Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2022joint venture update● NeutralMajor
A bundle of January 2022 releases. TotalEnergies announced its withdrawal from Myanmar, which ends the Yadana operation thread open since the 2021 distribution suspension; terms are not in the text provided. It agreed to sell a 20% interest in the Greater Laggan area and Shetland Gas Plant to Kistos Energy for $125m firm plus contingent payments (up to $40m tied to 2022 gas prices), subject to UK approval, leaving it with a 40% operated stake. It is buying BP's Mozambique fuel retail network (26 stations) and 50% of SAMCOL. Also listed: sale of its non-operated Block 14 interest in Angola (terms not given), securing ScotWind rights for a 2 GW wind farm with GIG and RIDG, a Rwanda MoU, and Thierry Pflimlin appointed President Marketing & Services.
A bundle of December 2021 releases. TotalEnergies signed agreements in Oman: it will own 80% of Marsa LNG (OQ 20%), which will hold 33.19% of Block 10 (Shell operator), with TotalEnergies' production expected around 24,000 boe/d in 2023. It launched France's largest battery storage site (61 MW, Dunkirk). Also listed, without terms in the text provided: the finalised Gabon divestment of non-operated assets and Cap Lopez terminal, an expanded Brazil pre-salt position, CLOV Phase 2 start-up in Angola, a Plastic Omnium partnership, and a 160 MW New Caledonia solar project.
A bundle of November 2021 releases. In Libya, the government approved TotalEnergies and ConocoPhillips jointly buying Hess's 8.16% of the Waha concessions, raising TotalEnergies' stake from 16.33% to 20.41%; it also signed a non-binding MoU for 500 MW of solar and confirmed intent to develop the $2bn, 100 kbpd North Gialo project. It launched its largest French solar plant (55 MW) and won 51 MW in a French tender. The Yunlin offshore wind farm in Taiwan produced first power from its first turbine; no capacity or terms are in the text provided. Renaud Lions was named head of investor relations, and share-buyback disclosures continue.
A bundle of October 2021 releases led by Q3 2021 results: adjusted net income $4.8bn (up 38% on Q2), cash flow (DACF) $8.4bn, net debt gearing 17.7% at 30 Sept. The Board declared a third 2021 interim dividend of €0.66 per share, unchanged, and confirmed $1.5bn of share buybacks completed in Q4 2021. The Iraq Basra agreements listed without terms in September are now described as covering four projects (gas treatment, solar, field optimisation, seawater treatment). Other items: a US floating offshore wind joint venture with Simply Blue Group, a bid with GIG and RIDG for a 2 GW Scottish project, a hydrogen infrastructure fund with a €1.5bn target, Mercedes-Benz joining ACC as an equal partner, 1,500 EV charge stations acquired in Singapore, and a €200m plan for highway charge points. Terms of the US joint venture are not in the text provided.
A bundle of September 2021 releases. TotalEnergies and China Three Gorges agreed an equally owned joint venture to install and run more than 11,000 high-power EV charge points in Hubei Province by 2025. The 28 September Strategy & Outlook says energy production will grow 30% by 2030 (half electricity, half LNG), investment will be $13-15 billion a year for 2022-25, and petroleum product sales will fall at least 30% over 2020-30. Mercedes-Benz joined the ACC battery venture with Stellantis, raising its capacity plan to at least 120 GWh by 2030. A Safran partnership on aviation decarbonisation, Iraq Basra agreements, an Executive Committee appointment, offshore wind bids and an Air Liquide hydrogen partnership are listed without terms in the text provided.
TotalEnergies signed an agreement (3 June 2021) to buy 10% of Arctic Transshipment LLC from Novatek, which is building two LNG transshipment terminals in the Murmansk and Kamchatka regions to serve exports including Arctic LNG 2; the price is not in the text provided. This adds to its existing Novatek relationship (19.4% of Novatek, 20% of Yamal LNG, 10% of Arctic LNG 2, first LNG still targeted for 2023). It also signed a non-binding MoU with Novatek on cutting LNG emissions, carbon capture and hydrogen. Other items: 2,200 more EV charge points in Amsterdam by fall 2022, a renewed Stellantis-brand partnership extended to Opel and Vauxhall, two new shallow-water exploration licences in Suriname, and a Uber partnership; terms are not given.
