TotalEnergies SE 6-K, filed Feb 28, 2020
TotalEnergies SE (TTE)
About this 6-K
TotalEnergies SE filed this 6-K on February 28, 2020.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OFFOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
February 28, 2020
Commission File Number 001-10888
TOTAL S.A.
(Translationof registrant’s name into English)
2, place JeanMillier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
TOTAL S.A. is providing on this Form 6-K a description of certain recent developments relating to its business.
Table of Contents
TABLE OF CONTENTS
SIGNATURES
EXHIBIT INDEX
Exhibit 99.1 India: Total Expands its Partnership with Adani to Renewables and Acquires 50% of a 2 GW Solar Portfolio (February 6, 2020)
Exhibit 99.2 Fourth quarter and full-year 2019 results (February 6, 2020)
Exhibit 99.3 Total proposes a final 2019 dividend of 0.68 €/share, an increase of 6%, and an annual dividend of 2.68 €/share for fiscal year 2019 (February 6, 2020)
Exhibit 99.4 Total Sells Its Interest in the Fos Cavaou Regasification Terminal (February 6, 2020)
Exhibit 99.5 Spain: Total to Enter into the Solar Market with a pipeline of 2 GW of projects (February 11, 2020)
Exhibit 99.6 Disclosure of transactions in own shares (February 13, 2020)
Exhibit 99.7 Disclosure of transactions in own shares (February 20, 2020)
Exhibit 99.8 Disclosure of transactions in own shares (February 27, 2020)
Table of Contents
EXHIBIT INDEX
Exhibit 99.2 Fourth quarter and full-year 2019 results (February 6, 2020)
Exhibit 99.4 Total Sells Its Interest in the Fos Cavaou Regasification Terminal (February 6, 2020)
Exhibit 99.6 Disclosure of transactions in own shares (February 13, 2020)
Exhibit 99.7 Disclosure of transactions in own shares (February 20, 2020)
Exhibit 99.8 Disclosure of transactions in own shares (February 27, 2020)
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TOTAL S.A. | ||
|---|---|---|
| Date: February 28, 2020 | By: | /s/ ANTOINE LARENAUDIE |
| Name: | Antoine LARENAUDIE | |
| Title: | Group Treasurer |
EX-99.1
EXHIBIT 99.1
Press Release
India: Total Expands its Partnership with Adani to Renewables and Acquires 50% of a 2 GW Solar Portfolio
Paris, February 6, 2020 – As part of its strategy to develop renewable energies, Total is expanding its partnership with Adani Group, India’s largest privately-owned energy and infrastructure conglomerate, in order to contribute to the growth of solar power generation in the country.
Indeed, the Indian government has a strong policy to support the renewable energy growth. The country’s capacity should increase from its 81 gigawatts (GW) in 2019 to 225 GW by 2022.
Total and Adani Green Energy Limited (AGEL) will create a 50/50 joint venture into which AGEL will transfer its solar assets in operation. These projects are spread over 11 Indian states and have a cumulative capacity of over 2 GW. All the projects benefit from nearly 25-year power purchase agreements (PPA) with national and regional electricity distributors, with a fixed rate.
“Total is fully engaged in the energy transition and to supporting India, a key countryin the fight against climate change, in diversifying its energy mix through partnerships in natural gas and now in solar energy,” said Patrick Pouyanné, Chairman & CEO of Total**.** “This interest in over 2 GW ofsolar projects represents another big step of our investment in India’s energy sector. It will support our ambition to contribute to the deployment of 25 GW of renewable capacities by 2025. We are thrilled to extend the partnership with theAdani Group to renewable energies, which will allow us to benefit from its in-depth knowledge of the Indian electricity market.”
This transaction has a value of approximately $500 million and is in line with the Group’s objective of double-digit returns on renewable projects. It remains subject to the approval of the relevant authorities.
Total and Low-Carbon Electricity
Total integrates climate change into its strategy and is staying ahead of new energy market trends by building a portfolio of low-carbon businesses that could account for 15 to 20% of its sales by 2040. Total’s gross low-carbon power generation capacity worldwide is currently close to 7 gigawatts, of which over 3 gigawatts from renewable energies.
* * * * *
About Adani Green Energy Limited (AGEL)
AGEL is a listed company 74.92% owned by the Adani Group. As one of the leading private players in the Indian renewables market, AGEL currently holds a portfolio of 2,148 MW of installed solar capacity and 172 MW of installed wind capacity. They also have 475 MW of solar capacity and 1,505 MW of wind and 990 MW of hybrid under construction.
About Total
Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
* * * * *
Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
Cautionary note
This press release, from which nolegal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, theterms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a giveneconomic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-lookinginformation or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
EX-99.2
EXHIBIT 99.2
Press Release
Fourth quarter and full-year 2019 results
Strong cash flow growth in a less favorable environment
Dividend increased by 5% for the year
| Changevs 4Q18 | 2019 | Changevs 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Oil price - Brent (/b) | 63.1 | -8 | % | **** | 64.2 | -10 | % | ||
| European gas price - NBP (/Mbtu) | 5.1 | -42 | % | **** | 4.9 | -38 | % | ||
| Adjusted net income (Group share)1 | |||||||||
| - in billions of dollars (B) | 3.17 | 0 | % | **** | 11.83 | -13 | % | ||
| - in dollars per share | 1.19 | +1 | % | **** | 4.38 | -13 | % | ||
| DACF1 (B) | 7.4 | +21 | % | **** | 28.5 | +9 | % | ||
| Cash Flow from operations (B) | 6.6 | -38 | % | **** | 24.7 | 0 | % |
All values are in US Dollars.
Net income (Group share) of 11.3 B$ in 2019, a 2% decrease compared to 2018**; or 10.1B** € , an increase of 4% compared to 2018
Net-debt-to-capital ratio of 20.7% at December 31, 2019
Hydrocarbon productionof 3,014 kboe/d in 2019, an increase of 9% compared to 2018
Fourth quarter 2019 dividend set at 0.68 €/share, an increase of6% compared to 2018
Paris, February 6, 2020 - Total’s Board of Directors met on February 5, 2020, to approve the Group’s 2019 financial statements. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
“The Group reported solidfourth quarter 2019 results with cash flow (DACF) of 7.4 B$, an increase of more than 20% compared to the fourth quarter 2018, and adjusted net income stable at 3.2 B$, despite a lower price environment.
In 2019, the Group generated cash flow of 28.5 B$, strong growth of 2.4 B$ compared to 2018, thanks to a positive contribution from all segments. Thisperformance was achieved despite the drop in oil prices of 10% and European gas prices of 38%, or a price environment down on average by about 20%. The Group reported solid adjusted net operating income for the year of 11.8 B$, a decrease of 13%,and a return on equity above 10%. The Group reduced its organic pre-dividend breakeven to less than 25 $/b.
In the Upstream, start-ups and ramp-ups including Yamal LNG in Russia andIchthys in Australia, Egina in Nigeria and Kaombo in Angola, generated strong cash flow and fueled production growth of 9% for the year, with LNG growth of nearly 50%.
The Exploration & Production segment increased cash flow to 18 B$, despite the deterioration of the environment, and the iGRP segment, with anincrease in LNG sales of nearly 60%, generated cash flow of 3.7 B$, an increase of 80%.
The Downstream contributed stable cash flow of 6.6 B$,notably thanks to its non-cyclical activities and despite a decrease in refining and petrochemical margins on the order of 10%.
Net investments rose to 17.4 B$ and reflect in particular the strategy to strengthen LNG and deep offshore, as shown by the acquisition of Mozambique LNGand the launching of Arctic LNG 2 in Russia and Mero 2 in Brazil. More than one-third of the net investments were made in the iGRP segment, which leads the Group’slow-carbon ambition. Total enters the gas and renewables market in India in partnership with Adani and will build a giant 800 MW solar power plant in Qatar.
