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2012 INVESTORS DAY – Total SA

Total SA · Sep 24, 2012 · 64 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. 2012 INVESTORS DAY – Total SA – slide 1
    2012 INVESTORS DAY Investor Relations www.total.com 1
  2. 2012 INVESTORS DAY – Total SA – slide 2
    OUTLOOK & OBJECTIVES Christophe de Margerie Chairman and Chief Executive Officer Investor Relations www.total.com 2
  3. 2012 INVESTORS DAY – Total SA – slide 3
    Key messages Delivering near-term profitable growth New dynamic in action Creating value for shareholders Investor Relations www.total.com 3
  4. 2012 INVESTORS DAY – Total SA – slide 4
    Strong oil market fundamentals Oil production capacity and demand Mb/d 100 Demand Capacity by region Challenges to increase supply North / South America due to project complexity, Europe, CIS access to financing Asia and…
  5. 2012 INVESTORS DAY – Total SA – slide 5
    Increasing global gas demand Satisfaction of gas demand by region Bcf/d North America Europe Asia 100 +1.1% CAGR +1.3% CAGR +4.4% CAGR 50 2010 2030 2010 2030 2010 2030 Local gas demand 2010-30 global gas demand +2%…
  6. 2012 INVESTORS DAY – Total SA – slide 6
    Delivering results in 2012 Favorable oil and gas environment with year-to-date Brent above 110 /b and ERMI above 30 /t Cash breakeven* at 105 /b in 1H12 and gearing at 21% end June 2012 Acquired high-potential exploration…
  7. 2012 INVESTORS DAY – Total SA – slide 7
    HSE top priority Safety first Minimizing environmental impact Safety culture embedded in our activities Reducing greenhouse gas emissions Reacting and learning from incidents Improving energy efficiency and water management TRIR…
  8. 2012 INVESTORS DAY – Total SA – slide 8
    Upstream, building sustainable, profitable growth Prioritizing safety Emphasizing exploration Appraising recent discoveries Drilling high-potential new acreage Focusing on execution to deliver profitable growth 3 Mboe/d…
  9. 2012 INVESTORS DAY – Total SA – slide 9
    Sanctioned projects fueling production growth Production growth Mboe/d - Brent price 100 /b 100% of 2015 target already in production or under development Acceleration of growth post-2015 Potential for 3 Mboe/d in 2017 with…
  10. 2012 INVESTORS DAY – Total SA – slide 10
    High quality of Upstream projects Competitive returns Value creation Expected return of 2012-17 project Capital employed and NPV forward start-ups for Total and major peers* of Totals sanctioned projects** IRR (%) B Investing…
  11. 2012 INVESTORS DAY – Total SA – slide 11
    Refining & Chemicals, restructuring to improve performance Priority to safety and environment Adapt and optimize industrial system Focus on major integrated platforms Implement 650 M synergies and efficiency plans Refining &…
  12. 2012 INVESTORS DAY – Total SA – slide 12
    Supply & Marketing, reinforce leading positions Capitalize on strong assets Strengthen positions in targeted European markets Consolidate leadership in Africa More flexible and visible Adjusted net operating income Greater…
  13. 2012 INVESTORS DAY – Total SA – slide 13
    Increasing free cash flow Operating cash flow and net investments* B 2012-14 cash flow to benefit from accretive start-ups and Downstream restructuring 15-20 B asset sale program reducing breakeven below 100 /b Investments…
  14. 2012 INVESTORS DAY – Total SA – slide 14
    Financial strength and dividend increase Strong balance sheet Dividend increased in 2Q12 B /share 20-30% target range for gearing Quarterly dividend increased from 0.57 to 0.59 /share in 2Q12 Favorable access to capital…
  15. 2012 INVESTORS DAY – Total SA – slide 15
    EXPLORATION Marc Blaizot Senior Vice President, Exploration Investor Relations www.total.com 15
  16. 2012 INVESTORS DAY – Total SA – slide 16
    Advancing the new dynamic in exploration Increased exploration potential* Risked Bboe Recent major discoveries already in appraisal phase Azerbaijan, Bolivia, French Guiana More exposure to high-risk, high-reward prospects 2…
