Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2018drilling result▲ GoodMajor
A bundle covering September 2018. Total agreed (25 Sept) to buy Chevron Denmark Inc., which holds a 12% interest in the Danish Underground Consortium, raising its operated share from 31.2% to 43.2% (Shell 36.8%, Nordsofonden 20%); the price is not in the text provided and approval from partners and authorities is still needed. This builds on the Maersk Oil assets bought in March. Bayport Polymers (Total 50%, with Borealis and NOVA Chemicals) took a final investment decision on a 625,000-ton-a-year polyethylene unit in Texas, start-up scheduled 2021. Other titles listed: positive appraisal of the Myanmar A6 block discovery, a UK gas find, the results of the Direct Energie public tender offer (20 Sept), the first 2018 interim dividend distribution, the G2mobility EV charging acquisition, and a strategy presentation; the text of these was not provided, so their results and terms are unknown.
31 Aug 2018asset acquisition disposition● NeutralMajor
A bundle covering August 2018. Total announced the sale of its equity in India's Hazira terminal and an LNG sales agreement with Shell (27 Aug); the terms are not in the text provided. It also sold its Chinese polystyrene business to INEOS Styrolution and its interest in the Joslyn oil sands project in Canada to CNRL (both 31 Aug), with no prices shown. The Yamal LNG second train shipped its first cargo (9 Aug), ahead of schedule, taking capacity in operation to 11 million tons a year; the third train is expected in early 2019. This continues the Yamal LNG thread (Total 20%). The release also notes Total's agreement with Novatek for a 10% direct stake in Arctic LNG 2. Weekly share buyback disclosures are included, e.g. 474,677 shares for EUR 26.5m in the week to 8 Aug.
27 July 2018asset acquisition disposition▲ GoodMajor
Total reported second quarter 2018 results: net income (Group share) of $3,721 million versus $2,037 million a year earlier (+83%), and hydrocarbon production of 2,717 kboe/d (about +9%), with Brent at $74.4 per barrel versus $49.6. Production growth is attributed partly to new start-ups including Moho Nord, Yamal LNG, Edradour-Glenlivet, Kashagan and Fort Hills. The filing also announces a 9 May 2018 agreement to sell its retail business in Haiti; the buyer and price are not in the text provided.
The 1 June 2018 shareholders meeting fixed the 2017 dividend at 2.48 euros per share, as proposed in February, and Total announced the final dividend distribution; the payment amount and dates are not in the text provided. The bundle also lists a result of the share-dividend option, an extension of the TFT gas field licence in Algeria, an LNG marine fuel step with Pavilion Energy in Singapore, and a polystyrene recycling project with Citeo, Saint-Gobain and Syndifrais targeting 4,000 tons of output in 2019.
Total announced an agreement on 18 April 2018 for the proposed acquisition of Direct Energie, to grow its gas and electricity business in France and Belgium; the price and terms are not in the text provided. The same bundle sets the first 2018 interim dividend at 0.64 euro per share, up 3.2%, ex-dividend 25 September 2018, which follows the three-year shareholder return policy announced in February. It also lists a Saudi Aramco memorandum of understanding for a petrochemical complex, Total becoming operator of the North Platte discovery in the Gulf of Mexico, and a Google Cloud artificial intelligence agreement for subsurface data analysis.
Total closed its Maersk Oil acquisition on 8 March 2018, issuing 97,522,593 new shares to A.P. Møller-Mærsk (about 3.70% of capital, per the press release) and assuming $2.5 billion of Maersk Oil debt. Total says it adds about 1 billion boe of reserves and resources, about 160,000 boe/d of 2018 production, and over $400 million a year of synergies (company claims). This resolves the pending Maersk deal; existing shareholders are diluted by the new shares. The same bundle also lists a 16.33% stake in Libya's Waha Concessions (2 March), 20% in Abu Dhabi's Umm Shaif & Nasr and 5% in Lower Zakum concessions (40-year terms), Timimoun gas field start-up in Algeria, and a 1 June 2018 shareholders meeting; terms for those are not in the text provided.