1 June 2021regulatory community update● NeutralMajor
A bundle of May 2021 releases. At the 28 May meeting shareholders adopted all Board resolutions: the name change to TotalEnergies SE (almost unanimous), a 2020 dividend of 2.64 euros per share, the carbon-neutrality advisory vote (over 90% in favour), Pouyanné's reappointment as Chairman and CEO, and new directors Aschenbroich and Hubbard. This completes the name-change and governance proposals set out in March. Total and Papua New Guinea confirmed remobilisation and planning of Papua LNG (no terms in the text provided), and Moattama Gas Transportation Company shareholders (Total 31.24%) suspended all cash distributions from 1 April 2021 because of the unstable situation in Myanmar, while Total keeps operating the Yadana field. Zinia Phase 2 production in Angola also started.
A bundle of March 2021 releases. The main text provided is the Board's call for the 28 May 2021 shareholders' meeting: it will propose renaming the company TotalEnergies SE, hold an advisory vote on its carbon-neutrality ambition and 2030 targets, and add a Scope 3 emissions criterion to performance shares for the CEO and senior executives. It also proposes renewing Patrick Pouyanné (and Anne-Marie Idrac) for three years, not renewing Patrick Artus, and adding Jacques Aschenbroich and Glenn Hubbard as directors; 2020 CEO pay fell 34% versus 2019. Other headlines (Stéphane Michel appointed President Gas, Renewables & Power, 50 MW French solar tender win, Microsoft and Shenergy partnerships, release of the 2020 annual documents) have no terms in the text provided. The Lake Albert transparency release in the title is not included in the text provided.
A bundle of January 2021 releases. Total agreed to acquire a 20% interest in Adani's solar developer in India (price not in the text provided), bought Fonroche Biogaz (French renewable gas leader, with a target of 1.5 TWh of biomethane a year by 2025), and agreed with Engie to build the Masshylia green hydrogen project (40 MW electrolyser, production targeted 2024, subject to funding and approvals). Total also announced a fourth discovery in Suriname Block 58 as new operator, completed the sale of its interest in onshore OML 17 in Nigeria, issued hybrid bonds to fund renewables, and withdrew from the American Petroleum Institute. Terms for most items are not in the text provided.
A bundle of December 2020 to January 2021 releases. Total signed binding agreements finalising a 16.6% stake in the Energía Costa Azul LNG export project in Mexico (Sempra LNG and IEnova 41.7% each; 3.25 Mtpa, start expected 2024), alongside a 1.7 Mtpa 20-year offtake it closed in April 2020. This adds to its existing Sempra partnership. Norway approved the Northern Lights CO2 storage project (Total, Equinor, Shell; up to 1.5 Mtpa, operational 2024), following the conditional decision of May 2020. Total also entered an operated exploration permit in Egypt (North Ras Kanayis; Total 35% operator, Shell 30%, KUFPEC 25%, Tharwa 10%).
A bundle of November 2020 releases. Total finished buying Charging Solutions from the Viessmann group, giving it a network of 2,000 EV charge points in Germany (integrated 1 Nov 2020); it says it aims to operate 150,000 charge points in Europe by 2025. It also took on 2,300 Bélib charge points in Paris and signed a strategic framework agreement with ADNOC on CO2 reduction and carbon capture. No price is given for the Charging Solutions deal in the text provided.
A bundle of September 2020 releases, mostly on the energy transition. Total and Groupe PSA created the battery joint venture ACC (Total's battery subsidiary Saft is a partner; mass production could start from 2023, with public support of 1.3 billion and total investment above 5 billion per the release). Total also resigned as operator of five Foz do Amazonas exploration blocks in Brazil (partners Petrobras and BP; later reported as an exit), announced more than 500 million to convert the Grandpuits refinery to biofuels and bioplastics, and bought London's largest EV charge point network. The text provided does not give the terms for most items, and the 2020 Strategy & Outlook presentation content is not shown.
