Thursday, February 9, 2017

Total: production oriented, the dividend statement. – The Express

The accounts in Total have been worn, by the end of last year, by the rising of the barrel. The major petro-gas, French continues to reduce its breakeven point, has also increased its production of 4.5%, a rate that it intends to maintain in 2017 to 4%. In the context of, the quarterly dividend is slightly raised, to 0.62 euro per share.

down 9% on the year 2016 149.7 billion, the turnover of the group has, however, increased 12% in the 4th quarter (Q4), which reflects the change in the average price of hydrocarbons (- 19% year-on-year, + 8% in Q4). Ditto for adjusted net operating income of the segments : – 17% on the year to $ 9.4 billion, but + 17% in Q4 to $ 2.7 billion, this last figure being pulled by Upstream (+ 51% to $ 1.1 billion).

Finally, the adjusted net income from Total for 2016 spring 2016 to $ 8.3 billion (- 21% ; 3,38 $ per share), while back in Q4 of 16% to $ 2.4 billion (0.96 in dollar per share). The CEO Patrick Pouyanné emphasises the ‘resilience’ of the accounts.

on the production side, a key indicator in the sector, Total extracted last year 2,452 million barrels of oil equivalent/day (Mbep/j), which is 4.5% better than in 2015. The only T4, this figure had increased to 2,462 Mbep/j (+ 4.7 per cent). On the side of the balance sheet, the ‘gearing’ is 27%.

as a Sign of its confidence in the future, Total has risen to 1.6 per cent (or a penny), to 0.62 euro per share, the coupon in respect of the 4th quarter of 2016, which will be detached in June.

In lieu of prospects, Total expects that by 2017, its production will increase by 4%, supporting the objective of horizon 2020. And the direction to add : ‘in 2017, the dead point will continue to decline to less than $ 40 per barrel before dividend. The operating cash flow covers the investment and the party’s cash dividend to $ 50 a barrel’.

Finally, the management intends to put an end to the dividend payable in shares when the barrel of Brent will rise to $ 60. It rating 55,5 dollars this morning.

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