Total reported full-year 2017 results: net income (Group share) of $8,631 million versus $6,196 million in 2016 (+39%), with fourth-quarter net income of $1,021 million versus $548 million. Fourth-quarter hydrocarbon production was 2,613 kboe/d (about +6%), and full-year production was 2,566 kboe/d (+5%). The Board proposed a 2017 dividend of 2.48 euros per share and announced a shareholder return policy for the next three years, but the rest of that text was truncated, so the policy details are not available.
Total signed to buy Samson Offshore Anchor LLC, giving it a 12.5% interest in the Anchor discovery blocks in the deepwater US Gulf of Mexico (operated by Chevron 55%) plus 12.5% of the nearby Green Canyon 761 block, where it already held 25%; the price is not in the text provided. It also completed the Petrobras alliance deal: Total took 35% and operatorship of Brazil's Lapa field and 22.5% of Iara for US$1.95 billion, with a further US$400 million that Petrobras can trigger. Fort Hills in Canada reached first oil (details truncated), a milestone for that long-running project. The second 2017 interim dividend was taken in shares by 21% of holders, with 7,087,904 new shares (0.28% of share capital) issued at 46.55 euros with no discount, and 1,231 million euros paid in cash on 11 January 2018.
On 12 December 2017 the Board removed the discount on the scrip dividend for the second interim dividend, following the earlier flag that this could happen at the Maersk Oil closing. The bundle also lists the Antwerp refining and petrochemicals upgrade completed (over 1 billion euros invested), a 10-year LNG fuel supply deal with CMA CGM of around 300,000 tons a year from 2020, Yamal LNG starting gas exports, and the launch of large-scale development of Brazil's Libra field. The text of the dividend press release itself was truncated, so details beyond its title are not available, and the later January 2018 filing confirms the effect.
30 Nov 2017asset acquisition disposition● NeutralMajor
Total agreed (27 Nov 2017) to sell all its interests in the Martin Linge field (51%) and Garantiana to Statoil; the price and other terms are not in the truncated text. The bundle also lists the sale of Total's Italian fuel marketing (TotalErg, Total 49%) to API as part of a roughly 750 million euro sale of all TotalErg assets, subject to authority approval, with Total buying out Erg's 51% of the lubricants activity. It also lists Total's acquisition of Engie's upstream LNG business, Libra coming on stream, a new Chief Technology Officer (Marie-Noëlle Semeria), and Total's response to the Paradise Papers. The Martin Linge sale continues the 2017 Norway asset sales (Gina Krog), but the Martin Linge exhibit and the Engie LNG terms are not in the text provided.
Total's Board approved a third interim dividend of 0.62 euros per share for 2017. The filing also gives Q3 2017 results: net income (Group share) of $2,724 million versus $1,954 million a year earlier (+39%), and hydrocarbon production of 2,581 kboe/d (up about 6%). The text was truncated, so dividend dates and other details are not available.
A bundle covering Aug-Sept 2017. Total started production at the Edradour & Glenlivet fields West of Shetland (60% operator, up to 56,000 boe/d), which advances the Edradour appraisal thread into production. It sold its remaining 15% of Norway's Gina Krog field to KUFPEC (with the 2016 deal, over $600 million combined). Other titles listed: a first interim dividend, a partnership with EREN Renewable Energy, the GreenFlex acquisition for energy efficiency, and a Chevron Gulf of Mexico exploration agreement. Only the first two exhibits were provided in full, so the other items' terms are unknown.
Total (now chaired and led by Patrick Pouyanné) agreed to buy 100% of Maersk Oil from A.P. Møller-Maersk for $4.95 billion in new Total shares plus $2.5 billion of assumed debt, $7.45 billion in all. It will issue 97.5 million shares (3.75% of the enlarged share capital), so existing shareholders are diluted by that amount; closing is expected in Q1 2018, subject to regulatory approvals. The filing says it adds about 1 billion boe of reserves and about 160 kboe/d of production in 2018; these are the company's own claims. A Board seat is offered to A.P. Møller Holding, subject to shareholder approval.
