The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Total’s cash flow up as record output offsets lower oil price

Pubdate:2019-04-28 10:24 Source:liyanping Click:

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

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

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

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

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

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

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

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

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

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

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

主站蜘蛛池模板: 无敌小保子笔趣阁| 香蕉国产人午夜视频在线| 波多野结衣被绝伦在线观看 | 2018中文字幕第一页| 浪荡女天天不停挨cao日常视频| 女人被两根一起进3p在线观看| 全免费a级毛片免费看| 一本色道久久综合一区| 皇夫被迫含玉势女尊高h| 奇米777视频国产| 亚洲精品成人网站在线观看| 97久久天天综合色天天综合色| 欧美色欧美亚洲高清在线视频| 国产精品电影在线| 亚洲av无码一区二区三区不卡| 国产精品白丝在线观看有码| 日韩在线观看高清| 怡红院色视频在线| 国产午夜三级一区二区三 | 中文字幕日韩精品有码视频 | 欧美亚洲国产精品久久| 国自产精品手机在线观看视频| 亚洲欧美日韩图片| 亚洲欧美日韩国产一区图片| 男男黄GAY片免费网站WWW| 夜间禁用10大b站| 亚洲成a人片77777群色| 国产精品久久久久久麻豆一区| 日本久久综合网| 午夜dj在线观看免费视频| a破外女出血毛片| 欧美人与牲动交xxxx| 国产小视频在线看| 中文在线字幕中文字幕| 狠狠躁天天躁无码中文字幕| 国产精品视频一区二区三区不卡| 亚洲乱码国产乱码精品精| 视频在线观看一区二区| 嫩模bbw搡bbbb搡bbbb| 亚洲狼人综合网| 91精品久久久久久久久久|