A bundle of routine releases (Aug-Sept 2020), under the new name TOTAL SE. Total closed the sale of its non-core UK North Sea assets to NEO Energy on 6 Aug 2020, completing the deal renegotiated in May. It also took the investment decision on Mero Phase 3 in Brazil (180,000 b/d FPSO, start-up by 2024; Total 20% in the Libra consortium). SunPower completed the Maxeon spin-off, leaving Total with 51.7% of SunPower and 34.6% of Maxeon. Total signed an agreement with the Government of Mozambique on security of the Mozambique LNG project (24 Aug); the terms are not in the text provided. A South Korea floating wind partnership with Macquarie (2GW) was also announced.
A bundle of May 2020 releases around the 29 May shareholders meeting; the text provided does not give the final dividend payment terms or the meeting's vote results. Headlines: first 2020 interim dividend of 0.66 euro, stable year on year (versus the +3.1% rise a year earlier); Total discontinued the acquisition of Occidental's Ghana assets, ending that part of the Anadarko Africa deal; and the UK North Sea sale to HitecVision's NEO Energy was renegotiated (Petrogas dropped, payments rephased with vendor financing and earnouts, completion expected Q3 2020). Also listed: a net-zero-by-2050 climate ambition, a CO2 transport and storage investment decision, a PureCycle recycling partnership, and Q1 2020 results; figures for these are not in the text provided.
Total and Apache announced a second discovery in Block 58 offshore Suriname (Sapakara West-1, 2 April 2020), after the Maka Central-1 find, with 79 metres of net pay of light oil and gas condensate. Further testing is needed to size the resources, and Total (50% partner) becomes operator after the fourth well (Kwaskwasi next, then Keskesi), which continues the Apache entry deal from December 2019. The same bundle reports Total closed the sale of its 86.95% of Brunei Block CA1 to Shell and signed sales of its Liberia and Sierra Leone marketing businesses to Conex (together over $400m, counting toward the $5bn 2019-20 divestment target), the Brunei sale being the 'Brunei Block J'-type items still listed as pending are not confirmed here. It also reports two LNG-powered VLCC charters (delivery 2022), 135 MW of French solar tender wins, and the acquisition of Tullow's Uganda Lake Albert interests (terms not in the text provided).
Total reported Q4 and full-year 2019 results and proposed a final 2019 dividend of 0.68 euro per share (+6%), making 2.68 euros for the year. Full-year net income (Group share) was $11,267m versus $11,446m in 2018 (-2%), production was 3,014 kboe/d (+9%), and cash flow from operations was $24,685m, flat. Q4 net income was $2,600m versus $1,132m a year earlier, and net acquisitions were -$80m in Q4 against $3,422m in Q3. The dividend rise continues the three-year policy (0.66, 0.66, 0.68 interims plus this final). Brent averaged $64.2/b in 2019 versus $71.3/b in 2018.
Total agreed (23 Dec 2019) with Apache to acquire a 50% operated interest in Block 58 offshore Suriname, its entry into the country. At closing it pays a $100 million bonus plus its share of past costs, and would carry part of Apache's development spending if a development is launched; the company puts the total cost at about $2 per barrel in that case. Apache will drill two more exploration wells after Maka-1 before handing over operatorship. The bundle also lists new Angola offshore licences, extension of Block 17 licences to 2045, an agreement with Libya's NOC endorsing Total's entry into the Waha concessions, two US Gulf of Mexico deepwater projects, a treasury share cancellation, and LNG bunkering deals (a second bunker vessel chartered with Mitsui O.S.K. Lines, LNG supply to CMA CGM); terms beyond headlines are not in the text provided.
A bundle of November 2019 routine releases, with no single material transaction in the text provided. It includes the start-up of the Hélio Boulouparis 2 solar plant in New Caledonia (nearly 16 MWp with about 10 MW of storage, via wholly owned Total Quadran), first oil from Iara in Brazil (15 Nov), a climate report on industry association memberships, and weekly buybacks (e.g. 3,397,691 shares for about EUR 165.7m from 21 to 27 Nov). Iara first oil moves forward the Brazilian Iara interest (22.5%). Terms for other items (Yemen LNG update, Saft Nordic storage, ADNOC drones, Southeast Asia solar) are not in the text provided.