Total maintains a solid financial position with gearing of 16.7% excluding capitalized leases (20.7% including). In accordance with the decision of theBoard of Directors announced on September 24, the Group increased the 2019 final dividend by 6% to €0.68 per share. Including the interim dividends, the full-year 2019 dividend increased by 5% to €2.68 per share. Finally, the Groupbought back $1.75 billion of its shares in 2019 and projects 2 B$ of share buybacks in 2020 in a 60 $/b environment.”
| ^1^ | Definition on page 2 |
|---|
1
Key figures^2^
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | In millions of dollars, except effective tax rate,<br><br><br>earnings per share and number of shares | 2019 | 2018 | 2019vs2018 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **** | 3,879 | **** | 3,673 | 3,885 | — | Adjusted net operating income from business segments | **** | 14,554 | **** | 15,997 | -9 | % | |||||||||
| **** | 2,031 | **** | 1,734 | 1,976 | +3 | % | Exploration & Production* | **** | 7,509 | **** | 8,547 | -12 | % | ||||||||
| **** | 794 | **** | 574 | 676 | +17 | % | Integrated Gas, Renewables & Power* | **** | 2,389 | **** | 2,419 | -1 | % | ||||||||
| **** | 580 | **** | 952 | 900 | -36 | % | Refining & Chemicals | **** | 3,003 | **** | 3,379 | -11 | % | ||||||||
| **** | 474 | **** | 413 | 333 | +42 | % | Marketing & Services | **** | 1,653 | **** | 1,652 | — | |||||||||
| **** | 668 | **** | 521 | 893 | -25 | % | Contribution of equity affiliates to adjusted net income | **** | 2,260 | **** | 3,161 | -29 | % | ||||||||
| **** | 31.8 | % | 30.7 | % | 38.1 | % | Group effective tax rate^3^^^ | **** | 34.1 | % | 38.7 | % | |||||||||
| **** | 3,165 | **** | 3,017 | 3,164 | — | Adjusted net income (Group share) | **** | 11,828 | **** | 13,559 | -13 | % | |||||||||
| **** | 1.19 | **** | 1.13 | 1.17 | +1 | % | Adjusted fully-diluted earnings per share (dollars)^4^ | **** | 4.38 | **** | 5.05 | -13 | % | ||||||||
| **** | 1.07 | **** | 1.01 | 1.02 | +5 | % | Adjusted fully-diluted earnings per share (euros)** | **** | 3.92 | **** | 4.27 | -8 | % | ||||||||
| **** | 2,607 | **** | 2,614 | 2,637 | -1 | % | Fully-diluted weighted-average shares (millions) | **** | 2,618 | **** | 2,624 | — | |||||||||
| **** | 2,600 | **** | 2,800 | 1,132 | ×2.3 | Net income (Group share) | **** | 11,267 | **** | 11,446 | -2 | % | |||||||||
| **** | 4,291 | **** | 3,296 | 4,459 | -4 | % | Organic investments^5^ | **** | 13,397 | **** | 12,427 | +8 | % | ||||||||
| **** | (80 | ) | 3,422 | (1,751 | ) | ns | Net acquisitions^6^ | **** | 4,052 | **** | 3,141 | +29 | % | ||||||||
| **** | 4,211 | **** | 6,718 | 2,708 | +56 | % | Net investments^7^ | **** | 17,449 | **** | 15,568 | +12 | % | ||||||||
| **** | 6,839 | **** | 6,853 | 5,672 | +21 | % | Operating cash flow before working capital<br>changes^8^ | **** | 26,432 | **** | 24,529 | +8 | % | ||||||||
| **** | 7,372 | **** | 7,385 | 6,095 | +21 | % | Operating cash flow before working capital changes w/o financial charges (DACF)^9^ | **** | 28,501 | **** | 26,067 | +9 | % | ||||||||
| **** | 6,599 | **** | 8,206 | 10,640 | -38 | % | Cash flow from operations | **** | 24,685 | **** | 24,703 | — |
2019 data take into account the impact of the new rule IFRS16 “Leases”, effective January 1, 2019.
| * | 4Q18 and 2018 restated; historical data for 2017 and 2018 available on<br>www.total.com. |
|---|---|
| ** | Average €-$ exchange rate: 1.1071 in the fourth quarter 2019 and 1.1195 in 2019.<br> |
| --- | --- |
Highlights since the beginning of the fourth quarter 2019^10^
| • | Started production at giant Johan Sverdrup field in the North Sea and Iara in Brazil |
|---|---|
| • | Launched Anchor projects and engineering studies for North Platte in Gulf of Mexico |
| --- | --- |
| • | Agreement between NOC and Total on participation in Waha concession in Libya |
| --- | --- |
| • | Extended Block 17 licenses to 2045 in Angola |
| --- | --- |
| • | Acquired two offshore discoveries (Blocks 20-21) in Angola forpotential development |
| --- | --- |
| • | Signed an agreement to sell interest in Brunei offshore block CA1 |
| --- | --- |
| • | Expanded in Brazil pre-salt with new deep-offshore exploration block |
| --- | --- |
| • | Acquired 50% interest in Surinam Block 58 with significant MakaCentral-1 discovery |
| --- | --- |
| • | Awarded construction of a large-scale (800 MW) solar power plant in Qatar |
| --- | --- |
| • | Sold to Banque des Territoires a 50% interest in a portfolio of solar and wind assets in France |
| --- | --- |
| • | Doubled production capacity of recycled polypropylene for auto market from Synova subsidiary |
| --- | --- |
| • | Alliance with Zhejiang Energy Group to develop low-sulfur maritimefuel market in China |
| --- | --- |
| • | Second agreement to supply CMA-CGM with LNG maritime fuel fromMarseille |
| --- | --- |
| ^2^ | Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact<br>of changes for fair value; adjustment items are on page 12. |
| --- | --- |
| ^3^ | Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates<br>– dividends received from investments – impairment of goodwill + tax on adjusted net operating income). |
| --- | --- |
| ^4^ | In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net<br>income less the interest on the perpetual subordinated bond |
| --- | --- |
| ^5^ | Organic investments = net investments excluding acquisitions, asset sales and other operations with<br>non-controlling interests. |
| --- | --- |
| ^6^ | Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests<br>(see page 12). |
| --- | --- |
| ^7^ | Net investments = Organic investments + net acquisitions (see page 12). |
| --- | --- |
| ^8^ | Operating cash flow before working capital changes, is defined as cash flow from operating activities before<br>changes in working capital at replacement cost, and effective second quarter 2019 including organic loan repayments from equity affiliates. The inventory valuation effect is explained on page 15. The reconciliation table for different cash flow<br>figures is on page 13. |
| --- | --- |
| ^9^ | DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial<br>charges. |
| --- | --- |
| ^10^ | Certain transactions referred to in the highlights are subject to approval by authorities or to other<br>conditions as per the agreements. |
| --- | --- |
2
| • | Awarded concession to install and operate up to 20,000 new EV charging points in Metropolitan Region ofAmsterdam |
|---|---|
| • | Dedicated 400 M$ to Total venture capital fund to support carbon neutrality |
| --- | --- |
Key figures of environment and Group production
| > | Environment* – liquids and gas price realizations**, refining margins | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q19 | 3Q19 | 4Q18 | 4Q19<br>vs<br>4Q18 | 2018 | 2019vs2018 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 63.1 | 62.0 | 68.8 | -8 | % | Brent (/b) | 64.2 | 71.3 | -10 | % | |||||
| **** | 2.4 | 2.3 | 3.7 | -35 | % | Henry Hub (/Mbtu) | 2.5 | 3.1 | -18 | % | |||||
| **** | 5.1 | 3.9 | 8.8 | -42 | % | NBP (/Mbtu) | 4.9 | 7.9 | -38 | % | |||||
| **** | 5.8 | 4.7 | 9.9 | -42 | % | JKM (/Mbtu) | 5.5 | 9.7 | -44 | % | |||||
| **** | 59.1 | 58.0 | 59.2 | — | Average price of liquids (/b)** | 59.8 | 64.3 | -7 | % | ||||||
| **** | 3.76 | 3.48 | 5.01 | -25 | % | Average price of gas (/Mbtu)** | 3.88 | 4.87 | -20 | % | |||||
| **** | 30.2 | 47.4 | 40.8 | -26 | % | Variable cost margin - Refining Europe, VCM (/t) | 34.9 | 38.2 | -9 | % |
All values are in US Dollars.
