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2014 RESULTS AND OUTLOOK – Total SA

Total SA · Feb 13, 2015 · 40 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2014 RESULTS AND OUTLOOK – Total SA – slide 1
    2014 Results and outlook February 2015
  2. 2014 RESULTS AND OUTLOOK – Total SA – slide 2
    Safety
  3. 2014 RESULTS AND OUTLOOK – Total SA – slide 3
    Safety and operational efficiency go together Improving both safety and Safety performance operational efficiency TRIR and LTIR* 94 540 million man-hours 2.6 1.8 455 1.3 TRIR 0.7 LTIR 90 2012 2014 2010 2011 2012 2013 2014…
  4. 2014 RESULTS AND OUTLOOK – Total SA – slide 4
    Market environment
  5. 2014 RESULTS AND OUTLOOK – Total SA – slide 5
    Sharp oil price decline, return to volatility Brent and ERMI Gas 100 99 /b 15 14 /Mbtu 50 8 /Mbtu 5 4 /Mbtu 19 /t 2006 2010 2014 2006 2010 2014 Brent (/b) ERMI* (/t) Asia LNG proxy NBP Henry Hub Totals…
  6. 2014 RESULTS AND OUTLOOK – Total SA – slide 6
    Long term oil demand growth Oil supply-demand Mb/d, crude and NGLs Oil demand 0.6% CAGR 100 90 /b 50 Mb/d new production needed by 2030, driven by decline rate and demand growth 60-90…
  7. 2014 RESULTS AND OUTLOOK – Total SA – slide 7
    Robust LNG fundamentals LNG supply-demand Mt/y LNG demand Demand to double by 2030, 4% CAGR most of new supply not yet sanctioned 500 14 /Mbtu Potential New projects require adequate LNG prices projects 12-14 /Mbtu New LNG…
  8. 2014 RESULTS AND OUTLOOK – Total SA – slide 8
    Corporate outlook
  9. 2014 RESULTS AND OUTLOOK – Total SA – slide 9
    Capitalizing on resilient fundamentals Lowest technical costs compared to peers* /boe Leveraging Upstream strengths Lowest technical costs among Majors 25 Expanding cost reduction initiatives Highest contribution from PSC…
  10. 2014 RESULTS AND OUTLOOK – Total SA – slide 10
    Strong response to 2015 environment Cost reduction initiatives on Capex, Opex and exploration B 4 B 4 B cash impact from cost reduction initiatives 10% organic Capex reduction from 26.4 B to 23-24 B 50% increase in Opex savings…
  11. 2014 RESULTS AND OUTLOOK – Total SA – slide 11
    Staying the course to deliver cash Group free cash flow Upstream free cash flow growth B compared to peers* 100 /b Base 100 in 2014 80 /b 10 70 /b 70 /b 100 2014 2015 2016 2017 2015 2017 2014 2015 2016 2017…
  12. 2014 RESULTS AND OUTLOOK – Total SA – slide 12
    2014 results
  13. 2014 RESULTS AND OUTLOOK – Total SA – slide 13
    2014 results 2014 adjusted net income 2014 after-tax impairments Oil sands 12.8 B Upstream Unconventional gas 7.1 B European refining Refining & Chemicals Marketing & Services Corporate Other Return to production…
  14. 2014 RESULTS AND OUTLOOK – Total SA – slide 14
    2014 cash flow allocation 2014 cash flow allocation B 30 B Acquisitions 30 B from operations and asset sales Change in net debt Asset sales 4.8 B asset sales closed Organic Organic investment reduced to investment 26.4 B in…
  15. 2014 RESULTS AND OUTLOOK – Total SA – slide 15
    Actively managing the portfolio 2011-14 asset sales and acquisitions 2015-17 asset sales B B 10 B target 28 B Non-core 23 B Other Midstream & 4 B downstream signed Upstream Nigeria onshore Total Gaz In progress…
  16. 2014 RESULTS AND OUTLOOK – Total SA – slide 16
    Substantial liquidity and financial flexibility Net-debt-to-equity ratio B Liquidity established in advance of lower oil price 15 B net cash 100 Net debt 10 B credit lines Access to financial markets under favorable…
  17. 2014 RESULTS AND OUTLOOK – Total SA – slide 17
    Upstream
  18. 2014 RESULTS AND OUTLOOK – Total SA – slide 18
    Increasing Upstream profitability Safety, cornerstone of our strategy Delivery Executing projects on time and on budget Growing production with major project start-ups Costs Increasing Opex savings Enhancing capital…
  19. 2014 RESULTS AND OUTLOOK – Total SA – slide 19
    2015 production growth Production 8% 8 project start-ups in 2015 Including 3 already in production 2.15 Mboe/d New projects ADCO 125 kboe/d from new projects 60% Total-operated 60% deep offshore 50% PSC Successful…
  20. 2014 RESULTS AND OUTLOOK – Total SA – slide 20
    2014 reserve replacement rate of 100% Proved reserves Organic reserve replacement rate Bboe at year end 3-year average 111% 11.5 11.5 Portfolio 92% changes Production Additions Organic reserve replacement rate of…
  21. 2014 RESULTS AND OUTLOOK – Total SA – slide 21