A bundle covering Feb-April 2014. Total sold its 15% stake in Angola Block 15/06 to Sonangol for $750 million (subject to approvals). The Board proposed a 2013 dividend of 2.38 euros per share (up 1.7%), with a final payment of 0.61 euros (up 3.4%), subject to the May 16, 2014 shareholder vote. Also announced: the Kaombo development launch in Angola, a deep-offshore oil discovery in Ivory Coast (Saphir-1XB on Block CI-514, Total 54% operator), an Elk-Antelope deal closing with InterOil in Papua New Guinea, and a stronger LNG partnership with CNOOC. The text for the last two items, 2013 results and the ex-dividend dates was not provided, so details are limited to titles.
A bundle covering September to November 2013, headed by a six-year, 18.5 million euro financing agreement for the Ile-de-France solar research institute (IPVF), which Total co-founded with EDF, CNRS and others; the institute has a total budget of 150 million euros and construction is due to start in 2014. Other listed items include the Incahuasi development in Bolivia, a 20% interest in Brazil's Libra field, the sale of Trinidad E&P assets to National Gas Company, South African offshore exploration interests, the Mirawa discovery in Kurdistan, Fort Hills development, Q3 2013 results, and Arnaud Breuillac's appointment as head of Exploration & Production. Only the IPVF exhibit text was provided, so details of the other items are not available.
5 Aug 2013asset acquisition disposition▲ GoodMajor
Total completed the sale of 100% of gas network TIGF on July 30, 2013 to a consortium of Snam (45%), GIC (35%) and EDF (20%), at an enterprise value of 2.4 billion euros. Total received cash proceeds of 1.6 billion euros, and the buyers assumed TIGF's debts. This completes the sale negotiated in February 2013.
A bundle covering March to early June 2013, headed by a strategic partnership between Qatar Petroleum International and Total in Congo (details not in the text provided). First quarter 2013 results: adjusted net income 2.9 billion euros (down 7%), net income (Group share) 1.5 billion euros (down from 3.7 billion), net debt to equity 25.9%, and an interim dividend of 0.59 euro per share payable in September 2013. The Elgin-Franklin fields restarted in March, completing the Elgin outage thread. Also listed: the sale of Total's 49% Voyageur upgrader interest to Suncor (resolving that Canada holding), the Moho Nord launch in Congo, a 25% Tempa Rossa sale to Mitsui, 10 Brazilian exploration licences, an Ivory Coast Ivoire-1X oil find on Block CI-100 (Total 60% operator), and resolution of a U.S. investigation (no details in the text provided).
A bundle of announcements from Dec 2012 to Mar 2013. Total agreed to farm into the Bokhtar PSC in Tajikistan with a 33.335% interest, alongside CNODC (33.335%) and Kulob/Tethys (33.33%), subject to Tajik government approval. It also entered exclusive negotiations to sell gas network TIGF to Snam, EDF and GIC at a value of 2.4 billion euros, signed two Cyprus offshore exploration contracts (Blocks 10 and 11), and received a firm offer from Borealis for its majority interest in Belgium's Rosier S.A. Other exhibits cover 2012 results, the final 2012 dividend and director nominations, and the restart of production from the Elgin/Franklin area on March 11, 2013 (which continues the Elgin gas leak thread). The text for the GPN S.A. offer, Rosier terms, dividend and 2012 results was truncated, so those details are not available.
A bundle of announcements from March 26 to May 14, 2012, headed by an award of an exploration licence for Block 14 in Uruguay (terms truncated in the text provided). It includes first-quarter 2012 results: adjusted net income of 3.07 billion euros (down 1%), net income (Group share) of 3.7 billion, and an interim dividend of 0.57 euros per share payable in September 2012. It also covers the Elgin platform gas leak status updates in the UK North Sea, start-up of the Bongkot South (Thailand) and Islay (UK North Sea) fields, the downstream reorganisation, and the May 11, 2012 shareholders' meeting. Largely repeats the earlier May 9 filing's results; the Elgin leak is a new negative thread.