| * | The indicators are shown on page 16. | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ** | Consolidated subsidiaries. | |||||||||||||||
| --- | --- | |||||||||||||||
| > | Production* | |||||||||||||||
| --- | --- | |||||||||||||||
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | 2019 | 2018 | 2019vs2018 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 3,113 | 3,040 | 2,876 | +8 | % | Hydrocarbon production (kboe/d) | **** | 3,014 | 2,775 | +9 | % | |||||
| **** | 1,452 | 1,441 | 1,382 | +5 | % | Oil (including bitumen) (kb/d) | **** | 1,431 | 1,378 | +4 | % | |||||
| **** | 1,661 | 1,599 | 1,493 | +11 | % | Gas (including condensates and associated NGL) (kboe/d) | **** | 1,583 | 1,397 | +13 | % | |||||
| **** | 3,113 | 3,040 | 2,876 | +8 | % | Hydrocarbon production (kboe/d) | **** | 3,014 | 2,775 | +9 | % | |||||
| **** | 1,714 | 1,720 | 1,589 | +8 | % | Liquids (kb/d) | **** | 1,672 | 1,566 | +7 | % | |||||
| **** | 7,263 | 7,399 | 6,994 | +4 | % | Gas (Mcf/d) | **** | 7,364 | 6,599 | +12 | % | |||||
| * | Group production = EP production + iGRP production. | |||||||||||||||
| --- | --- |
Hydrocarbon production was 3,113 thousand barrels of oil equivalent (kboe/d) in the fourth quarter 2019, an increase of 8% compared to last year, due to:
| • | +13% related to the start-up and<br>ramp-up of new projects, including Yamal LNG in Russia, Egina in Nigeria, Ichthys in Australia, Kaombo in Angola, Culzean in the United Kingdom and Johan Sverdrup in Norway. |
|---|---|
| • | -3% due to the natural decline of the fields. |
| --- | --- |
| • | -2% due to maintenance and Tyra redevelopment project in Denmark. |
| --- | --- |
Hydrocarbon production was 3,014 kboe/d for the year 2019, an increase of 9% compared to 2018, due to:
| • | +13% related to the start-up and<br>ramp-up of new projects, including Yamal LNG in Russia, Egina in Nigeria, Ichthys in Australia, Kaombo in Angola, Culzean in the United Kingdom and Johan Sverdrup in Norway. |
|---|---|
| • | -3% due to the natural decline of the fields. |
| --- | --- |
| • | -1% due to maintenance, notably in Nigeria, Norway and Tyra redevelopment project in Denmark.<br> |
| --- | --- |
3
Analysis of business segments
Exploration & Production (EP – redefined scope)
| > | Production | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | Hydrocarbon production | 2019 | 2018 | 2019vs2018 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| **** | 2,489 | 2,501 | 2,408 | +3 | % | EP (kboe/d) | **** | 2,454 | 2,394 | +3 | % | ||||||||||
| **** | 1,640 | 1,647 | 1,541 | +6 | % | Liquids (kb/d) | **** | 1,601 | 1,527 | +5 | % | ||||||||||
| **** | 4,624 | 4,654 | 4,710 | -2 | % | Gas (Mcf/d) | **** | 4,653 | 4,724 | -2 | % | ||||||||||
| > | Results | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | In millions of dollars, except effective tax rate | 2019 | 2018 | 2019vs2018 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 2,031 | **** | 1,734 | 1,976 | +3 | % | Adjusted net operating income* | **** | 7,509 | **** | 8,547 | -12 | % | ||||||||
| 247 | 297 | 269 | -8 | % | including income from equity affiliates | 996 | 1,140 | -13% | |||||||||||||
| **** | 38.0 | % | 39.7 | % | 41.2 | % | Effective tax rate** | **** | 41.5 | % | 46.2 | % | |||||||||
| **** | 2,617 | **** | 2,065 | 2,765 | -5 | % | Organic investments | **** | 8,635 | **** | 7,953 | +9 | % | ||||||||
| **** | (224 | ) | (3 | ) | (143 | ) | ns | Net acquisitions | **** | 14 | **** | 2,162 | -99 | % | |||||||
| **** | 2,393 | **** | 2,061 | 2,622 | -9 | % | Net investments | **** | 8,649 | **** | 10,115 | -14 | % | ||||||||
| **** | 4,451 | **** | 4,451 | 3,911 | +14 | % | Operating cash flow before working capital changes *** | **** | 18,030 | **** | 17,832 | +1 | % | ||||||||
| **** | 4,206 | **** | 5,007 | 6,310 | -33 | % | Cash flow from operations *** | **** | 16,917 | **** | 18,537 | -9 | % | ||||||||
| * | Details on adjustment items are shown in the business segment information annex to financial statements. | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| ** | Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates -dividends received from investments - impairment of goodwill + tax on adjusted net operating income). | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| *** | Excluding financial charges, except those related to leases. | ||||||||||||||||||||
| --- | --- |
Exploration & Production adjusted net operating income was:
| • | 2,031 M$ in the fourth quarter 2019, an increase of 3% year-on-year driven by the increase in production. |
|---|---|
| • | 7,509 M$ for 2019, a decrease of 12% linked to lower Brent and gas prices. |
| --- | --- |
Operating cash flow before working capital changes was 4.5 B$ in the fourth quarter, an increase of 14% compared to last year, and 18.0 B$ in 2019 an increase of 1% compared to 2018. The start-up of strong cash flow generating projects offset the impact of lower Brent and gas prices.
4
Integrated Gas, Renewables & Power (iGRP)
| > | Production and liquefied natural gas (LNG) sales | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q19 | 3Q19 | 4Q18 | 4Q19<br>vs<br>4Q18 | Hydrocarbon production | 2019 | 2018 | 2019vs2018 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 624 | 539 | 468 | +34 | % | iGRP (kboe/d) | **** | 560 | 381 | +47 | % | |||||
| **** | 74 | 73 | 48 | +54 | % | Liquids (kb/d) | **** | 71 | 39 | +82 | % | |||||
| **** | 2,639 | 2,745 | 2,284 | +16 | % | Gas (Mcf/d) | **** | 2,711 | 1,875 | +45 | % | |||||
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | Liquefied Natural Gas in Mt | 2019 | 2018 | 2019vs2018 | |||||||||
| **** | 10.6 | 7.4 | 7.9 | +35 | % | Overall LNG sales | **** | 34.3 | 21.8 | +57 | % | |||||
| **** | 4.2 | 4.2 | 3.3 | +28 | % | incl. Sales from equity production* | **** | 16.3 | 11.1 | +47 | % | |||||
| **** | 9.6 | 5.5 | 6.7 | +44 | % | incl. Sales by Total from equity production and third party purchases | **** | 27.9 | 17.1 | +63 | % | |||||
| * | The Group’s equity production may be sold by Total or by the joint ventures. | |||||||||||||||
| --- | --- |
Production growth over the year was essentially linked to the start-up of Ichthys in Australia in the third quarter 2018 and the successive start-ups of Yamal LNG trains in Russia.
In the fourth quarter 2019, LNG sales increased by 35% year-on-year thanks to the ramp-up of Yamal LNG and Ichthys plus the start-up of the first Cameron LNG train in the US.
In 2019, LNG sales increased by 57% compared to 2018 for the same reasons and also due to the acquisition of the Engie portfolio of LNG contracts in the third quarter 2018.
| > | Results | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | In millions of dollars | 2019 | 2018 | 2019vs2018 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 794 | **** | 574 | 676 | +17 | % | Adjusted net operating income* | **** | 2,389 | 2,419 | -1 | % | ||||||
| **** | 353 | **** | 206 | 447 | -21 | % | including income from equity affiliates | **** | 1,009 | 1,249 | -19 | % | ||||||
| **** | 684 | **** | 641 | 614 | +11 | % | Organic investments | **** | 2,259 | 1,745 | +30 | % | ||||||
| **** | (13 | ) | 3,375 | (1,346 | ) | ns | Net acquisitions | **** | 3,921 | 1,701 | x2.3 | |||||||
| **** | 671 | **** | 4,015 | (733 | ) | ns | Net investments | **** | 6,180 | 3,445 | +79 | % | ||||||
| **** | 1,402 | **** | 848 | 617 | x2.3 | Operating cash flow before working capital changes ** | **** | 3,730 | 2,055 | +81 | % | |||||||
| **** | 1,527 | **** | 401 | 434 | x3.5 | Cash flow from operations ** | **** | 3,461 | 596 | x5.8 | ||||||||
| * | Detail of adjustment items shown in the business segment information annex to financial statements. | |||||||||||||||||
| --- | --- | |||||||||||||||||
| ** | Excluding financial charges, except those related to leases. | |||||||||||||||||
| --- | --- |
Driven by strong LNG sales growth, operating cash flow before working capital changes for the iGRP segment more than doubled in the fourth quarter 2019 and increased by 81% in 2019.
