Outlook and objectives of Total
Chairman & CEO Christophe de Margerie today presents the financial community with Total’s outlook and objectives for the next few years and beyond. He outlines Total’s ability to deliver near-term profitable growth, provides examples of the Group’s new dynamic in action, and emphasizes the priority of creating value for shareholders and all stakeholders. The event is webcast live, and a replay can be accessed at www.total.com along with the presentation material.
Key messages include:
• Delivering near-term profitable growth: Total provides details to support its confidence in targeted production growth. Over 2011-15, this growth of approximately 3% per year on average is based on projects which are already either in production or under development. For 2017, based on its portfolio of high-quality projects, Total estimates production potential of circa 3 Mboe/d, noting that 70% of the new production needed to achieve this growth is already in production or under development. Total’s portfolio of Upstream start-ups for 2011-17 offers highly competitive returns, and it is strengthening Total’s position as an industry leader in deep offshore and LNG.
• New dynamic in action: The strategic vision articulated and set in motion by management last year is progressing. Total’s bold exploration program is focused on high-risk, high-reward prospects, and new acreage has added to the potential for giant discoveries. The ongoing restructuring of Refining & Chemicals is expected to provide an additional 650 M$ per year of net results by 2015 through improved efficiencies and synergies. In addition, Total introduces a 15-20 B$ asset sale program over 2012-14, reinforcing that active portfolio management is integrated into Total’s strategy.
• Creating value for shareholders: Free cash flow in 2012-14 will be enhanced by contributions from accretive start-ups, Downstream restructuring and the announced asset sale program. Accelerating free cash flow growth is expected during the 2015-17 period. Total’s strong balance sheet and well-managed gearing ratio provide additional financial flexibility to adapt to changes in the environment and capitalize on opportunities. At the end of 2Q12, Total announced an increase of 3.5% to its quarterly dividend. This dividend increase further demonstrates management’s confidence in the Group’s outlook.
The Group looks forward to continued success in executing its strategy to deliver profitable and sustainable growth by investing in a diverse portfolio of high-quality projects that create value.
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