9 May 2012regulatory community update● NeutralMajor
Total reported first-quarter 2012 results: sales of 51,168 million euros (up 11%) and net income (Group share) of 3,662 million euros (down 7% from 3,946 million), with the drop attributed mainly to weaker Refining & Chemicals results. Net debt to equity was 22.2%. First-quarter acquisitions of 1.8 billion euros were mainly Uganda licences, Angola permits and Fina Antwerp Olefins stakes, and asset sales of 1.5 billion euros included Sanofi shares and the Gassled interests (which completes the Gassled sale thread). The filing also announces a Uruguay Block 14 exploration licence (details truncated) and notes a provision for the Elgin incident.
Total launched development of the Hild field in the Norwegian North Sea (51% operator; Petoro 30%, Statoil 19%), a US$4.2 billion investment subject to Norwegian approvals, with production expected from end-2016 and up to 100,000 boe/d at peak. It also took the final investment decision on Ichthys LNG in Australia (24% interest, US$34 billion project, first production expected end-2016) and paid about $700 million for a 25% share of Chesapeake/EnerVest's Utica shale area in Ohio, with up to $1.63 billion more in carried costs over seven years. Other items: SunPower completed its purchase of Tenesol for about $165.4 million, with Total holding about 66% of SunPower (this completes the SunPower thread); a ~$1.8 billion expansion of the Samsung Total Petrochemicals complex in Daesan, Korea; two exploration licences in Mauritania (90% operator); and Gérard Lamarche replacing Thierry de Rudder as a director.
Total and Amyris agreed to expand their research partnership, with Total committing $105 million toward an existing $180 million programme, and to form a 50-50 joint venture with exclusive worldwide rights to renewable diesel and jet fuel, aiming to start in Q1 2012. Total already held about 22% of Amyris. The same filing covers other items from Oct-Nov 2011: Total signed final agreements for a 20% share of Novatek's Yamal LNG project in Russia (Novatek keeping at least 51%), a downstream/chemicals reorganisation, Q3 2011 results, a Nigeria OML 102 oil discovery, the Pazflor inauguration in Angola, and the Ecomobilité Ventures investment structure with SNCF, Orange and PSA. (Some exhibit text was truncated, so details of those are limited to the titles and the Yamal figures.)
TOTAL reported a major gas discovery at the Absheron X-2 well in the Caspian Sea, Azerbaijan (40% interest and operator; SOCAR 40%, GDF SUEZ 20%). First results suggest potential of several trillion cubic feet of gas, and further drilling and testing are still to come. The filing also reports a hydrocarbon discovery in French Guiana (25% interest, Tullow operating), a 40% stake in five offshore blocks in Kenya, interests in three deep-offshore blocks in Indonesia, and the launch of the 'Total access' low-price station concept in France.
TOTAL reported a gas and condensate discovery on the Aquio block in Bolivia (80% interest, operator; Tecpetrol 20%). A 20% stake is to be assigned to Gazprom under a 2010 agreement still awaiting Bolivian approval. The filing also covers a 49% farm-in to two Polish shale gas concessions with ExxonMobil (subject to Polish approval), the start-up of Greater Angostura Phase 2 in Trinidad (30%), the sale of its Gassled stake to Silex Gas Norway, and a tender offer for 60% of SunPower. The shareholders' meeting approved all resolutions, including a 2.28 euro dividend per share for 2010, stable versus the previous year.
Now named TOTAL S.A., the company reported several recent developments. It acquired interests in four Argentine shale gas licences with YPF, with the Group's net shale gas area totalling 1,548 sq km. The Australian GLNG project was sanctioned (a $16 billion investment) with TOTAL at 27.5%, up from 20%. It made a gas and condensate discovery at Edradour, West of Shetland (75% interest). It also agreed an oil sands alliance with Suncor in Canada, under which TOTAL will pay Suncor CAD 1,751,250,000; this is subject to regulatory approvals, and TOTAL will no longer build an upgrader in Edmonton.
TotalFinaElf (as the company was then named) was awarded deep offshore exploration Block J in Brunei, as operator with 60%; BHP Billiton holds 25% and Amerada Hess 15%. The award depends on successfully negotiating a production sharing agreement. The same filing also reports a 70 million, five-year investment programme at the Feyzin refinery, the start of production at the K1A Dutch North Sea gas field (42.37% interest, operator), and 2001 sales figures (consolidated sales of 105,318 million euros versus 114,557 million in 2000).