Adjusted net operating income was 794 M$ in the fourth quarter 2019, an increase of 17%, and 2,389 M$ in 2019, a decrease of 1%, impacted by lower gas prices in Europe and Asia as well as higher DD&A expenses on new projects.
5
Downstream (Refining & Chemicals and Marketing & Services)
| > | Results | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | In millions of dollars | 2019 | 2018 | 2019vs2018 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 1,054 | 1,365 | 1,233 | -15 | % | Adjusted net operating income* | **** | 4,656 | 5,031 | -7 | % | |||||||
| **** | 949 | 569 | 1,039 | -9 | % | Organic investments | **** | 2,395 | 2,614 | -8 | % | |||||||
| **** | 159 | 52 | (264 | ) | ns | Net acquisitions | **** | 118 | (722 | ) | ns | |||||||
| **** | 1,108 | 622 | 775 | +43 | % | Net investments | **** | 2,513 | 1,892 | +33 | % | |||||||
| **** | 1,505 | 1,995 | 1,776 | -15 | % | Operating cash flow before working capital changes ** | **** | 6,617 | 6,544 | +1 | % | |||||||
| **** | 1,420 | 3,058 | 4,306 | -67 | % | Cash flow from operations ** | **** | 6,441 | 7,067 | -9 | % | |||||||
| * | Detail of adjustment items shown in the business segment information annex to financial statements. | |||||||||||||||||
| --- | --- | |||||||||||||||||
| ** | Excluding financial charges, except those related to leases. | |||||||||||||||||
| --- | --- |
Refining & Chemicals
| > | Refinery throughput and utilization rates* | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | 2019 | 2018 | 2019vs2018 | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 1,509 | **** | 1,719 | 1,886 | -20 | % | Total refinery throughput (kb/d) | **** | 1,671 | **** | 1,852 | -10 | % | ||||||||
| **** | 282 | **** | 503 | 591 | -52 | % | France | **** | 456 | **** | 610 | -25 | % | ||||||||
| **** | 756 | **** | 757 | 809 | -7 | % | Rest of Europe | **** | 754 | **** | 755 | — | |||||||||
| **** | 471 | **** | 459 | 486 | -3 | % | Rest of world | **** | 462 | **** | 487 | -5 | % | ||||||||
| **** | 71 | % | 82 | % | 90 | % | Utlization rate based on crude only** | **** | 80 | % | 88 | % | |||||||||
| * | Includes refineries in Africa reported in the Marketing & Services segment. | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| ** | Based on distillation capacity at the beginning of the year. | ||||||||||||||||||||
| --- | --- |
Refinery throughput volumes:
| • | decreased by 20% in the fourth quarter 2019<br>year-on-year, due notably to strikes in France and planned maintenance at Normandy as well as a fire that affected the distillation unit. | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| • | decreased by 10% in 2019 notably due to the shutdown for nearly 6 months of Grandpuits in France.<br> | ||||||||||||||||||
| --- | --- | ||||||||||||||||||
| > | Results | ||||||||||||||||||
| --- | --- | ||||||||||||||||||
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | In millions of dollars | 2019 | 2018 | 2019vs2018 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 580 | 952 | 900 | -36 | % | Adjusted net operating income* | **** | 3,003 | **** | 3,379 | -11 | % | |||||||
| **** | 479 | 354 | 615 | -22 | % | Organic investments | **** | 1,426 | **** | 1,604 | -11 | % | |||||||
| **** | 118 | 19 | (429 | ) | ns | Net acquisitions | **** | (44 | ) | (742 | ) | ns | |||||||
| **** | 597 | 374 | 186 | x3.2 | Net investments | **** | 1,382 | **** | 862 | +60 | % | ||||||||
| **** | 789 | 1,373 | 1,276 | -38 | % | Operating cash flow before working capital changes ** | **** | 4,072 | **** | 4,388 | -7 | % | |||||||
| **** | 1,142 | 1,575 | 3,080 | -63 | % | Cash flow from operations ** | **** | 3,837 | **** | 4,308 | -11 | % | |||||||
| * | Detail of adjustment items shown in the business segment information annex to financial statements. | ||||||||||||||||||
| --- | --- | ||||||||||||||||||
| ** | Excluding financial charges, except those related to leases. | ||||||||||||||||||
| --- | --- |
Adjusted net operating income for the Refining & Chemicals segment decreased by 36% to 580 M$ in the fourth quarter 2019 and by 11% in 2019 to 3,003 M$, notably due to a decrease of around 10% in refining and petrochemical margins as well as lower throughput.
Operating cash flow before working capital changes was 789 M$ in the fourth quarter 2019 and 4,072 M$ in 2019, a decrease of 38% and 7%, respectively, compared to 2018, for the same reasons.
6
Marketing & Services
| > | Petroleum product sales | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | Sales in kb/d* | 2019 | 2018 | 2019vs2018 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 1,835 | 1,848 | 1,786 | +3 | % | Total Marketing & Services sales | **** | 1,845 | 1,801 | +2 | % | |||||
| **** | 1,033 | 1,034 | 986 | +5 | % | Europe | **** | 1,021 | 1,001 | +2 | % | |||||
| **** | 801 | 814 | 800 | — | Rest of world | **** | 824 | 800 | +3 | % | ||||||
| * | Excludes trading and bulk refining sales | |||||||||||||||
| --- | --- |
Sales of petroleum products increased by 2% in 2019, thanks notably to business development in the African and American regions, notably Mexico and Brazil.
| > | Results | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | In millions of dollars | 2019 | 2018 | 2019vs2018 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 474 | 413 | 333 | +42 | % | Adjusted net operating income* | **** | 1,653 | 1,652 | — | ||||||
| **** | 471 | 215 | 424 | +11 | % | Organic investments | **** | 969 | 1,010 | -4 | % | |||||
| **** | 40 | 33 | 165 | -75 | % | Net acquisitions | **** | 162 | 20 | x8.2 | ||||||
| **** | 511 | 248 | 589 | -13 | % | Net investments | **** | 1,131 | 1,030 | +10 | % | |||||
| **** | 716 | 622 | 500 | +43 | % | Operating cash flow before working capital changes ** | **** | 2,546 | 2,156 | +18 | % | |||||
| **** | 278 | 1,483 | 1,226 | -77 | % | Cash flow from operations ** | **** | 2,604 | 2,759 | -6 | % | |||||
| * | Detail of adjustment items shown in the business segment information annex to financial statements.<br> | |||||||||||||||
| --- | --- | |||||||||||||||
| ** | Excluding financial charges, except those related to leases | |||||||||||||||
| --- | --- |
Adjusted net operating income was 474 M$ in the fourth quarter 2019, an increase of 42%, notably due to a revaluation of futures contracts. Adjusted net operating income was 1,653 M$ in 2019.
Operating cash flow before working capital changes was 716 M$ in the fourth quarter 2019 and 2,546 M$ in 2019, an increase of 43% and 18%, respectively, compared to 2018.
Group results
| > | Adjusted net operating income from business segments |
|---|
Adjusted net operating income from the business segments was:
| • | 3,879 M$ in the fourth quarter 2019, stable compared to last year, with lower Brent, natural gas prices and<br>refining margins offset by the increase in production. |
|---|---|
| • | 14,554 M$ in 2019, down 9% compared to last year due to the decreases in Brent, natural gas prices and refining<br>and petrochemical margins. |
| --- | --- |
| > | Adjusted net income (Group share) |
| --- | --- |
Adjusted net income (Group share) was:
| • | 3,165 M$ in the fourth quarter 2019, stable compared to last year thanks to the stable adjusted net operating<br>income of the segments. |
|---|---|
| • | 11,828 M$ in 2019, down 13% compared to last year due to the decrease in adjusted net operating income of the<br>segments. |
| --- | --- |
Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value^11^.
