8,477 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Total’s Cash Flow Up As Record Output Offsets Lower Oil Price

Published in Oil Industry News on Tuesday, 30 April 2019

Graphic for News Item: Total’s Cash Flow Up As Record Output Offsets Lower Oil Price

Total SA boosted cash flow in the first quarter as record hydrocarbon output and soaring sales of liquefied natural gas compensated for a drop in crude prices.

The French energy giant’s earnings are the latest sign of the industry’s recovery from a deep downturn, with Total benefiting from the start of giant LNG projects from Australia to the Arctic and offshore oil fields in West Africa. Thanks to cost cuts and improvements in efficiency, the company can thrive even as global markets remain volatile, said CEO Patrick Pouyanne.

Hot Tip

Looking for your next job? Register and build a detailed profile on Oil and Gas People so recruiters can find you. Apply for jobs with one click, store all of your employment documents in one place and receive job alerts as soon as suitable positions go live.

Total’s cash flow, which is closely watched by investors as a measure of oil majors’ ability to keep paying generous dividends and investing in growth, was lifted by “the ramp-up of highly cash-generative projects,” Pouyanne said in a statement on Friday.

Operating cash flow before working-capital changes rose to $6.03 billion from $5.37 billion a year earlier, the company based near Paris said. Adjusted net income fell 4.3% to $2.76 billion, just below the $2.78 billion median analyst estimate, due in part to the impact of rising U.S. interest rates on the cost of servicing debt.

Total shares, which have risen 7.5% this year, were 0.5% lower at €49.66 in Paris.

Thanks to good operational performance and continued cost discipline, Total would have been able to cover its expenditures before dividend payments with oil as low as $25/bbl, Pouyanne said. Brent crude, the international benchmark, rose above $75 on Thursday.

Total’s LNG sales doubled to 7.7 million tons in the first quarter, thanks to last year’s acquisition of Engie SA assets, the startup of the Ichthys project in Australia, and the ramp-up of the Yamal plant in Russia. To cement future growth, the company recently took a stake in the Arctic LNG 2 project in Russia, reinforced its commitment in Tellurian Inc.’s project in the U.S., and made progress on a venture in Papua New Guinea.

The company’s oil and gas production climbed 9% to a record 2.946 MMboed in the first quarter, boosted by the start of offshore fields in Nigeria and Angola, plus the acquisition of assets such as Maersk Oil. Total reiterated its target of raising output by more than 9% this year.

“Total has done a lot to replenish its upstream portfolio over the last few years, with around $20 billion of deals since 2016,” RBC Capital Markets analyst Biraj Borkhataria said in a note. “We expect liquids growth to outpace gas growth, which bodes well for the cash flow run rate in the current environment.”

Big Oil has faced a volatile environment in recent months, with Brent falling from a four-year high of more than $86/bbl in October to $50/bbl at the end of December. The benchmark has bounced back again as crises in Libya and Venezuela, and tougher U.S. sanctions on Iran fuel supply fears.

Total reiterated plans to keep net investments at $15 billion to $16 billion this year, little changed from 2018. It bought back about $350 million of its shares in the first quarter, part of its $1.5 billion buyback target for 2019. As planned, it increased its dividend by 3.1% to €0.66 ($0.73) a share.

Source: www.worldoil.com

Please leave comments and feedback below


North Sea Oil and Gas, Norwegian Oil and Gas, Aberdeen Oil and Gas, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com