    2015 Upstream Capex and Opex 2015 Capex discipline 2015 Opex reduction B B 10 23 B Greenfield 0.8 B Initial Brownfield Growth New 20 B Reduction 18 6 2014 2015 2014 2015 Reducing greenfield investment Doubling 2015…
  22. 2014 RESULTS AND OUTLOOK – Total SA – slide 22
    Building momentum of cash accretive start-ups New start-ups contribution Start-ups contributing to 2017 production to 2017 production* % EPC progress of major start-ups By start-up year 600 0% 50% 100% Start-up kboe/d 2017 CLOV…
  23. 2014 RESULTS AND OUTLOOK – Total SA – slide 23
    Renewing long term resources Exploration Resource acquisition 2014 main successful wells 2015 main wells Capping exploration budget 2.5 Bboe added…
  24. 2014 RESULTS AND OUTLOOK – Total SA – slide 24
    Refining & Chemicals
  25. 2014 RESULTS AND OUTLOOK – Total SA – slide 25
    Strong R&C results in volatile 2014 environment R&C adjusted net operating income and European refining breakeven B 2.5 x2 Reducing European…
  26. 2014 RESULTS AND OUTLOOK – Total SA – slide 26
    Successful R&C restructuring program Profitability roadmap ROACE in 2010 environment* Impairments Synergies 2014 Efficiencies +0.5% 13% 13% +2.5% Portfolio changes +2.5% Specialty Main chemicals platforms +0.5% +1.0% 6%…
  27. 2014 RESULTS AND OUTLOOK – Total SA – slide 27
    Ongoing European restructuring Refining & Petrochemicals European capacity index Base 100 in 2011 20% European capacity reduction 2011-17 100 95 Closing a 5 Mt/y crude distillation unit at Lindsey 80 Announcing in spring 2015…
  28. 2014 RESULTS AND OUTLOOK – Total SA – slide 28
    Marketing & Services
  29. 2014 RESULTS AND OUTLOOK – Total SA – slide 29
    Solid and resilient M&S results M&S adjusted net operating income* B 1.5 2010 2012 2014 2015 Brent 80 /b 112 /b 99 /b Resilient results increasing through the oil cycle Opex reduction plan and strict capital discipline…
  30. 2014 RESULTS AND OUTLOOK – Total SA – slide 30
    Differentiation through leadership in Africa 2014 M&S net operating income Africa Market leader in Africa 41 countries, 4,000 service stations,18% market share Relying on local talent with proven track record Total leading…
  31. 2014 RESULTS AND OUTLOOK – Total SA – slide 31
    Expanding high return lubricant business 2014 M&S net operating income Lubricants Strong 2014 financial performance 30% of M&S net operating income and 25% ROACE Low capital employed business model 450 M cash flow from…
  32. 2014 RESULTS AND OUTLOOK – Total SA – slide 32
    Key takeaways
  33. 2014 RESULTS AND OUTLOOK – Total SA – slide 33
    Our strategy in 4 key words Safety, the Groups first priority Delivery of our roadmap in all business segments Executing Upstream projects and delivering production Reducing R&C exposure to Europe Expanding M&S in growth…
  34. 2014 RESULTS AND OUTLOOK – Total SA – slide 34
    Competitive shareholder return Evolution of dividend and Brent /b /s 2.7 100 100 2.5 2.5 Introducing optional scrip dividend in 2015* 2.3 10% discount to market price 2.1 2.0 5050 1.9 Dividend policy of 50% payout on…
  35. 2014 RESULTS AND OUTLOOK – Total SA – slide 35
    Addressing volatility and emerging stronger Short-term strong response to environment 10% reduction in Capex 50% increase in Opex savings 30% reduction in exploration budget 8 B cash impact reducing breakeven by 40 /b…
  36. 2014 RESULTS AND OUTLOOK – Total SA – slide 36
    Appendices
  37. 2014 RESULTS AND OUTLOOK – Total SA – slide 37
    Portfolio of major projects Capacity Project Country Project (kboe/d) Share Op Status 2015 production growth 2014 CLOV Angola Deep offshore 160 40% Prod. Eldfisk 2 Norway Liquids/gas 70 39.9% Prod. 2.15 8% Ofon 2 Nigeria…
  38. 2014 RESULTS AND OUTLOOK – Total SA – slide 38
    Deep offshore, building on a core competence Elevated project IRRs Total-operated projects* Leading position among Majors 30% 10% of Totals production, 25% of Upstream results in 2014 High tech and high return projects Total to…
  39. 2014 RESULTS AND OUTLOOK – Total SA – slide 39
    Total, a leader in Africa Total production in Africa Largest producer in Largest marketer in Africa, kboe/d sub-Saharan Africa 18% market share +25% 800 Gabon Congo Angola Nigeria 2011 2014 2017 Total activities in…
  40. 2014 RESULTS AND OUTLOOK – Total SA – slide 40
    An industry accustomed to cyclical volatility Typical supply cycle Higher oil prices Sharp oil price decline driven by Lower spare Increasing Excess supply mainly due to increased US production capacity investments Lower demand…

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