  17. 2012 INVESTORS DAY – Total SA – slide 17
    New acreage acquisitions Grabens and rifts Pre-salt carbonates Large deltas Abrupt margins Foothills Unconventional Norway Poland* Denmark UK Bulgaria Ohio Egypt Iraq Myanmar* GoM Mauritania Malaysia Qatar French…
  18. 2012 INVESTORS DAY – Total SA – slide 18
    Atlantic basins, extending the mirror concept Pre-salt carbonates Abrupt margins French Guiana Uruguay Brazil (Xerelete- Angola Ivory Coast (Zaedyus) (Block 14) Agulhas Negras) (Kwanza) (CI 100, 514, 515, 516) Total 25% Total 100%…
  19. 2012 INVESTORS DAY – Total SA – slide 19
    Angola, Blocks 25, 39, 40 - Kwanza 3 blocks: 2 operated, 1 non-operated Angola Recently proven excellent pre-salt carbonates associated with a prolific source rock Cameia discovery Analog to Santos Basin (Brazil) 3D…
  20. 2012 INVESTORS DAY – Total SA – slide 20
    Ivory Coast 4 blocks: 2 operated, 2 non-operated Ivory Coast Ghana Abrupt margin neighboring Jubilee CI 514 CI 100 in Ghana, extending hunt to Ivory Coast (54%, operated) (60%, operated) Multi-billion barrel prospect CI 515 and…
  21. 2012 INVESTORS DAY – Total SA – slide 21
    Uruguay, Block 14 Total 100% Uruguay High-potential abrupt margin frontier Very competitive bidding round Ultra-deepwater Pelotas basin Exploration to determine viability Uruguay of extending this oil play throughout South…
  22. 2012 INVESTORS DAY – Total SA – slide 22
    Bulgaria, Khan Asparuh Total 40%, operator for drilling and development phases Elephant-sized turbiditic prospects Bulgaria 14,220 km block, 80 km offshore Water depth down to 2,000 m In progress: 3D seismic acquisition…
  23. 2012 INVESTORS DAY – Total SA – slide 23
    Iraq 3 onshore blocks, 1 operated in development phase Iraq Foothills play, mountain foothills (Kurdistan) for Harir and Safen Large structures, surfaces and columns, excellent source rocks and reservoir-seal Harir pairs…
  24. 2012 INVESTORS DAY – Total SA – slide 24
    Argentina, shale gas and shale oil First shale play operated by Total Diverse acreage for targeting gas and oil, Argentina analog to North America Exploration well connected to existing La Escalonada pipeline, immediate…
  25. 2012 INVESTORS DAY – Total SA – slide 25
    Not forgetting... nearby prospects, high and quick rewards SNE N52 Worldwide exploration program adjacent (2009) SNC N54 (2012) to existing infrastructure Rapid development with high return rates 39 wells in 2012-14 SNW N50…
  26. 2012 INVESTORS DAY – Total SA – slide 26
    Ambitious exploration program for 2013-14 Elephant and Big Cat prospects Number of wells targeting Frontier Elephants and Big Cat prospects Other Norway* Egypt Libya* Iraq* GoM* Mauritania* Qatar Nigeria* Colombia*…
  27. 2012 INVESTORS DAY – Total SA – slide 27
    UPSTREAM PROJECTS Michel Hourcard Senior Vice President, Development Investor Relations www.total.com 27
  28. 2012 INVESTORS DAY – Total SA – slide 28
    Proven performance in project management Planning control Schedule performance Schedule variation from sanction % 2009-12 average* for Total operated projects % overrun Focusing on safety, efficiency and sustainability Actual…
  29. 2012 INVESTORS DAY – Total SA – slide 29
    Tight project control for capital-intensive projects Cost control Upstream Capital Cost Index* Technical cost** Base 100 in 2000 /boe Cost inflation Safety and environment Local content and workforce development Technical…
  30. 2012 INVESTORS DAY – Total SA – slide 30
    Leveraging technology to create value Unlock resources Reduce Optimize designs and improve recovery development costs Subsea pumping Long-distance multiphase Yemen LNG: and processing pumping Plant built in 49 months 4D seismic…
  31. 2012 INVESTORS DAY – Total SA – slide 31
    70% of 2017 new production from sanctioned projects Status of main sanctioned projects Current estimates of returns for sanctioned projects* % of EPC progress IRR (%) Well-advanced, high-quality sanctioned projects * In a Brent…
  32. 2012 INVESTORS DAY – Total SA – slide 32
