) 207 192 8000 in Europe or +1 631 510 7495 in the United States (code: 2076368). To listen to the replay, please consult the website or call +44 (0) 333 300 9785 in Europe or +1 917 677 7532 in the United States (code: 2076368).

* * * * *

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

 

9


Operating information by segment

> Group production (Exploration & Production + iGRP)

 

    3Q19              2Q19                3Q18         

    3Q19

    vs     3Q18

  

    Combined liquids and gas

    production by region (kboe/d)

     9M19            9M18     

9M19

vs

9M18

    
1,004      997        910      +10%        Europe and Central Asia      997        879      +13%   
733      686        676      +8%        Africa      705        674      +5%   
720      703        687      +5%        Middle East and North Africa      703        669      +5%   
363      358        399      -9%        Americas      364        390      -7%   
221      214        132      +68%        Asia-Pacific      212        129      +64%     
3,040      2,957        2,804      +8%        Total production      2,981        2,742      +9%     
698      750        645      +8%   

    includes equity affiliates

     719        661      +9%     
                                                         
3Q19      2Q19        3Q18     

3Q19

    vs

3Q18

       Liquids production by region (kb/d)      9M19        9M18     

9M19  

vs

9M18  

    
367      328        341      +8%        Europe and Central Asia      349        324      +8%   
583      549        528      +10%        Africa      558        514      +8%   
562      546        538      +4%        Middle East and North Africa      543        526      +3%   
163      160        186      -12%        Americas      167        180      -8%   
44      41        18      x2.4        Asia-Pacific      41        14      x3     
1,720      1,624        1,611      +7%        Total production      1,658        1,558      +6%     
210      225        221      -5%   

    includes equity affiliates

     217        252      -14%     
                                                         
3Q19      2Q19        3Q18     

3Q19

    vs

3Q18

       Gas production by region (Mcf/d)      9M19        9M18     

9M19  

  vs

  9M18

    
3,431      3,639        3,069      +12%        Europe and Central Asia      3,498        2,993      +17%   
768      703        776      -1%        Africa      754        801      -6%   
866      866        830      +4%        Middle East and North Africa      879        793      +11%   
1,124      1,107        1,198      -6%        Americas      1,111        1,183      -6%   
1,210      1,162        684      +77%        Asia-Pacific      1,157        695      +66%     
7,399      7,477        6,557      +13%        Total production      7,399        6,465      +14%     
2,635      2,868        2,313      +14%   

    includes equity affiliates

     2,718        2,199      +24%     

> Downstream (Refining & Chemicals and Marketing & Services)

 

    3Q19            2Q19            3Q18       

    3Q19

    vs

    3Q18

       Petroleum product sales by region (kb/d)    9M19        9M18   

9M19  

vs

9M18  

    
1,999    2,018    2,030    -2%        Europe    2,013    1,958    +3%   
677    751    760    -11%        Africa    695    722    -4%   
920    846    979    -6%        Americas    868    847    +2%   
541    536    569    -5%        Rest of world    564    631    -11%     
4,136    4,152    4,338    -5%        Total consolidated sales    4,141    4,158    -     
544    535    581    -6%   

    Includes bulk sales

   545    569    -4%     
1,745    1,757    1,939    -10%   

    Includes trading

   1,748    1,783    -2%     

 

10


Adjustment items to net income (Group share)

 

             
      3Q19          2Q19        3Q18        In millions of dollars    9M19    9M18      
(156)    (56)    (152)    Special items affecting net income (Group share)    (226)    (705)   
-    -    89   

Gain (loss) on asset sales

   -    (14)   
(20)    (31)    (39)   

Restructuring charges

   (53)    (106)   
(160)    (57)    (88)   

Impairments

   (217)    (336)   
24    32    (114)   

Other

   44    (249)     
(71)    (28)    160    After-tax inventory effect : FIFO vs. replacement cost    289    632     
10    (47)    (9)    Effect of changes in fair value    (59)    (8)     
                               
(217)    (131)    (1)    Total adjustments affecting net income    4    (81)     

Investments - Divestments

 

                 
      3Q19          2Q19        3Q18       

3Q19
vs

3Q18

   In millions of dollars    9M19    9M18   

9M19
vs  

9M18

         
3,296    3,028    2,568    +28%    Organic investments ( a )    9,107    7,967      +14   
152    185    156    -3%   

capitalized exploration

   569    405      +41   
242    370    147    +65%   

increase in non-current loans

   742    458      +62   
(61)    (254)    (688)    ns   

repayment of non-current loans, excluding organic loan repayment from equity affiliates*

   (449)    (1,685)      ns     
(109)    -    -    ns   

change in debt from renewable projects (Group share)

   (109)    -      ns     
                 
4,429    614    3,228    +37%    Acquisitions ( b )    5,713    7,343      -22         
1,007    212    209    x4.8    Asset sales ( c )    1,582    3,071      -48   
105    -    -    ns    change in debt from renewable projects (partner share)    105    -      ns           
-    -    (621)    ns    Other transactions with non-controlling interests ( d )    -    (621)      ns           
6,718    3,430    6,208    +8%    Net investments ( a + b - c - d )    13,238    12,860      +3         
(101)    (99)    -    ns    Organic loan repayment from equity affiliates* ( e )    (200)    -      ns           
214    -    -    ns    Change in debt from renewable projects ** ( f )    214    -      ns           
6,831    3,331    5,587    +22%    Cash flow used in investing activities ( a + b - c + e + f )    13,252    12,239      +8         

* Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.