Total net income adjustments^12^ were:
| • | -565 M$ in the fourth quarter 2019, including -248 M$ of impairments.<br> |
|---|---|
| • | -561 M$ in 2019, including -465 M$ of impairments. |
| --- | --- |
| ^11^ | Adjustment items shown on page 12. |
| --- | --- |
| ^12^ | Details shown on page 12 and in the annex to the financial statements. |
| --- | --- |
7
The limited level of 2019 impairments reflects the resilience of the portfolio on a long-term price trajectory in line with the IEA Sustainable Development Scenario (SDS) and which forecasts by 2050 a convergence of the oil price toward 50$2018/b.
The effective tax rate for the Group was:
| • | 31.8% in the fourth quarter 2019, compared to 38.1% the same quarter last year, due to the lower tax rate for the<br>Upstream linked to the lower hydrocarbon prices as well as for the Downstream. |
|---|---|
| • | 34.1% in 2019 compared to 38.7% in 2018 for the same reasons. |
| --- | --- |
| > | Adjusted fully-diluted earnings per share |
| --- | --- |
Adjusted earnings per share was:
| • | $1.19 in the fourth quarter 2019, an increase of 1%, calculated on the basis of a weighted average of<br>2,607 million fully-diluted shares, compared to $1.17 in the fourth quarter 2018. |
|---|---|
| • | $4.38 in 2019, a decrease of 13%, calculated on the basis of a weighted average of 2,618 million<br>fully-diluted shares, compared to $5.05 in 2018. |
| --- | --- |
In the framework of the shareholder return policy announced in February 2018, the Group has continued to buy back shares, including:
| • | the buyback of 16.1 million shares, representing all shares issued in 2019 under the scrip dividend option<br>until it was terminated. |
|---|---|
| • | the buyback of additional shares: 11.1 million shares repurchased in the fourth quarter 2019 for 0.60 B$ and<br>32.7 million shares in 2019 for 1.75 B$ as part of the 5 B$ buyback program for 2018-20. |
| --- | --- |
The number of fully-diluted shares was 2,603 million on December 31, 2019.
| > | Acquisitions - asset sales |
|---|
Acquisitions were:
| • | 277 M$ in the fourth quarter 2019. |
|---|---|
| • | 5,991 M$ in 2019, linked notably to the acquisition of Anadarko’s interest in Mozambique LNG, the signing of<br>the acquisition of a 10% stake in the Arctic LNG 2 projects in Russia and the acquisition of Chevron’s interest in the Danish Underground Consortium in Denmark. |
| --- | --- |
Asset sales were:
| • | 357 M$ in the fourth quarter 2019. |
|---|---|
| • | 1,939 M$ in 2019, linked notably to the payment received with the take-over of the Toshiba LNG portfolio in the<br>United States, the sale of the interest in the Wepec refinery in China, the sale of the Group’s interest in the Hazira terminal in India and polystyrene activities in China. |
| --- | --- |
| > | Net cash flow |
| --- | --- |
Net cash flow^13^ for the Group was:
| • | 2,628 M$ in the fourth quarter 2019. |
|---|---|
| • | 8,983 M$ in 2019, stable compared to 2018. |
| --- | --- |
| > | Profitability |
| --- | --- |
The return on equity was 10.4% for the twelve months ended December 31, 2019.
| In millions of dollars | January 1, 2019<br>December 31, 2019 | October 1, 2018<br>September 30, 2019 | January 1, 2018<br>December 31, 2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Adjusted net income | 12,090 | 12,104 | 13,964 | ||||||
| Average adjusted shareholders’ equity | 116,766 | 117,037 | 114,183 | ||||||
| Return on equity (ROE) | **** | 10.4 | % | **** | 10.3 | % | **** | 12.2 | % |
| ^13^ | Net cash flow = operating cash flow before working capital changes - net investments (including other<br>transactions with non-controlling interests). | ||||||||
| --- | --- |
8
The return on average capital employed was 9.8% for the twelve months ended December 31, 2019.
| In millions of dollars | January 1, 2019<br>December 31, 2019 | October 1, 2018<br>September 30, 2019 | January 1, 2018<br>December 31, 2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Adjusted net operating income | 14,073 | 14,094 | 15,691 | ||||||
| Average capital employed | 143,674 | 146,222 | 133,123 | ||||||
| ROACE | **** | 9.8 | % | **** | 9.6 | % | **** | 11.8 | % |
Total S.A. accounts
Net income for Total S.A., the parent company, was 7,039 million euros in 2019 compared to 5,485 million euros in 2018.
9
2020 Sensitivities*
| Change | Estimated impact onadjusted<br>net operating income | Estimated impact oncash flow fromoperations | |
|---|---|---|---|
| Dollar | +/- 0.1 $ per € | -/+ 0.1 B$ | ~0 B$ |
| Average liquids price** | +/- 10 $/b | +/- 2.9 B$ | +/- 3.3 B$ |
| European gas price - NBP ($/Mbtu) | +/- 1 $/Mbtu | +/- 0.35 B$ | +/- 0.35 B$ |
| Variable cost margin, European refining (VCM) | +/- 10 $/t | +/- 0.5 B$ | +/- 0.6 B$ |
| * | Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results.Sensitivities are estimates based on assumptions about the Group’s portfolio in 2020. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity onadjusted net operating income is essentially attributable to Refining & Chemicals. | ||
| --- | --- | ||
| ** | In a 60 $/b Brent environment. | ||
| --- | --- |
Summary and outlook
The environment remains volatile, given the uncertainty about hydrocarbon demand related to the outlook for global economic growth and a context of geopolitical instability.
The Group has strong capacity to generate cash flow and, in a 60 $/b environment, expects to increase it by approximately 1 B$ per year starting from 2019.
The Group will continue to implement its strategy for profitable growth on the integrated gas and low-carbon electricity chains. LNG sales will benefit notably in 2020 from the start-ups of Yamal LNG train 4 as well as Cameron LNG train 3 and be more than 30 Mt/y.
Spending discipline is maintained and the Group continues its cost reduction program with an objective of more than 5 B$ in cumulative savings in 2020. Net investments in 2020 should be on the order of 18 B$, and the Group will complete its 5 B$ asset sale program over the years 2019-20 (~3 B$ already announced).
Organic production growth should be more than 2% in 2020, thanks to ramp-ups of projects started in 2019 and expected start-ups in 2020, notably Iara 2 in Brazil.
Since the start of the fourth quarter, global refining margins are weak as a result of high product inventories and oil prices supported by OPEC. The Downstream will continue to rely on its diversified portfolio, notably its integrated platforms in Refining & Chemicals as well as its non-cyclical businesses.
Taking into account the strong visibility on cash flow, the Group will continue to increase the dividend with a guidance of 5-6% per year. It will also continue to buy back shares, with an amount expected for 2020 of 2.0 B$ in a 60 $/b environment.
• • •
To listen to the presentation in English by CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 10:30 (London time) please log on to total.comor call +44 (0) 207 192 8000 in Europe or +1 866 966 1396 in the United States (code: 2072029). For a replay, please consult the website or call +44 (0) 333 300 9785 in Europe or +1 866 331 1332 in the United States (code: 2072029).