    A world leader in deep-offshore development CLOV (sanctioned) Pazflor Dalia Usan Girassol Egina Current projects Akpo Moho Bilondo Moho North Average water depth 1,200 m Capitalizing on successful track record…
  33. 2012 INVESTORS DAY – Total SA – slide 33
    CLOV on track for production mid-2014 Deep offshore development On track for first oil by mid-2014 Proved and probable reserves: FPSO with 1.8 Mb storage capacity 500 Mb oil Subsea Multiphase Pumping System 20 year production,…
  34. 2012 INVESTORS DAY – Total SA – slide 34
    Laggan Tormore, an innovative well-to-shore design Development On track for first gas in 2014 of a new production hub Proved and probable reserves: 2 subsea production templates, 1.1 Tcf gas and 25 Mb condensate 9 subsea wells,…
  35. 2012 INVESTORS DAY – Total SA – slide 35
    Ichthys LNG, giant offshore / onshore project FPSO, SPS & SURF CPF 880 km pipeline 2 LNG trains Darwin Ichthys 4 major developments in one project Target first gas end 2016 Proved and probable reserves: 50 subsea wells…
  36. 2012 INVESTORS DAY – Total SA – slide 36
    Fast-track subsea tie-backs with quick return Islay (Alwyn) GirRI (Girassol) Atla (Heimdal) GirRI MPP (Girassol) Reserves (2P) Reserves (2P) Reserves (2P) Reserves (2P) 20 Mboe 90 Mboe 15 Mboe 30 Mboe Start-up: April 2012…
  37. 2012 INVESTORS DAY – Total SA – slide 37
    Preparing and optimizing next developments Conceptual Pre-FEED and FEED Execution phase Pre- Appraisal and conceptual Project project Basic engineering EPC Contracts sanctioned projects Discovery SOR* FID Start-up Estimated…
  38. 2012 INVESTORS DAY – Total SA – slide 38
    Delivering through 2017 and beyond Project execution expertise with leading experience in deep offshore and LNG 3,000 dedicated professionals committed to safer and faster project development Pre-FID, key to optimize design and…
  39. 2012 INVESTORS DAY – Total SA – slide 39
    LNG Philippe Sauquet President, Gas & Power Investor Relations www.total.com 39
  40. 2012 INVESTORS DAY – Total SA – slide 40
    Regional price differentials amid growing demand Global gas demand: +3%/y 2001-11 By region in 2011 Gas prices evolution by region % CAGR 2001-11 /Mbtu Investor Relations www.total.com 40
  41. 2012 INVESTORS DAY – Total SA – slide 41
    Surging LNG demand, tightening markets LNG supply* / demand Mt/y Strong LNG demand in both traditional and emerging markets Essential need for new LNG projects in 2030 230 Mt coming from unsanctioned identified projects…
  42. 2012 INVESTORS DAY – Total SA – slide 42
    Angola LNG (13.6%) Total, global player along the LNG chain 20% of 2011 production 27% of Upstream results Snohvit South Hook Dunkerque LNG Fos Cavaou Sabine Pass Hazira Altamira NLNG T1-T6 Yemen LNG Qatargas 2…
  43. 2012 INVESTORS DAY – Total SA – slide 43
    Angola LNG (13.6%) LNG trading, a key competitive advantage Average spread* and % of redirected cargos /Mbtu Growing downstream LNG portfolio from 2.2 Mt in 2009 to 8 Mt in 2011 targeting 16 Mt in 2020 Securing access to key…
  44. 2012 INVESTORS DAY – Total SA – slide 44
    Angola LNG (13.6%) Strengthening position as LNG leader Totals global LNG position* Mt/y Expanding upstream position with new LNG projects 0.7 Mt/y Angola LNG 4.5 Mt/y under construction Ichthys, GLNG under study Russia,…
  45. 2012 INVESTORS DAY – Total SA – slide 45
    Creating value through access to resources and premium markets Favorable LNG outlook Solid and diversified positions in upstream LNG Large pipeline of projects Recognized expertise in downstream LNG Among the fastest…
  46. 2012 INVESTORS DAY – Total SA – slide 46
    REFINING & CHEMICALS Patrick Pouyann President, Refining & Chemicals Investor Relations www.total.com 46
  47. 2012 INVESTORS DAY – Total SA – slide 47
    Demand growth driven by Asia and Middle East Refined product demand Global polymer demand Mb/d Mt/y Investor Relations www.total.com 47
  48. 2012 INVESTORS DAY – Total SA – slide 48
    Regional capacities adjusting to demand trend 2009-17 change in global refining capacity 2009-17 change in global ethylene capacity Mb/d Mt/y 12 2 New sites / extensions 8 Additional demand 1 4 0 0 Closures -4 -1…