Total announced a third 2019 interim dividend of 0.68 euro per share, up 6% on 2018, which continues its dividend-growth policy (the first two 2019 interims were 0.66 euro). Q3 2019 results: net income (Group share) of $2,800 million versus $3,957 million a year earlier (-29%), production of 3,040 kboe/d (+8%), cash flow from operations of $8,206 million (+43%), and net acquisitions of $3,422 million. Brent averaged $62.0/b versus $75.2/b. The company attributes production growth to new projects including Yamal LNG, Ichthys, Kaombo, Egina and Culzean.
Total closed its purchase of Anadarko's 26.5% operated stake in the Mozambique LNG project for $3.9 billion (30 Sept 2019), the first piece of the contingent $8.8bn Occidental/Anadarko Africa deal from May 2019. Approvals were received for this part; closings for Algeria, Ghana and South Africa are still ongoing. Total becomes operator of a project that took its final investment decision on 18 June 2019, with production expected by 2024 and almost 90% of output (company claim) sold under long-term contracts. The bundle also reports Total's September 2019 Executive Committee changes (Jean-Pierre Sbraire as CFO from 1 Aug, Helle Kristoffersen as President Strategy & Innovation from 19 Aug), and the final investment decision for Arctic LNG 2 (5 Sept): Total has a direct 10% plus an indirect 11.6% via Novatek, 21.6% in all, first LNG by 2023. That resolves the thread of the expected H2 2019 decision.
Total agreed (5 Aug 2019) to sell a 30% interest in French pipeline operator Trapil to Pisto SAS for EUR 260 million (about $290 million), subject to French regulatory approval. It keeps 5.55% and continues to use the pipeline for its Normandy and Grandpuits refineries. Total says this counts toward its target of divesting $5 billion of assets over 2019-2020. The bundle also lists the end of the Uganda agreement with Tullow (29 Aug), a strengthened partnership with Qatar Petroleum (27 Aug), and a thousandth solar-powered service station; terms are not in the text provided. Weekly buybacks continue, at prices around EUR 43-46 per share.
Total's Board declared on 24 July 2019 a second 2019 interim dividend of 0.66 euro per share, up 3.1%, in line with the first 2019 interim set in April. Q2 2019 results: net income (Group share) of $2,756 million versus $3,721 million a year earlier (-26%), production of 2,957 kboe/d (+9%), and cash flow from operations of $6,251 million, flat year on year. Brent averaged $68.9/b versus $74.4/b. Production growth is attributed to Yamal LNG, Ichthys, Kaombo and Egina ramp-ups. Net acquisitions were $402 million in the quarter.
Total signed a deal with Toshiba (dated 1 June 2019) to take over its LNG portfolio, including a 20-year tolling agreement for 2.2 Mtpa from Freeport LNG train 3 in Texas. Total pays $15 million for Toshiba America LNG and receives $815 million for being assigned Toshiba's LNG contracts, a net $800 million in cash to Total at closing. Closing is expected by end of 2019 and needs regulatory and partner approvals. Total says this lifts its US LNG portfolio to 7 Mtpa by 2020, adding to Cameron LNG. The same bundle reports a second Japanese solar plant (25 MWp, Total 50%), Culzean production start-up in the UK, and Phase 2 of Mero in Brazil; terms beyond headlines are not in the text provided. Weekly buybacks continue, e.g. 2,607,063 shares for about EUR 121.9m from 30 May to 5 June.
Total signed a binding agreement with Occidental (announced 5 May 2019) to buy Anadarko's African assets in Algeria, Ghana, Mozambique and South Africa for $8.8 billion. It only happens if Occidental wins and completes its bid for Anadarko, and regulators approve; closing is expected in 2020. Total says the 2018-2020 shareholder return policy stands (10% dividend increase over 3 years, $5 billion of buybacks). The Algeria stake builds on the 12.25% Total already holds there, and the South Africa licences are near its Brulpadda discovery. Production and cash flow figures are company claims.
Total set the first 2019 interim dividend at 0.66 euro per share, up 3.1%, as it had flagged in February; the full press release text is not in the provided text. Q1 2019 results: adjusted net income of $2.8 billion (-4%), production of 2,946 kboe/d (+9%), cash flow (DACF) of $6.5 billion (+15%), and $0.35 billion of buybacks in the quarter. The bundle also lists a Papua LNG gas agreement with Papua New Guinea (9 Apr), which follows the earlier memorandum, a 2.5 Mtpa offtake and equity commitment to Tellurian's Driftwood LNG, a 10-year Guanghui LNG sale of 0.7 Mt/y, a Saudi Aramco deal for 250 service stations, and Kaombo full-field production; terms beyond the headline figures are not in the text provided.