* * * * *
Total contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress
Investors Relations: +44 (0) 207 719 7962 l ir@total.com
10
Operating information by segment
| > | Group production (Exploration & Production + iGRP) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | Combined liquids and gas<br><br><br>production by region (kboe/d) | 2019 | 2018 | 2019vs2018 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 1,102 | 1,004 | 997 | +11 | % | Europe and Central Asia | **** | 1,023 | 909 | +13 | % | |||||
| **** | 703 | 733 | 661 | +6 | % | Africa | **** | 705 | 670 | +5 | % | |||||
| **** | 701 | 720 | 655 | +7 | % | Middle East and North Africa | **** | 702 | 666 | +6 | % | |||||
| **** | 368 | 363 | 386 | -5 | % | Americas | **** | 365 | 389 | -6 | % | |||||
| **** | 239 | 221 | 176 | +36 | % | Asia-Pacific | **** | 219 | 141 | +55 | % | |||||
| **** | 3,113 | 3,040 | 2,876 | +8 | % | Total production | **** | 3,014 | 2,775 | +9 | % | |||||
| **** | 768 | 698 | 699 | +10 | % | includes equity affiliates | **** | 731 | 671 | +9 | % | |||||
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | Liquids production by region (kb/d) | 2019 | 2018 | 2019vs2018 | |||||||||
| **** | 373 | 367 | 363 | +3 | % | Europe and Central Asia | **** | 355 | 334 | +6 | % | |||||
| **** | 560 | 583 | 509 | +10 | % | Africa | **** | 558 | 513 | +9 | % | |||||
| **** | 560 | 562 | 503 | +11 | % | Middle East and North Africa | **** | 548 | 520 | +5 | % | |||||
| **** | 171 | 163 | 191 | -11 | % | Americas | **** | 168 | 183 | -8 | % | |||||
| **** | 50 | 44 | 22 | x2.2 | Asia-Pacific | **** | 44 | 16 | x2.7 | |||||||
| **** | 1,714 | 1,720 | 1,589 | +8 | % | Total production | **** | 1,672 | 1,566 | +7 | % | |||||
| **** | 212 | 210 | 231 | -8 | % | includes equity affiliates | **** | 216 | 247 | -13 | % | |||||
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | Gas production by region (Mcf/d) | 2019 | 2018 | 2019vs2018 | |||||||||
| **** | 3,887 | 3,431 | 3,416 | +14 | % | Europe and Central Asia | **** | 3,596 | 3,100 | +16 | % | |||||
| **** | 904 | 768 | 738 | +22 | % | Africa | **** | 792 | 785 | +1 | % | |||||
| **** | 792 | 866 | 843 | -6 | % | Middle East and North Africa | **** | 857 | 806 | +6 | % | |||||
| **** | 1,109 | 1,124 | 1,094 | +1 | % | Americas | **** | 1,110 | 1,160 | -4 | % | |||||
| **** | 571 | 1,210 | 903 | -37 | % | Asia-Pacific | **** | 1,009 | 748 | +35 | % | |||||
| **** | 7,263 | 7,399 | 6,994 | +4 | % | Total production | **** | 7,364 | 6,599 | +12 | % | |||||
| **** | 3,179 | 2,635 | 2,524 | +26 | % | includes equity affiliates | **** | 2,834 | 2,281 | +24 | % | |||||
| > | Downstream (Refining & Chemicals and Marketing & Services) | |||||||||||||||
| --- | --- | |||||||||||||||
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | Petroleum product sales by region (kb/d) | 2019 | 2018 | 2019vs2018 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 1,993 | 1,999 | 2,062 | -3 | % | Europe | **** | 2,008 | 1,984 | +1 | % | |||||
| **** | 737 | 677 | 778 | -5 | % | Africa | **** | 706 | 736 | -4 | % | |||||
| **** | 763 | 920 | 767 | — | Americas | **** | 842 | 827 | +2 | % | ||||||
| **** | 526 | 541 | 531 | -1 | % | Rest of world | **** | 555 | 606 | -8 | % | |||||
| **** | 4,019 | 4,136 | 4,138 | -3 | % | Total consolidated sales | **** | 4,110 | 4,153 | -1 | % | |||||
| **** | 508 | 544 | 593 | -14 | % | Includes bulk sales | **** | 536 | 575 | -7 | % | |||||
| **** | 1,676 | 1,745 | 1,759 | -5 | % | Includes trading | **** | 1,730 | 1,777 | -3 | % |
11
Adjustment items to net income (Group share)
| 4Q19 | 3Q19 | 4Q18 | In millions of dollars | 2019 | 2018 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **** | (666 | ) | (156 | ) | (1,026 | ) | Special items affecting net income (Group share) | **** | (892 | ) | (1,731 | ) | |||
| **** | — | **** | — | (2 | ) | Gain (loss) on asset sales | **** | — | **** | (16 | ) | ||||
| **** | (5 | ) | (20 | ) | (32 | ) | Restructuring charges | **** | (58 | ) | (138 | ) | |||
| **** | (248 | ) | (160 | ) | (1,259 | ) | Impairments | **** | (465 | ) | (1,595 | ) | |||
| **** | (413 | ) | 24 | 267 | Other | **** | (369 | ) | 18 | ||||||
| **** | 57 | **** | (71 | ) | (1,052 | ) | After-tax inventory effect : FIFO vs. replacement<br>cost | **** | 346 | **** | (420 | ) | |||
| **** | 44 | **** | 10 | 46 | Effect of changes in fair value | **** | (15 | ) | 38 | ||||||
| **** | (565 | ) | (217 | ) | (2,032 | ) | Total adjustments affecting net income | **** | (561 | ) | (2,113 | ) |
Investments - Divestments
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | In millions of dollars | 2019 | 2018 | 2019vs2018 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **** | 4,291 | **** | 3,296 | 4,459 | -4 | % | Organic investments (a) | **** | 13,397 | **** | 12,427 | +8 | % | ||||||||
| **** | 136 | **** | 152 | 306 | -56 | % | capitalized exploration | **** | 705 | **** | 711 | -1 | % | ||||||||
| **** | 319 | **** | 242 | 160 | +99 | % | increase in non-current loans | **** | 1,061 | **** | 618 | +72 | % | ||||||||
| **** | (102 | ) | (61 | ) | (382 | ) | ns | repayment of non-current loans, excluding organic loan<br>repayment from equity affiliates* | **** | (551 | ) | (2,067 | ) | ns | |||||||
| **** | — | **** | (109 | ) | — | ns | change in debt from renewable projects (Group share) | **** | (109 | ) | — | ns | |||||||||
| **** | 266 | **** | 4,429 | 349 | -24 | % | Acquisitions (b) | **** | 5,980 | **** | 7,692 | -22 | % | ||||||||
| **** | 357 | **** | 1,007 | 2,101 | -83 | % | Asset sales (c) | **** | 1,939 | **** | 5,172 | -63 | % | ||||||||
| **** | — | **** | 105 | — | ns | change in debt from renewable projects (partner share) | **** | 105 | **** | — | ns | ||||||||||
| **** | (11 | ) | — | (1 | ) | ns | Other transactions with non-controlling interests<br>(d) | **** | (11 | ) | (622 | ) | ns | ||||||||
| **** | 4,211 | **** | 6,718 | 2,708 | +55 | % | Net investments (a + b - c - d) | **** | 17,449 | **** | 15,568 | +12 | % | ||||||||
| **** | (275 | ) | (101 | ) | — | ns | Organic loan repayment from equity affiliates* (e) | **** | (475 | ) | — | ns | |||||||||
| **** | — | **** | 214 | — | ns | Change in debt from renewable projects financing ** (f) | **** | 214 | **** | — | ns | ||||||||||
| **** | 3,925 | **** | 6,831 | 2,707 | +45 | % | Cash flow used in investing activities (a + b - c + e + f) | **** | 17,177 | **** | 14,946 | +15 | % | ||||||||
| * | Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repaymentsfrom equity affiliates coming from their cash flow from operations. | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| ** | Change in debt from renewable projects (Group share and partner share). | ||||||||||||||||||||
| --- | --- |
12
Cash flow
| 4Q19 | 3Q19 | 4Q18 | 4Q19vs4Q18 | In millions of dollars | 2019 | 2018 | 2019vs2018 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **** | 7,372 | **** | 7,385 | 6,095 | **** | +21 | % **** | Operating cash flow before working capital changes w/o financials charges (DACF) | **** | 28,501 | **** | 26,067 | **** | +9 | % **** | ||||||
| **** | (533 | ) | (532 | ) | (423 | ) | ns | Financial charges | **** | (2,069 | ) | (1,538 | ) | ns | |||||||
| **** | 6,839 | **** | 6,853 | 5,672 | +21 | % | Operating cash flow before working capital changes (a) | **** | 26,432 | **** | 24,529 | +8 | % | ||||||||
| **** | 46 | **** | 1,523 | 6,425 | -99 | % | (Increase) decrease in working capital | **** | (1,718 | ) | 769 | ns | |||||||||
| **** | (11 | ) | (69 | ) | (1,457 | ) | ns | Inventory effect | **** | 446 | **** | (595 | ) | ns | |||||||
| **** | (275 | ) | (101 | ) | — | ns | Organic loan repayment from equity affiliates | **** | (475 | ) | — | ns | |||||||||
| **** | 6,599 | **** | 8,206 | 10,640 | -38 | % | Cash flow from operations | **** | 24,685 | **** | 24,703 | — | |||||||||
| **** | 4,291 | **** | 3,296 | 4,459 | -4 | % | Organic investments (b) | **** | 13,397 | **** | 12,427 | +8 | % | ||||||||
| **** | 2,548 | **** | 3,557 | 1,213 | **** | x2.1 | **** | Free cash flow after organic investments, w/o net asset sales (a - b) | **** | 13,035 | **** | 12,102 | **** | +8 | % **** | ||||||
| **** | 4,211 | **** | 6,718 | 2,708 | +55 | % | Net investments (c) | **** | 17,449 | **** | 15,568 | +12 | % | ||||||||