  49. 2012 INVESTORS DAY – Total SA – slide 49
    European rationalization underway OECD European refining capacity 2007-12(e): -6% Totals European refining capacity Mb/d (as of 1st of January) -22% +5% -11% -18% -10% +15% Announced closures or capacity…
  50. 2012 INVESTORS DAY – Total SA – slide 50
    Refining & Chemicals strategy Priority to safety and environment Adapt capacities to demand evolution and optimize industrial system in Europe and the US by focusing on large platforms and maximizing synergies Expand in Asia and…
  51. 2012 INVESTORS DAY – Total SA – slide 51
    On track to deliver return targets Investor Relations www.total.com 51
  52. 2012 INVESTORS DAY – Total SA – slide 52
    Focus on major integrated platforms % of refining and petrochemicals capital employed Cash flow from operations from major platforms on major platforms B (ERMI in /t) Port Arthur Antwerp Normandy Jubail Qatar Daesan Investor…
  53. 2012 INVESTORS DAY – Total SA – slide 53
    Develop assets on advantaged feedstock in Middle East and position to grow in Asia Jubail Ras Laffan / Messaied Daesan Saudi Arabia Qatar South Korea New 400 kb/d full-conversion Five projects building Expanding and high-grading…
  54. 2012 INVESTORS DAY – Total SA – slide 54
    Redeploy capital to Asia and Middle East Refining and petrochemicals capital employed 7 /t per year on average refining CAPEX* in 2013-17 in Europe/US down from 14 /t per year in 2007-11 35% of capital employed in Asia and…
  55. 2012 INVESTORS DAY – Total SA – slide 55
    Synergies and efficiency plans by 2015 Synergies Efficiency plan Net operating income Net operating income Integration projects at Antwerp Operational availability and Normandy platforms Cost savings plan Purchasing savings…
  56. 2012 INVESTORS DAY – Total SA – slide 56
    Availability, key to industrial performance Refining and steamcracker availability % Back to industrial fundamentals An ambitious but realistic target Refocus management and teams on availability priority Systematic…
  57. 2012 INVESTORS DAY – Total SA – slide 57
    Launched global cost saving plan 2011 Refining and petrochemicals costs structure Energy efficiency target for 2015 Western Europe refining energy intensity index* Other variable Wages costs Global steamcracker energy index*…
  58. 2012 INVESTORS DAY – Total SA – slide 58
    Meeting the profitability challenge Priority to safety and environment Delivering value from main projects and major platforms Increasing operational competitiveness Implementing active portfolio optimization Collective…
  59. 2012 INVESTORS DAY – Total SA – slide 59
    CONCLUSION Christophe de Margerie Patrick de La Chevardire Chairman and Chief Executive Officer Chief Financial Officer Investor Relations www.total.com 59
  60. 2012 INVESTORS DAY – Total SA – slide 60
    Competitive Upstream performance Estimates based on public data European peers: average of Shell, BP and Eni; Major peers: average of European peers, Exxon and Chevron Investor Relations www.total.com 60
  61. 2012 INVESTORS DAY – Total SA – slide 61
    Underlying value versus share price Change in Upstream NPV 10%: 2015 & 2017 vs 2012* Entreprise Value (EV) / boe % /boe * Source: based on Wood Mackenzie Corporate Service 30/06/12 Brent LT 85 12/b EV/boe = EV 2012 / 1P 2011 with…
  62. 2012 INVESTORS DAY – Total SA – slide 62
    Key messages Growth supported by projects already in production Delivering near-term or development profitable growth High-quality portfolio of projects Among world leaders in deep-offshore and LNG Potential for giant…
  63. 2012 INVESTORS DAY – Total SA – slide 63
    APPENDIX Investor Relations www.total.com 63
  64. 2012 INVESTORS DAY – Total SA – slide 64
    Diversified portfolio of major Upstream projects * Total operated; in Uganda, Total operator of block 1 only ** Direct stake in the project only Investor Relations www.total.com 64

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