On 5 March 2019 Total signed definitive agreements with Novatek for a direct 10% of Arctic LNG 2, which resolves the May 2018 agreement in principle. With its 19.4% of Novatek, Total's overall economic interest is about 21.6%, and it can raise its direct share up to 15% if Novatek goes below 60%. Total also gets the chance to take 10-15% of Novatek's future Yamal and Gydan LNG projects. The project has 19.8 Mt/y capacity, final investment decision is expected in the second half of 2019 and first train start-up is planned for 2023. The Board (13 Mar) set the third 2018 interim dividend at 0.64 euro, with a scrip price of 49.30 euros, no discount, ex-dividend 19 March and payment 5 April, and newly issued shares to be bought back for cancellation. The AGM is set for 29 May 2019, proposing Lise Croteau as a new director and renewing Maria van der Hoeven and Jean Lemierre, while Gérard Lamarche's term ends.
Total reported 2018 results: adjusted net income of $13.6 billion (+28%), production of 2.8 Mboe/d (+8%), net investments of $15.6 billion, and $1.5 billion of share buybacks in 2018. The Board proposed a final dividend of 0.64 euro for an annual 2.56 euros (+3.2%) and, per the CEO, plans to raise the 2019 interim dividend 3.1% to 0.66 euro, end the scrip dividend option after the general assembly, and keep $1.5 billion of buybacks in a $60/b environment. This confirms the three-year return policy from February 2018 and ends the share-dividend option after the meeting. Also listed: a discovery offshore South Africa (Brulpadda), a Saudi Aramco fuels and retail deal, a Dunkirk wind bid with Ørsted and Elicio, and the Synova plastics recycling acquisition; terms are not in the text provided.
Total announced the distribution of its second 2018 interim dividend (12 Dec 2018); the press release text itself is not in the provided text, so amounts and dates are unknown. The bundle includes the sale of a 4% Ichthys LNG stake to operator INPEX for US$1.6 billion (13 Dec), subject to Australian approvals, cutting Total's stake from 30% to 26%. Total said the operator's final capital cost estimate is around US$45 billion versus about US$40 billion in 2017, and it is selling to control its capital employed. It also lists Yamal LNG Train 3 starting up twelve months ahead of schedule at full capacity, a Mauritania exploration expansion, a treasury share cancellation, Brazil Petrobras alliance steps, and a Sonangol fuel retail network in Angola; terms for those are not in the text provided. Weekly buybacks: 3,961,746 shares for about EUR 190m, 6-12 Dec.
Total announced (22 Nov 2018) its entry into fuels retail in Brazil by acquiring Grupo Zema's distribution business; the price and terms are not in the text provided. The bundle also contains a Sempra Energy memorandum of understanding (5 Nov) under which Total could contract up to about 9 million tons a year of LNG from Cameron LNG Phase 2 and Energía Costa Azul, and may take equity in ECA; Total already holds 16.6% of Cameron LNG, and the deal is subject to definitive agreements. Other titles listed: Kaombo inauguration in Angola, an ADNOC unconventional gas exploration deal, and a Papua LNG memorandum with Papua New Guinea; their terms were not provided. Weekly buyback disclosures are included, e.g. 4.14 million shares for about EUR 200m in the week to 28 Nov.
Total set its third 2018 interim dividend at 0.64 euro per share, up 3.2% against the 2017 payments and flat versus the second 2018 interim dividend, following the 2018-20 shareholder return policy. The Board will meet 13 March 2019 to set the conditions; ex-dividend date is 19 March 2019 and payment 5 April 2019, with a share option and a stated plan to buy back newly issued shares to avoid dilution. This update only corrects a label for the ADR election period. The bundle also reports the first Ichthys LNG cargo (Total 30%) following start-up at end of July, with the second train expected in coming weeks. Q3 2018 results and other items (Sonatrach, Saudi Aramco Jubail studies, Adani, CNOOC) are listed but their text was not provided.
