TotalEnergies(TTE)

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TotalEnergies(TTE) - 2021 Q3 - Quarterly Report
2021-09-29 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K (Translation of registrant's name into English) 2, place Jean Millier 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 x 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: Regulati ...
TotalEnergies(TTE) - 2021 Q1 - Earnings Call Transcript
2021-04-30 01:35
TOTAL SE (TOT) Q1 2021 Earnings Conference Call April 29, 2021 7:30 AM ET Company Participants Jean-Pierre Sbraire - Chief Financial Officer Conference Call Participants Jon Rigby - UBS Oswald Clint - Sanford C. Bernstein Paul Cheng - Scotiabank Christyan Malek - J.P. Morgan Biraj Borkhataria - RBC Lydia Rainforth - Barclays Thomas Adolff - Credit Suisse Jean-Luc Romain - CM-CIC Securities Martijn Rats - Morgan Stanley Christopher Kuplent - Bank of America Bertrand Hodee - Kepler Cheuvreux Jason Gabelman - ...
TotalEnergies(TTE) - 2020 Q4 - Annual Report
2021-03-30 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) ...
TOTAL SE (TOT) Investor Presentation - Slideshow
2021-02-12 11:37
Deep Dive in Total Renewables business February 2021 Deep Dive in Total Renewables business | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-----------------------------------|-------------------------------------------------------------------|-----------------------------|-----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------- ...
TotalEnergies(TTE) - 2020 Q4 - Earnings Call Transcript
2021-02-10 21:54
Financial Data and Key Metrics Changes - In 2020, Total generated $15.7 billion in cash flow from operations, demonstrating resilience despite the challenging environment [53][68] - The company reported a $4.1 billion adjusted net income for 2020, positioning itself among the best performers in the industry relative to production size [68] - Capital expenditures (CapEx) were reduced to $13 billion from an initial guidance of $18 billion, reflecting a disciplined approach to spending [54][63] Business Line Data and Key Metrics Changes - The company maintained a strong focus on renewable energies, investing $2 billion in renewable electricity despite overall CapEx reductions [57] - Total's operational excellence was highlighted by a reduction in operating expenses (OpEx) by $1.1 billion, exceeding the initial target of $0.3 billion [61] - The company achieved a cash breakeven of around $25 per barrel, showcasing its low-cost production capabilities [65] Market Data and Key Metrics Changes - Global energy demand fell by 5% in 2020, with oil demand specifically down by 9%, while LNG demand grew by 3% and renewable power generation increased by 13% [16][42] - The LNG market demonstrated resilience, with significant demand growth in China and India, despite overall gas demand declining by around 2% [48][50] - The oil market is expected to face a supply crunch by 2025, with a projected gap of 10 million barrels per day due to underinvestment [46] Company Strategy and Development Direction - Total launched a strategy to transform into a broad energy company, aiming for net zero emissions by 2050 or sooner [11][18] - The company plans to grow its production capacity from 3 million barrels of oil equivalent per day to 4 million over the next decade, focusing on LNG and renewable energy [24] - TotalEnergies will anchor its new strategy in its identity, emphasizing affordable, reliable, and clean energy [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the COVID-19 pandemic but emphasized the company's resilience and adaptability [6][12] - The outlook remains cautious, with a focus on maintaining financial discipline and flexibility in capital allocation [65] - The company is optimistic about the long-term demand for LNG and renewable energy, driven by global climate goals [50][72] Other Important Information - Total recorded impairments of around $10 billion, primarily related to Canadian oil sands investments, but this was the lowest level of impairment among peers [69] - The company has committed to increasing the representation of women in management bodies to 30% by 2025 [35] - Total has integrated sustainability into its financing policy, linking all new bond issues to climate KPIs [39] Q&A Session Summary Question: How does Total plan to manage its transformation towards renewable energy? - Management highlighted the importance of maintaining a disciplined approach to investments while focusing on profitable growth in renewable sectors [72] Question: What are the expectations for oil demand recovery post-COVID? - The management indicated that the speed of recovery is uncertain and will depend on vaccine distribution and economic recovery packages [44] Question: How is Total addressing its carbon emissions targets? - Total has set ambitious targets to reduce Scope 1 and 2 emissions by 40% by 2030, aligning with its net zero ambitions [30][28]
TotalEnergies(TTE) - 2020 Q3 - Earnings Call Transcript
2020-10-30 20:30
TOTAL S.A. (TOT) Q3 2020 Earnings Conference Call October 30, 2020 8:00 AM ET Company Participants Jean-Pierre Sbraire - Chief Financial Officer Conference Call Participants Oswald Clint - Sanford C. Bernstein & Co. Lydia Rainforth - Barclays Bank Biraj Borkhataria – RBC Capital Markets Michele Vigna - Goldman Sachs Group Christopher Kuplent - Bank of America Merrill Lynch Thomas Adolff - Crédit Suisse Christyan Malek - JPMorgan Chase & Co. Paul Cheng - Scotiabank Lucas Herrmann - Exane BNP Paribas Operator ...