| **** | 2,628 | **** | 135 | 2,964 | -11 | % | Net cash flow (a - c) | **** | 8,983 | **** | 8,961 | — |
Gearing ratio*
| In millions of dollars | 12/31/2019 | 09/30/2019 | 12/31/2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Current borrowings | **** | 14,819 | **** | 14,631 | 13,306 | ||||
| Net current financial assets | **** | (3,505 | ) | (3,012 | ) | (3,176 | ) | ||
| Net financial assets classified as held for sale | **** | 301 | **** | — | (15 | ) | |||
| Non-current financial debt | **** | 47,773 | **** | 47,923 | 40,129 | ||||
| Hedging instruments of non-current debt | **** | (912 | ) | (767 | ) | (680 | ) | ||
| Cash and cash equivalents | **** | (27,352 | ) | (27,454 | ) | (27,907 | ) | ||
| Net debt (a) | **** | 31,124 | **** | 31,321 | 21,657 | ||||
| Shareholders’ equity - Group share | **** | 116,778 | **** | 114,994 | 115,640 | ||||
| Non-controlling interests | **** | 2,527 | **** | 2,319 | 2,474 | ||||
| Shareholders’ equity (b) | **** | 119,305 | **** | 117,313 | 118,114 | ||||
| Net-debt-to-capital ratio = a / (a + b) | **** | 20.7 | % | 21.1 | % | 15.5 | % | ||
| Net-debt-to-capital ratio excluding leases | **** | 16.7 | % | 17.2 | % | 14.3 | % | ||
| * | Thenet-debt-to-capital ratios on December 31, 2019 and September 30, 2019 include the impact of the new IFRS 16 rule,effective January 1, 2019***.*** | ||||||||
| --- | --- |
13
Return on average capital employed
| > | Twelve months ended December 31, 2019 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In millions of dollars | Exploration &<br>Production | Integrated Gas,<br>Renewables &<br>Power | Refining &<br>Chemicals | Marketing &<br>Services | Group | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Adjusted net operating income | 7,509 | 2,389 | 3,003 | 1,653 | 14,073 | ||||||||||
| Capital employed at 12/31/2018* | 89,400 | 34,746 | 10,599 | 6,442 | 138,519 | ||||||||||
| Capital employed at 12/31/2019* | 88,844 | 41,549 | 12,228 | 8,371 | 148,828 | ||||||||||
| ROACE | **** | 8.4 | % | **** | 6.3 | % | **** | 26.3 | % | **** | 22.3 | % | **** | 9.8 | % |
| > | Twelve months ended September 30, 2019 | ||||||||||||||
| --- | --- | ||||||||||||||
| In millions of dollars | Exploration &<br>Production | Integrated Gas,<br>Renewables &<br>Power | Refining &<br>Chemicals | Marketing &<br>Services | Group | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Adjusted net operating income | 7,454 | 2,271 | 3,323 | 1,512 | 14,094 | ||||||||||
| Capital employed at 09/30/2018* | 92,104 | 36,587 | 12,884 | 6,841 | 145,298 | ||||||||||
| Capital employed at 09/30/2019* | 88,560 | 41,516 | 11,658 | 7,570 | 147,145 | ||||||||||
| ROACE | **** | 8.3 | % | **** | 5.8 | % | **** | 27.1 | % | **** | 21.0 | % | **** | 9.6 | % |
| ^*^ | At replacement cost (excluding after-tax inventory effect).<br> | ||||||||||||||
| --- | --- |
14
This press release presents the results for 2019 from the consolidated financial statements of TOTAL S.A.as of December 31, 2019 (unaudited). The audit procedures by the Statutory Auditors are underway. The consolidated financial statements (unaudited) are available on the TOTAL website total.com. This document does notconstitute the Annual Financial Report (Rapport Financier annuel) within the meaning of article L. 451.1.2 of the French monetary and financial code (code monétaire et financier). ****
This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL.
Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic,competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, the price of petroleumproducts, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, changes in regulations including environmental and climate, currency fluctuations, as well as economic and politicaldevelopments and changes in business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trendscontained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Group’s business, financial condition, including its operating incomeand cash flow, reputation or outlook is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F/A filed with the United States Securities and Exchange Commission (“SEC”).
Financial informationby business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. In addition to IFRS measures, certain alternative performanceindicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed(ROACE), gearing ratio and operating cash flow before working capital changes. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to trackthe measures used internally to manage and measure the performance of the Group.
These adjustment items include:
(i) Special items
Due to their unusual natureor particular significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certaininstances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or arelikely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method.This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In,First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end pricedifferentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO(First-In, First-Out) and the replacement cost.
(iii) Effect ofchanges in fair value
The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences betweeninternal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.
IFRS requires that tradinginventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measureperformance include valuations of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into storagecontracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted forspecial items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share representdollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable andpossible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us fromincluding in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F/A, File N° 1-10888, available from us at 2, placeJean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling1-800-SEC-0330 or on the SEC’s website sec.gov.
15
EX-99.3
EXHIBIT 99.3
Press Release
Total proposes a final 2019 dividend of 0.68 €/share, an
increase of 6%, and an annual dividend of 2.68 €/share for
fiscal year 2019
Paris,February 6, 2020 – **** The Board of Directors met on February 5, 2020, and decided to propose to the Shareholders’ Meeting, which will be held on May 29, 2020, the distribution of a final dividend of 0.68 €/share for fiscal year 2019, an increase of 6% compared to the final 2018 dividend. This decision reflects the implementation of the policy announced on September 24, 2019, to accelerate dividend growth in the coming years, with a guidance of increasing the dividend by 5 to 6% per year.
Given the first and second 2019 interim dividends of 0.66 €/share and the third 2019 interim dividend of 0.68 €/share decided by the Board of Directors, the annual dividend for the fiscal year 2019 will amount to 2.68 €/share, compared to 2.56 €/share for the fiscal year 2018, an increase of nearly 5%.
Hence, subject to approval at the Shareholders’ Meeting, shareholders and American Depositary Shares (ADS) holders will receive the final 2019 dividend in cash according to the following timetable:
| Shareholders | ADS holders | |
|---|---|---|
| Ex-dividend date | June 29, 2020 | June 25, 2020 |
| Payment date | July 1^st^, 2020 | July 20, 2020 |
About Total
Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
* * * * *
Total contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress
Investors Relations: +44 (0)207 719 7962 l ir@total.com
Cautionary note
This press release, from which nolegal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, theterms “Total”, “Total Group” and “Group” are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those whowork for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptionsmade in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly anyforward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
EX-99.4
EXHIBIT 99.4
Press Release
Total Sells Its Interest in the Fos Cavaou Regasification Terminal
Paris, February 06, 2020 – Total has divested its 27.5% interest in Fosmax LNG, operator of the Fos Cavaou liquefied natural gas (LNG) terminal, as a result of a competitive sale process to Elengy, Fosmax LNG’s shareholder with a 72.5% stake, that exercised its preemption right.
The consideration for the transaction is around $260 million, including acquisition of a shareholder loan and excluding any earnouts. This sale of non-strategic midstream infrastructure asset will contribute to Total’s objective of divesting five billion dollars in 2019-2020.
The Group retains its regasification capacity of around 5.5 million tons per annum (mtpa) at the terminal, equivalent to some 90% of its overall capacity. Total currently has regasification capacity of around 18 mtpa in Europe, allowing it to serve local market demand with LNG from the multiple sources in its world-class portfolio.
About Total
Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
* * * * *
Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
Cautionary Note
This press release, from which nolegal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, theterms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a giveneconomic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-lookinginformation or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
EX-99.5
EXHIBIT 99.5
Press Release
Spain : Total to Enter into the Solar Market with a pipeline of 2 GW of projects
Paris, February 11, 2020 – **** Total, through its wholly owned affiliate Total Solar International, establishes its presence on the Spanish solar market through two agreements with Powertis and Solarbay Renewable Energy and to develop nearly 2 gigawatts (GW) of solar projects. ****
“Spain benefits from a solar resource that is unparalleled in Europe. Its photovoltaic market is one of the most dynamic in Europe, with an expectedcapacity increase from 6 GW to nearly 40 GW by 2030^1^. Total is pleased to enter on this fast-growing market through partnerships with local developers,” said Julien Pouget,Senior Vice President Renewables at Total.
| • | Establishment of a Joint Venture with Powertis with an Initial 800 MW Portfolio of Projects<br> |
|---|
Total Solar International and Powertis, a developer of utility-scale solar plants in Europe and South America, have agreed to establish a joint venture (65%/35%) to develop solar PV projects in Spain. Powertis will bring to this joint venture a pipeline of 800 MW of early stage projects and the JV will develop further new projects as well.
| • | Acquisition of a 1.2 GW Portfolio of Projects developed by Solarbay |
|---|
Total Solar International has signed an agreement to acquire 100% of a portfolio of solar PV projects which are being developed by the Spanish company Solarbay. The projects, which will be located in the regions of Andalusia, Aragon and Castile-La Mancha, represent a cumulative capacity of up to 1.2 GW.
The first project of these pipelines is set to begin operations by the end of 2020, with the ambition that all projects of both portfolios will be in service in 2023. Success fees will be paid by Total to Solarbay and Powertis along the steps of development of the projects.
Total and Low-Carbon Electricity
Total integrates climate change into its strategy and is staying ahead of new energy market trends by building a portfolio of low-carbon businesses that could account for 15 to 20% of its sales by 2040. Total’s gross low-carbon power generation capacity worldwide is currently close to 7 gigawatts, of which 3 gigawatts from renewable energies.
Total actively contributes to the growth of solar energy worldwide by designing and operating utility-scale power plants and supplying industrial and commercial customers with solar energy generated at their sites.
About Total
| ^1^ | Plan Nacional Integrado de Energia y Clima 2021-2030. |
|---|
Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
* * * * *
Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
Cautionary note
This press release, from which nolegal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, theterms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a giveneconomic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-lookinginformation or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise
EX-99.6
EXHIBIT 99.6
Disclosure of Transactions in Own Shares
Paris, February 13, 2020 – In accordance with the authorization given by the ordinary shareholders’ general meeting on May 29, 2019 to trade on its shares and pursuant to applicable law on share repurchase, TOTAL S.A. (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from February 11, 2020 to February 12, 2020:
| Transaction date | Total daily<br>volume (number<br>of shares) | Daily weightedaverage purchaseprice of the shares(/share) | Amount oftransactions() | Market<br>(MIC<br>Code) | ||
|---|---|---|---|---|---|---|
| 11.02.2020 | 311,153 | XPAR | ||||
| 11.02.2020 | — | CHIX | ||||
| 11.02.2020 | — | TRQX | ||||
| 11.02.2020 | — | BATE | ||||
| 12.02.2020 | 308,880 | XPAR | ||||
| 12.02.2020 | — | CHIX | ||||
| 12.02.2020 | — | TRQX | ||||
| 12.02.2020 | — | BATE | ||||
| Total | **** | 620,033 |
All values are in Euros.
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the Total website: https://www.total.com/en/investors/shares-and-dividends/Total-shares/Company-share-transactions
About Total
Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
* * * * *
Total contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
EX-99.7
EXHIBIT 99.7
Disclosure of Transactions in Own Shares
Paris, February 20, 2020 – In accordance with the authorization given by the ordinary shareholders’ general meeting on May 29, 2019 to trade on its shares and pursuant to applicable law on share repurchase, TOTAL S.A. (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from February 13, 2020 to February 19, 2020:
| Transaction date | Total daily<br>volume (number<br>of shares) | Daily weightedaverage purchaseprice of the shares(/share) | Amount oftransactions() | Market<br>(MIC<br>Code) | ||
|---|---|---|---|---|---|---|
| 13.02.2020 | 477,138 | XPAR | ||||
| 13.02.2020 | 6,654 | CHIX | ||||
| 13.02.2020 | 19,697 | TRQX | ||||
| 13.02.2020 | 537 | BATE | ||||
| 14.02.2020 | 308,404 | XPAR | ||||
| 14.02.2020 | — | CHIX | ||||
| 14.02.2020 | — | TRQX | ||||
| 14.02.2020 | — | BATE | ||||
| 17.02.2020 | 308,676 | XPAR | ||||
| 17.02.2020 | — | CHIX | ||||
| 17.02.2020 | — | TRQX | ||||
| 17.02.2020 | — | BATE | ||||
| 18.02.2020 | 434,585 | XPAR | ||||
| 18.02.2020 | — | CHIX | ||||
| 18.02.2020 | — | TRQX | ||||
| 18.02.2020 | — | BATE | ||||
| 19.02.2020 | 311,906 | XPAR | ||||
| 19.02.2020 | — | CHIX | ||||
| 19.02.2020 | — | TRQX | ||||
| 19.02.2020 | — | BATE | ||||
| Total | **** | 1,867,597 |
All values are in Euros.
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the Total website: https://www.total.com/en/investors/shares-and-dividends/Total-shares/Company-share-transactions
About Total
Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
* * * * *
Total contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
EX-99.8
EXHIBIT 99.8
Disclosure of Transactions in Own Shares
Paris, February 27, 2020 – In accordance with the authorization given by the ordinary shareholders’ general meeting on May 29, 2019 to trade on its shares and pursuant to applicable law on share repurchase, TOTAL S.A. (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from February 20, 2020 to February 26, 2020:
| Transaction date | Total daily<br>volume (number<br>of shares) | Daily weightedaverage purchaseprice of the shares(/share) | Amount oftransactions() | Market<br>(MIC<br>Code) | ||
|---|---|---|---|---|---|---|
| 20.02.2020 | 313,507 | XPAR | ||||
| 20.02.2020 | — | CHIX | ||||
| 20.02.2020 | — | TRQX | ||||
| 20.02.2020 | — | BATE | ||||
| 21.02.2020 | 593,335 | XPAR | ||||
| 21.02.2020 | — | CHIX | ||||
| 21.02.2020 | — | TRQX | ||||
| 21.02.2020 | — | BATE | ||||
| 24.02.2020 | 889,452 | XPAR | ||||
| 24.02.2020 | 97,075 | CHIX | ||||
| 24.02.2020 | 22,946 | TRQX | ||||
| 24.02.2020 | 38,538 | BATE | ||||
| 25.02.2020 | 746,634 | XPAR | ||||
| 25.02.2020 | — | CHIX | ||||
| 25.02.2020 | — | TRQX | ||||
| 25.02.2020 | — | BATE | ||||
| 26.02.2020 | 478,754 | XPAR | ||||
| 26.02.2020 | — | CHIX | ||||
| 26.02.2020 | — | TRQX | ||||
| 26.02.2020 | — | BATE | ||||
| Total | **** | 3,180,241 |
All values are in Euros.
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the Total website: https://www.total.com/en/investors/shares-and-dividends/Total-shares/Company-share-transactions
About Total
Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
* * * * *
Total contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com