** Change in debt from renewable projects (Group share and partner share).

 

11


Cash flow

 

                 
3Q19    2Q19    3Q18    3Q19
vs
3Q18
   In millions of dollars    9M19    9M18    9M19
vs  
9M18
         
7,385    7,208    7,507    -2%    Operating cash flow before working capital changes w/o financials charges (DACF)    21,129    19,972      +6 %    
(532)    (501)    (419)    ns   

Financial charges

   (1,536)    (1,115)      ns     
6,853    6,707    7,088    -3%    Operating cash flow before working capital changes ( a )    19,593    18,857      +4   
1,523    (317)    (1,578)    ns   

(Increase) decrease in working capital

   (1,764)    (5,656)      ns     
(69)    (40)    226    ns   

Inventory effect

   457    862      -47   
(101)    (99)    -    ns   

Organic loan repayment from equity affiliates

   (200)    -      ns     
                 
8,206    6,251    5,736    +43%    Cash flow from operations    18,086    14,063      +29         
                 
                                                 
                       
                 
3,296    3,028    2,568    +28%    Organic investments ( b )    9,107    7,967      +14         
                 
3,557    3,679    4,520    -21%    Free cash flow after organic investments, w/o net asset sales ( a - b )    10,486    10,890      -4 %          
                                                 
6,718    3,430    6,208    +8%    Net investments ( c )    13,238    12,860      +3         
135    3,277    880    -85%    Net cash flow ( a - c )    6,355    5,997      +6         

Gearing ratio*

 

         
In millions of dollars    09/30/2019   06/30/2019   09/30/2018     

Current borrowings

   14,631   16,221   15,180  

Net current financial assets

   (3,012)   (3,110)   (2,884)  

Net financial assets classified as held for sale

   -   -   (14)  

Non-current financial debt

   47,923   45,394   41,088  

Hedging instruments of non-current debt

   (767)   (771)   (1,129)  

Cash and cash equivalents

   (27,454)   (26,723)   (25,252)    

Net debt (a)

   31,321   31,011   26,989    
                  

Shareholders’ equity - Group share

   114,994   116,862   118,193  

Non-controlling interests

   2,319   2,362   2,430    

Shareholders’ equity (b)

   117,313   119,224   120,623    
                  

Net-debt-to-capital ratio = a / (a + b)

   21.1%   20.6%   18.3%    
                  

Net-debt-to-capital ratio excluding leases

   17.2%   16.7%   17.3%    

*The net-debt-to-capital ratios on September 30, 2019 and June 30, 2019 include the impact of the new IFRS 16 rule, effective January 1, 2019.

 

12


Return on average capital employed

 

  >

Twelve months ended September 30, 2019

 

             
In millions of dollars   

Exploration &

Production

 

Integrated Gas,

Renewables &
Power

  Refining &
Chemicals
  Marketing &
Services
          Group     

Adjusted net operating income

   7,454   2,271   3,323   1,512      14,094  

Capital employed at 09/30/2018*

   92,104   36,587   12,884   6,841      145,298  

Capital employed at 09/30/2019*

   88,560   41,516   11,658   7,570      147,145    

ROACE

   8.3%   5.8%   27.1%   21.0%      9.6%    

 

>  Twelve months ended June 30, 2019

 

             
In millions of dollars    Exploration &
Production
 

Integrated Gas,

Renewables &

Power

 

Refining &

Chemicals

 

Marketing &

Services

 

    

   Group     

Adjusted net operating income

   8,159   2,394   3,309   1,573      15,087  

Capital employed at 06/30/2018*

   92,296   30,861   12,939   7,040      141,878  

Capital employed at 06/30/2019*

   90,633   37,290   12,300   8,535      148,617    

ROACE

   8.9%   7.0%   26.2%   20.2%      10.4%    

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

 

13


This press release presents the results for the third quarter and first nine months of 2019 from the consolidated financial statements of TOTAL S.A. as of September 30, 2019). The limited review procedures by the Statutory Auditors are underway. 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.

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, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, changes in regulations including environmental and climate, currency fluctuations, as well as economic and political developments and changes in 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 Group’s business, financial condition, including its operating income and cash flow, reputation or outlook 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/A 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. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio and operating cash flow before working capital changes. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

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 for the fully adjusted-diluted earnings per share 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/A, 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.

 

14

EX-99.14 15 d81042dex9914.htm EX-99.14 EX-99.14

EXHIBIT 99.14

 

LOGO

Press Release

Total announces the third 2019 interim dividend of

€0.68/share, an increase of 6% compared to 2018

Paris, October 30, 2019 – On October 29, 2019, the Board of Directors decided the distribution of the third 2019 interim dividend at an amount of 0.68/share, i.e. an increase of 6% compared to the 2018 interim and final dividends.

This decision reflects the immediate implementation of the policy announced on September 24, 2019, to accelerate dividend growth in the coming years, with a guidance of increasing the dividend by 5 to 6% per year. It demonstrates the Board’s confidence in the Group’s ability to deliver profitable and sustainable growth in the coming years.

This interim dividend will be detached and paid according to the following timetable:

 

   Shareholders    ADS holders

Ex-dividend date

   March 30, 2020    March 26, 2020

Payment date

   April 1st, 2020    April 21, 2020

About Total

Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

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

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”, “Total Group” and “Group” are sometimes used for convenience. 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.

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