TotalEnergies(TTE) - 2020 Q2 - Earnings Call Transcript
2020-07-31 05:06
Financial Data and Key Metrics Changes - The company generated $3.6 billion of cash flows in Q2 2020, a decrease of 50% compared to the same quarter last year, despite a 60% drop in Brent prices [11][30]. - Adjusted net income was reported at $126 million in Q2 2020, while reported net income was negative due to $8.1 billion in impairments [43]. - Gearing was maintained at around 23.6% after the first half of the year, reflecting the company's balance sheet strength [11][46]. Business Line Data and Key Metrics Changes - Upstream production averaged 2.85 million barrels of oil equivalent per day, a decrease of 4% compared to Q2 2019 [31]. - The Integrated Gas, Renewables & Power segment reported an average LNG price of $4.4 per million BTU, a decrease of 30% from the previous quarter [32]. - Downstream adjusted net operating income was $704 million, down 38% year-over-year, with cash flow from operations at $1.5 billion [41]. Market Data and Key Metrics Changes - Brent crude prices fell below $20 per barrel in April and averaged less than $30 per barrel for the quarter, with a recovery to over $40 per barrel since June [6][9]. - Natural gas prices in Europe and Asia dropped by 60% to historic lows during the quarter [6]. - The company anticipates production in the summer season to be the low point, expecting to average between 2.9 million to 2.95 million barrels of oil equivalent per day for the full year 2020 [32]. Company Strategy and Development Direction - The company is focused on maintaining a low breakeven portfolio, with organic breakeven close to $20 per barrel [12]. - A strategic shift towards renewable energy is evident, with plans to invest close to $2 billion in low-carbon electricity this year [17]. - The company aims to achieve net zero emissions by 2050 and is actively pursuing opportunities in low-carbon electricity and renewable projects [15][36]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the willingness of OPEC+ countries to maintain crude prices above $40 per barrel, which is crucial for market recovery [8]. - The company acknowledges the challenges posed by the COVID-19 pandemic but emphasizes resilience and the effectiveness of its integrated business model [11][12]. - Future oil demand is expected to recover, with management suggesting a potential rebound in prices by 2025 due to underinvestment in the hydrocarbon sector [22][73]. Other Important Information - The company recognized impairments of $2.6 billion linked to Canadian oil sands and Australian energy assets, totaling $8.1 billion in impairments for the quarter [23][25]. - The Board of Directors reaffirmed the sustainability of the dividend at €0.66 per share in a $40 per barrel Brent environment [14]. - The company has been active in M&A, acquiring interests in Uganda and completing the acquisition of Block 20, 21 in Angola [40]. Q&A Session Summary Question: Risk of stranded refining assets and long-term refining margins - Management acknowledged the oversupply in European refining and the commitment to climate neutrality by 2050, indicating a strategy to convert some refineries to biofuels [50][52]. Question: Guidance for full year tax expectations and working capital - The expected group tax rate is around 15% at crude prices of $30-$40 per barrel, with a focus on managing working capital effectively [56][62]. Question: Strategic direction for low-carbon business and visibility on growth - Management is working on providing a consolidated vision of the low-carbon business by September, emphasizing the importance of growing this segment [66][68]. Question: Oil price outlook and FIDs priorities - Management expressed a cautious but optimistic view on oil prices rebounding due to underinvestment, with key FIDs planned in Brazil and Uganda [72][76]. Question: Cash flow contribution from Downstream and refining margins - The Downstream segment is expected to generate cash flow between $5 billion to $6 billion for the year, despite low refining margins [85].
TotalEnergies(TTE) - 2020 Q1 - Earnings Call Transcript
2020-05-06 00:21
Financial Data and Key Metrics Changes - The first quarter environment was marked by a 30% drop in oil and gas prices and a 20% decrease in European refining margins, leading to a debt adjusted cash flow of $4.5 billion, down 31% year-on-year, and an adjusted net income of $1.8 billion, a decrease of 35% year-on-year [13][24][25]. Business Line Data and Key Metrics Changes - Upstream production was 3.1 million barrels of oil equivalent per day, an increase of 5% year-on-year and stable compared to the previous quarter [14]. - The Integrated Gas, Renewables and Power (IGRP) segment reported adjusted net operating income of $0.9 billion, an increase of over 50% year-on-year, driven by higher volumes and resilient LNG pricing [16]. - The Exploration & Production (E&P) segment generated adjusted net operating income of $0.7 billion, down from $1.7 billion a year ago, primarily due to the price environment [19]. - Refining and Chemicals generated $0.4 billion of adjusted net operating income, down 50% compared to the same quarter last year, impacted by a 20% decrease in refining margins [21]. - Marketing & Services generated $0.3 billion of adjusted net operating income, a decrease of 12% year-on-year, affected by low project demand, particularly in China and France [23]. Market Data and Key Metrics Changes - The Group's first quarter adjusted net income was $1.8 billion compared to $2.8 billion in the same quarter last year, reflecting the impact of lower oil prices and refining margins [24]. - The Group's debt adjusted cash flow was $4.5 billion compared to $6.4 billion in the same quarter last year, driven by the drop in oil and gas prices [25]. Company Strategy and Development Direction - The company emphasized the importance of self-help and maintaining a strong balance sheet to weather the current crisis, with a focus on cash flow management and strategic investments [8][10]. - The company is committed to high-quality growth in the IGRP segment, which is key to energy transition and diversifying into low-carbon electricity [17]. - The company plans to reduce organic CapEx by $3 billion and has implemented a working capital release action plan [69][81]. Management's Comments on Operating Environment and Future Outlook - Management anticipates that Q2 results will be much lower due to the broader impact of COVID-19, particularly in Europe and the U.S. [34][36]. - The company is facing unprecedented market conditions with significant uncertainty regarding the recovery of the economy and oil prices [36][88]. - Management expressed confidence in the company's fundamentals, including a low cash breakeven and low gearing, which positions the company well to navigate the crisis [51][85]. Other Important Information - The company has implemented measures to ensure the health and safety of employees during the COVID-19 pandemic, including remote work and strict site access controls [39][41]. - The company has decided to stop share buybacks and has proposed a limited one-shot scrip option for the final dividend [76][90]. Q&A Session Summary Question: LNG pricing divergence and exposure to U.S. LNG - Management noted that LNG activity has been resilient, with expectations for the second quarter to remain strong despite challenges in the gas markets [100][101]. Question: Breakdown of organic versus inorganic investments - Management indicated that the budget consists of approximately $10 to $11 billion for organic investments and $3 to $4 billion for inorganic investments [109]. Question: Impact of oil price fall on future results - Management acknowledged the complexities in estimating the impact of oil prices on future results but emphasized the resilience of the IGRP segment [100].
TotalEnergies(TTE) - 2020 Q1 - Earnings Call Presentation
2020-05-05 19:36
First quarter 2020 results 2020 business update at 30 $/b Integrating climate into strategy May 5, 2020 2020 business update at 30 $/b Facing the Covid-19 challenge Priority to people health & safely maintain all operations | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|-----------------|-------|-------|-------| | | | | ...
TotalEnergies(TTE) - 2019 Q4 - Annual Report
2020-03-20 18:51
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from … to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission ...