Total Third Quarter 2020 Results

Nachrichtenquelle: Business Wire (engl.)
30.10.2020, 13:40  |  152   |   |   

Regulatory News:

Total (Paris:FP) (LSE:TTA) (NYSE:TOT):

3Q20

Change
vs 3Q19

9M20

Change
vs 9M19

 

 

 

 

Oil price - Brent ($/b)

42.9

-31%

41.1

-36%

European gas price - NBP ($/Mbtu)

2.9

-26%

2.5

-47%

Adjusted net income (Group share)1

 

 

 

 

- in billions of dollars (B$)

0.85

-72%

2.76

-68%

- in dollars per share

0.29

-74%

0.97

-70%

 

 

 

 

DACF1 (B$)

4.3

-41%

12.7

-39%

Cash Flow from operations (B$)

4.4

-47%

9.1

-50%

Net income (Group share) of 202 M$ in 3Q20 Net-debt-to-capital ratio of 22.0% at September 30, 2020 vs. 23.6% at June 30, 20202 Hydrocarbon production of 2,715 kboe/d in 3Q20, a decrease of 11% compared to 3Q19 Third 2020 interim dividend set at 0.66 €/share

Total SE’s Board of Directors met on October 29, 2020, under the chairmanship of CEO Patrick Pouyanné to approve the Group’s third quarter 2020 financial statements. On this occasion, Patrick Pouyanné said:

“After a second quarter in which the Group faced exceptional circumstances with oil prices falling below $20/b and a very strong slowdown of global activity linked to the health crisis, the Group benefited during the third quarter from a more favorable environment, with oil prices above $40/b thanks to strong OPEC+ discipline as well as the demand recovery for petroleum products for road transportation. However, the environment was mixed with low natural gas prices and severely depressed refining margins due to excess production capacity relative to demand and high inventories.

In this context, the Group is once again demonstrating its resilience thanks to its integrated model, by generating cash flow (DACF) of more than $4 billion, conforming to forecasts with a $40/b crude price, and reducing gearing to 22% given its investment and cost discipline. Adjusted net income was close to $850 million, and the organic cash breakeven remained below $25/b.

Upstream carries the Group’s results with adjusted net operating income of $1.1 billion, notably thanks to low production costs of $5/boe, despite lower LNG prices and lower production. Given the strict discipline with which OPEC+ has implemented quotas and the lack of production in Libya until October 2020, the Group now anticipates full-year 2020 production below 2.9 Mboe/d.

In Downstream, Refining faced losses while Petrochemicals resisted, and Marketing & Services generated net operating income of more than $400 million, better than in the third quarter 2019. Following the announcement of the sale of the Lindsey refinery in the United Kingdom in July, the Group continued to adapt its European refining with the conversion of Grandpuits in France to a zero-oil platform that will produce biofuels and bioplastics.

During the quarter, the Group accelerated the implementation of its renewable energy strategy, notably by acquiring a 3.3 GW solar portfolio in Spain and taking positions in floating offshore wind in South Korea and France. In addition to the gross renewable installed capacity of 5.1 GW at the end of the third quarter, the Group is developing a portfolio of 19 GW of projects, of which 9 GW already benefit from long-term power purchase agreements.

Confident in the fundamentals of the Group, the Board of Directors confirmed the third interim dividend payment maintained at €0.66 per share and reaffirmed that the dividend is supported in a context of $40/b, particularly in view of the results this quarter.”

Highlights3

Sustainability

  • Recognition of the Group as a “LEAD” company by the United Nations Global Compact
  • New Biodiversity Ambition with enhanced commitments
  • Signature as co-founder of the “Sea Cargo Charter” to provide transparent and standard reporting of greenhouse gas emissions related to maritime transport activities
  • First publication of the "Sustainability Accounting Standards Board” report (Exploration & Production standard)

Renewables and electricity

  • Acquired a 3.3 GW portfolio of solar projects in Spain, bringing the total capacity to more than 5 GW of solar projects in development in the country
  • Decision to cover the entire electricity consumption of the Group’s industrial sites in Europe by 2025 with green electricity produced by its Spanish solar sites, through a 3 GW “corporate PPA”
  • Finalization by SunPower of the Maxeon Solar Technologies spin-off in the US
  • Strengthened partnership with Adani in solar, with expansion of portfolio to 2.3 GW in India
  • Agreement with Macquarie to develop 2 GW portfolio of floating offshore wind in South Korea
  • Acquired 20% stake in the Eolmed 30 MW floating offshore wind project in the Mediterranean
  • Creation of Automotive Cells Company JV with Groupe PSA to develop and manufacture batteries in Europe for electric vehicles
  • Acquired Blue Point London, operator of London’s largest charging network with 1,600 electric vehicle charging points

Liquids

  • Launched third development phase of the giant Mero field in Brazil
  • Finalized the “Host Government Agreement” with the Ugandan government on the EACOP pipeline, a major step toward sanctioning the Tilenga project
  • Agreement to sell to Perenco interests in 7 mature non-operated offshore fields and the Cap Lopez oil terminal in Gabon
  • Completed sale to Neo Energy of mature fields in the UK North Sea
  • Announced conversion of the Grandpuits refinery in France to a zero-oil platform by 2024

     

Key figures from Total’s consolidated financial statements4

3Q20

2Q20

3Q19

3Q20
vs
3Q19
In millions of dollars, except effective tax rate,
earnings per share and number of shares

9M20

9M19

9M20
vs
9M19

1,459

821

3,673

-60%

Adjusted net operating income from business segments

4,580

10,675

-57%

801

(209)

1,734

-54%

Exploration & Production

1,295

5,478

-76%

285

326

574

-50%

Integrated Gas, Renewables & Power

1,524

1,595

-4%

(88)

575

952

ns Refining & Chemicals

869

2,423

-64%

461

129

413

+12% Marketing & Services

892

1,179

-24%

352

11

521

-32%

Contribution of equity affiliates to adjusted net income

1,021

1,592

-36%

45.7%

-6.8%

30.7%

Group effective tax rate5

32.3%

34.9%

848

126

3,017

-72%

Adjusted net income (Group share)

2,755

8,663

-68%

0.29

0.02

1.13

-74%

Adjusted fully-diluted earnings per share (dollars)6

0.97

3.20

-70%

0.24

0.02

1.01

-76%

Adjusted fully-diluted earnings per share (euros)*

0.86

2.85

-70%

2,637

2,598

2,614

+1% Fully-diluted weighted-average shares (millions)

2,612

2,621

-

 

202

(8,369)

2,800

-93%

Net income (Group share)

(8,133)

8,667

ns
 

2,184

2,201

3,296

-34%

Organic investments7

6,908

9,107

-24%

(272)

721

3,422

ns Net acquisitions8

1,551

4,131

-62%

1,912

2,922

6,718

-72%

Net investments9

8,459

13,238

-36%

3,791

3,644

6,737

-44%

Operating cash flow before working capital changes**10

11,199

19,318

-42%

4,281

4,143

7,269

-41%

Operating cash flow before working capital changes
w/o financial charges (DACF)11

12,701

20,854

-39%

4,351

3,479

8,206

-47%

Cash flow from operations

9,129

18,086

-50%

From 2019, data take into account the impact of the IFRS16 “Leases” rule, effective January 1, 2019.
* Average €-$ exchange rate: 1.1689 in the third quarter 2020 and 1.1250 in the first nine months 2020.
** 2Q20, 3Q19 and 9M19 data restated

Key figures of environment and Group production

> Environment* – liquids and gas price realizations, refining margins

3Q20

2Q20

3Q19

3Q20
vs
3Q19

9M20

9M19

9M20
vs
9M19

42.9

29.6

62.0

-31%

Brent ($/b)

41.1

64.6

-36%

2.1

1.8

2.3

-9%

Henry Hub ($/Mbtu)

1.9

2.6

-25%

2.9

1.7

3.9

-26%

NBP ($/Mbtu)

2.5

4.8

-47%

3.6

2.1

4.7

-23%

JKM ($/Mbtu)

3.1

5.4

-42%

39.9

23.4

58.0

-31%

Average price of liquids ($/b)
Consolidated subsidiaries

35.6

60.0

-41%

2.52

2.61

3.48

-27%

Average price of gas ($/Mbtu)
Consolidated subsidiaries

2.84

3.93

-28%

3.57

4.40

5.93

-40%

Average price of LNG ($/Mbtu)
Consolidated subsidiaries and equity affiliates

4.81

6.25

-23%

 

-2.7

14.3

47.4

ns Variable cost margin - Refining Europe, VCM ($/t)

13.6

36.2

-62%

* The indicators are shown on page 16.

The average LNG sales price fell by 19% in the third quarter 2020 compared to the previous quarter, due to the delayed impact of lower oil prices in the first half 2020 on long-term LNG contracts.

> Production*

3Q20

2Q20

3Q19

3Q20
vs
3Q19

9M20

9M19

9M20
vs
9M19

2,715

2,846

3,040

-11%

Hydrocarbon production (kboe/d)

2,882

2,981

-3%

1,196

1,315

1,441

-17%

Oil (including bitumen) (kb/d)

1,319

1,424

-7%

1,519

1,531

1,599

-5%

Gas (including condensates and associated NGL) (kboe/d)

1,563

1,557

-

 

2,715

2,846

3,040

-11%

Hydrocarbon production (kboe/d)

2,882

2,981

-3%

1,437

1,553

1,720

-16%

Liquids (kb/d)

1,563

1,658

-6%

6,973

7,045

7,200

-3%

Gas (Mcf/d)**

7,193

7,225

-

* Group production = EP production + iGRP production.
** 3Q19 and 9M19 data restated

Hydrocarbon production was 2,715 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2020, a decrease of 11% year-on-year, comprised of:

  • -7% due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates, Angola, Kazakhstan and Iraq, as well as voluntary reductions in Canada and disruptions in Libya.
  • -1% due to portfolio effect, notably linked to the sale of Block CA1 in Brunei and the sale of assets in the United Kingdom.
  • +3% due to the start-up and ramp-up of new projects, notably Culzean in the United Kingdom, Johan Sverdrup in Norway, Iara in Brazil and Tempa Rossa in Italy.
  • -3% due to the natural decline of fields.
  • -3% due to maintenance.

Hydrocarbon production was 2,715 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2020, a decrease of 5% compared to the previous quarter, comprised of:

  • -3% due to reinforcement OPEC+ quotas, notably in Nigeria.
  • -1% due to portfolio effect, notably linked to the sale of assets in the United Kingdom.
  • +1% due to the ramp-up of recently started projects, notably Ichthys in Australia, Tempa Rossa in Italy and Iara in Brazil.
  • -2% due to the natural decline of fields and maintenance.

Analysis of business segments

Integrated Gas, Renewables & Power (iGRP)

> Production and sales of Liquefied natural gas (LNG) and electricity

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Hydrocarbon production for LNG

9M20

9M19

9M20
vs
9M19

518

520

539

-4%

iGRP (kboe/d)

530

539

-2%

70

66

73

-5%

Liquids (kb/d)

70

71

-2%

2,445

2,471

2,546

-4%

Gas (Mcf/d)*

2,509

2,562

-2%

 

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Liquefied Natural Gas in Mt

9M20

9M19

9M20
vs
9M19

8.1

10.4

7.4

+9% Overall LNG sales

28.3

23.7

+19%

4.3

4.3

4.2

+3% incl. Sales from equity production**

13.3

12.0

+11%

6.6

8.7

5.5

+20% incl. Sales by Total from equity production and third party purchases

23.2

18.3

+27%

* 3Q19 and 9M19 data restated
** The Group's equity production may be sold by Total or by the joint ventures.

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Renewables & Electricity

9M20

9M19

9M20
vs
9M19

5.1

5.1

2.7

+85% Gross renewables installed capacity (GW)*

5.1

2.7

+85%

14.2

Gross renewables installed or in development capacity
with PPA (GW)*

14.2

4.1

2.9

2.9

+41% Net power production (TWh)**

9.9

7.9

+25%

1.0

1.1

0.5

x2.1 incl. Power production from renewables

2.8

1.4

x2

4.4

4.2

4.1

+7% Clients power - BtB and BtC (Million)*

4.4

4.1

+7%

1.7

1.7

1.6

+4% Clients gas - BtB and BtC (Million)*

1.7

1.6

+7%

10.2

9.4

9.9

+3% Sales power - BtB and BtC (TWh)

33.8

33.2

+2%

13.5

17.3

13.5

-

Sales gas - BtB and BtC (TWh)

64.4

65.5

-2%

* Capacity at end of period.
** Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.

Hydrocarbon production for LNG was stable compared to the previous quarter and down 4% compared to last year.

Total LNG sales:

  • increased by 9% in the third quarter 2020 compared to last year, notably due to an increase in trading activities.
  • increased by 19% for the first nine months 2020 compared to the same period last year for the same reason and thanks to the ramp-up of Yamal LNG, Ichthys LNG and the start-up of the first two Cameron LNG trains in the US.

Gross installed renewable power generation capacity was 5.1 GW end of third quarter, a strong 85% increase year-on-year, notably thanks to the acquisition in India of 50% of a portfolio of more than 2 GW from the Adani Group.

The Group continues to implement its strategy to integrate along the gas and electricity chain in Europe and has seen the number of its power and gas customers grow compared to last year by 7% and 4%, respectively, and for the first nine months 2020 by 7%.

Net electricity production was 4.1 TWh in the third quarter, up 41% year-on-year, notably due to higher demand on the Group’s CCGTs and the doubling of renewable electricity production.

Electricity sales increased by 2% in the first nine months 2020 compared to the same period last year, while gas sales decreased by 2% in the same comparison, impacted by lower demand linked to the lockdown in Europe.

> Results

3Q20

2Q20

3Q19

3Q20
vs
3Q19
In millions of dollars

9M20

9M19

9M20
vs
9M19

285

326

574

-50%

Adjusted net operating income*

1,524

1,595

-4%

99

(69)

206

-52%

including income from equity affiliates

278

656

-58%

 

450

618

640

-30%

Organic investments

1,714

1,575

+9%

36

433

3,375

-99%

Net acquisitions

1,606

3,934

-59%

486

1,051

4,015

-88%

Net investments

3,320

5,509

-40%

 

695

1,051

732

-5%

Operating cash flow before working capital changes **

2,346

2,052

+14%

654

1,389

401

+63% Cash flow from operations ***

1,554

1,934

-20%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases. 2Q20, 3Q19 and 9M19 data restated.
*** Excluding financial charges, except those related to leases.

Adjusted net operating income for the iGRP segment was:

  • $285 million in the third quarter 2020 compared to $574 million in the third quarter 2019, due to the drop in LNG prices.
  • $1,524 million in the first nine months 2020, a decrease of 4% compared to the same period last year for the same reason.

Operating cash flow before working capital changes was $695 million in the third quarter 2020, a 5% decrease year-on-year, and $2,346 million in the first nine months 2020, an increase of 14% compared to the same period last year and in line with the 19% increase in LNG sales.

Exploration & Production

> Production

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Hydrocarbon production

9M20

9M19

9M20
vs
9M19

2,197

2,326

2,501

-12%

EP (kboe/d)

2,352

2,442

-4%

1,367

1,487

1,647

-17%

Liquids (kb/d)

1,493

1,587

-6%

4,528

4,574

4,654

-3%

Gas (Mcf/d)

4,684

4,663

-

> Results

3Q20

2Q20

3Q19

3Q20
vs
3Q19
In millions of dollars, except effective tax rate

9M20

9M19

9M20
vs
9M19

801

(209)

1,734

-54%

Adjusted net operating income*

1,295

5,478

-76%

268

48

297

-10%

including income from equity affiliates

706

749

-6%

32.9%

56.6%

39.7%

Effective tax rate**

39.7%

42.8%

 

1,266

1,112

2,064

-39%

Organic investments

3,950

6,017

-34%

(309)

311

(3)

ns Net acquisitions

(4)

239

ns

957

1,423

2,061

-54%

Net investments

3,946

6,256

-37%

 

2,646

1,810

4,451

-41%

Operating cash flow before working capital changes ***

7,032

13,579

-48%

2,043

910

5,007

-59%

Cash flow from operations ***

6,876

12,711

-46%

* 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:

  • $801 million in the third quarter compared to $1,734 million a year ago due to the sharp drop in oil and gas prices and lower production.
  • $1,295 million in the first nine months 2020, a 76% decrease compared to the same period last year for the same reasons.

Operating cash flow before working capital changes was $2,646 million in the third quarter, down 41% year-on-year, and $7,032 million in the first nine months 2020, a 48% decrease compared to the same period last year.

Downstream (Refining & Chemicals and Marketing & Services)

> Results

3Q20

2Q20

3Q19

3Q20
vs
3Q19
In millions of dollars

9M20

9M19

9M20
vs
9M19

373

704

1,365

-73%

Adjusted net operating income*

1,761

3,602

-51%

 

449

457

570

-21%

Organic investments

1,183

1,447

-18%

2

(20)

52

-96%

Net acquisitions

(48)

(42)

ns

451

437

622

-27%

Net investments

1,135

1,405

-19%

 

971

1,488

1,995

-51%

Operating cash flow before working capital changes **

3,523

5,113

-31%

2,060

1,899

3,058

-33%

Cash flow from operations **

2,377

5,021

-53%

* 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 and petrochemicals throughput and utilization rates

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Refinery throughput and utilization rate*

9M20

9M19

9M20
vs
9M19

1,212

1,249

1,719

-29%

Total refinery throughput (kb/d)

1,302

1,725

-25%

267

205

503

-47%

France

242

514

-53%

540

595

757

-29%

Rest of Europe

630

753

-16%

405

449

459

-12%

Rest of world

429

458

-6%

57%

59%

82%

Utlization rate based on crude only**

62%

83%

* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Petrochemicals production and utilization rate

9M20

9M19

9M20
vs
9M19

1,255

1,391

1,402

-11%

Monomers* (kt)

4,033

3,788

+6%

1,248

1,193

1,268

-2%

Polymers (kt)

3,642

3,692

-1%

75%

84%

91%

Vapocracker utilization rate**

81%

81%

* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.

Refinery throughput volumes:

  • Decreased by 29% in the third quarter 2020 compared to the previous year, mainly due to high inventories of refined products and the drop in demand. The extended shutdown of the distillation unit at the Normandy platform following an incident at the end of 2019 and the safety outage at the Port Arthur refinery in the US in September related to Hurricane Laura also contributed to the reduction.
  • Decreased by 25% in the first nine months 2020 year-on-year for the same reasons.

Monomer production:

  • Decreased 11% in the third quarter 2020 year-on-year to 1,255 kt, essentially due to prolonged unscheduled maintenance on the Port Arthur cracker.
  • Increased 6% in the first nine months 2020 year-on-year as a result of 2019 planned maintenance on the steamcracker at Daesan in South Korea.

Polymer production:

  • Slight decrease of 2% in the third quarter 2020 year-on-year to 1,248 kt, due to the drop in demand.
  • Stable in the first nine months 2020 compared to the first nine months 2019, due to planned maintenance of the steamcracker upstream of the polymer units at Daesan in South Korea in 2019 and offset by the closure of the polystyrene site at El Pratt in Spain and the planned maintenance at the Qatofin platform in Qatar in the first quarter 2020.

> Results

3Q20

2Q20

3Q19

3Q20
vs
3Q19
In millions of dollars

9M20

9M19

9M20
vs
9M19

(88)

575

952

ns Adjusted net operating income*

869

2,423

-64%

 

291

302

355

-18%

Organic investments

761

948

-20%

(1)

(15)

19

ns Net acquisitions

(52)

(163)

ns

290

287

374

-22%

Net investments

709

785

-10%

 

242

996

1,373

-82%

Operating cash flow before working capital changes **

1,912

3,283

-42%

1,027

1,080

1,575

-35%

Cash flow from operations **

924

2,695

-66%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

Refining & Chemicals adjusted net operating income:

  • Decreased to a loss of -$88 million in the third quarter 2020. The drop was due to negative refining margins resulting from weak demand, notably for distillates as a result of particularly depressed demand for air transport.
  • Decreased to $869 million in the first nine months 2020, down 64% compared to the same period last year, due to refining margin deterioration and low plant utilization based on crude oil throughput of 62%, partially offset by resilient petrochemical margins and outperformance of the trading activities in the second quarter 2020.

Operating cash flow before working capital changes fell to $242 million in the third quarter 2020, down 82% compared to a year ago, and to $1,912 million in the first nine months 2020, down by 42%.

Marketing & Services

> Petroleum product sales

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Sales in kb/d*

9M20

9M19

9M20
vs
9M19

1,442

1,301

1,848

-22%

Total Marketing & Services sales

1,466

1,848

-21%

819

740

1,034

-21%

Europe

822

1,017

-19%

623

561

814

-23%

Rest of world

645

831

-22%

* Excludes trading and bulk refining sales

Petroleum product sales volumes decreased by 22% compared to a year ago and by 21% in the first nine months of 2020 compared to the same period last year, notably due to the impact of Covid-19 and associated lockdown on global demand. However, there was an improvement over the previous quarter thanks to the recovery in demand, mainly in Europe and Asia.

> Results

3Q20

2Q20

3Q19

3Q20
vs
3Q19
In millions of dollars

9M20

9M19

9M20
vs
9M19

461

129

413

+12% Adjusted net operating income*

892

1,179

-24%

 

158

155

215

-27%

Organic investments

422

499

-15%

3

(5)

33

-91%

Net acquisitions

4

121

-97%

161

150

248

-35%

Net investments

426

620

-31%

 

729

492

622

+17% Operating cash flow before working capital changes **

1,611

1,830

-12%

1,033

819

1,483

-30%

Cash flow from operations **

1,453

2,326

-38%

* 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 was $461 million in the third quarter 2020, an increase of 12% compared to a year ago, due to rising margins.

Operating cash flow before working capital changes increased by 17% to $729 million in the third quarter.

Group results

> Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

  • $1,459 million in the third quarter 2020, a decrease of 60% compared to a year ago, due to lower Brent prices, natural gas prices and refining margins.
  • $4,580 million in the first nine months 2020, a decrease of 57% year-on-year for the same reasons.

     

> Adjusted net income (Group share)

Adjusted net income (Group share) was:

  • $848 million in the third quarter 2020, compared to $3,017 million in the third quarter 2019, due to lower Brent prices, natural gas prices and refining margins.
  • $2,755 million in the first nine months 2020, a decrease of 68% year-on-year, for the same reasons.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value3.

Total net income adjustments4 were -$646 million in the third quarter 2020, essentially related to the conversion of the Grandpuits refinery in France and the sale of the Lindsey refinery in the United Kingdom.

The effective tax rate for the Group was 45.7% in the third quarter 2020, compared to -6.8% in the previous quarter and 30.7% in the third quarter 2019. The rate of 45.7% reflects negative adjusted net results in the Refining & Chemicals segment which reduces the base for calculating the Group rate.

> Adjusted earnings per share

Adjusted fully-diluted earnings per share was:

  • $0.29 in the third quarter 2020, calculated on the basis of a weighted average of 2,637 million fully-diluted shares, compared to $1.13 in the same period last year.
  • $0.97 in the first nine months 2020, calculated on the basis of a weighted average of 2,612 million fully-diluted shares, compared to $3.20 in the same period last year.

The number of fully-diluted shares was 2,644 million on September 30, 2020.

> Acquisitions - asset sales

Finalized acquisitions were:

  • $150 million in the third quarter 2020, comprised notably of acquiring 51% of the Seagreen offshore wind project in the United Kingdom.
  • $2.7 billion in the first nine months 2020, comprised of the item above as well as the acquisition in India of 50% of a portfolio of installed solar activities from Adani Green Energy Limited, the closing of the acquisition of 37.4% stake in Adani Gas Ltd, the acquisition of interests in Blocks 20 and 21 in Angola, and the payment for a second tranche linked to taking the 10% stake in the Arctic LNG 2 project in Russia.

Finalized asset sales were:

  • $422 million in the third quarter 2020, comprised notably of the sale of non-strategic assets in the UK North Sea.
  • $1.1 billion in the first nine months 2020, comprised notably of the sale above, as well as closing the sale of Block CA1 in Brunei, the sale of the Group’s interest in the Fos Cavaou regasification terminal in France, and 50% of the sale of a portfolio of solar and wind assets from Total Quadran in France.

> Net cash flow

Net cash flow5 for the Group was:

  • $1,879 million in the third quarter 2020 compared to $19 million in the third quarter 2019, which takes into account a decrease in net investments from $6,718 million to $1,912 million and a decrease in operating cash flow before working capital changes from $6,737 million to $3,791 million.
  • $2.7 billion in the first nine months 2020 compared to $6.1 billion in the first nine months 2019, due to the decrease of $8.1 billion in operating cash flow before working capital changes, partially offset by a reduction in net investments of $4.8 billion.

> Profitability

The return on equity was 5.5% for the twelve months ended September 30, 2020.

In millions of dollars

October 1, 2019

July 1, 2019

October 1, 2018

September 30, 2020

June 30, 2020

September 30, 2019

Adjusted net income

5,960

8,214

12,104

Average adjusted shareholders' equity

108,885

109,448

117,037

Return on equity (ROE)

5.5%

7.5%

10.3%

The return on average capital employed was 5.4% for the twelve months ended September 30, 2020.

In millions of dollars

October 1, 2019

July 1, 2019

October 1, 2018

September 30, 2020

June 30, 2020

September 30, 2019

Adjusted net operating income

7,801

10,125

14,094

Average capital employed

144,061

145,621

146,222

ROACE

5.4%

7.0%

9.6%

Total SE accounts

Net income for Total SE, the parent company, was €4,727 million in the first nine months 2020 compared to €5,934 million a year ago.

2020 Sensitivities*

Change

Estimated impact on adjusted
net operating income

Estimated impact on cash
flow from operations

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 on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 16.
** In a 60 $/b Brent environment.

Summary and outlook

The oil market environment remains uncertain and will depend notably on the speed of the global demand recovery, affected by the Covid-19 pandemic.

Oil prices have remained above $40/b since June, supported by strong compliance with OPEC+ quotas and lower hydrocarbon production in North America. In this context, given the quotas, the Group now anticipates full-year 2020 production below 2.9 Mboe/d.

Total anticipates that the increase in oil prices over the second and third quarters will have a positive impact on its average LNG selling price in the fourth quarter, which is expected to be over $4/Mbtu.

In the Downstream, since the beginning of the fourth quarter, European refining margins have averaged more than $10/t and remain fragile given the low demand for jet fuel that weighs on the valuation of all distillates. In this context, the Group expects the Downstream to contribute more than $4.5 billion to the Group’s cash flow in 2020.

In this context, the Group maintains strong discipline on spending. The Group’s operating cost reduction program will surpass its objective with savings of more than $1 billion in 2020. Net investments will be less than $13 billion in 2020, including $2 billion for renewables and electricity.

The Group’s priority is the generation of a level of cash flow that allows it to continue to invest in profitable projects, support the dividend and maintain a solid balance sheet. The Group’s teams remain fully committed to the four priorities of HSE, operational excellence, cost reduction and cash flow generation.

* * * * *

To listen to the conference call with CFO Jean-Pierre Sbraire today at 13:00 (Paris time) please log on to total.com or call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the United States (code: 2124019).

The conference replay will be available on total.com after the event.

* * * * *

Operating information by segment

> Group production (Exploration & Production + iGRP)

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Combined liquids and gas
production by region (kboe/d)

9M20

9M19

9M20
vs
9M19

969

1,032

1,004

-3%

Europe and Central Asia

1,032

997

+4%

598

653

733

-18%

Africa

651

705

-8%

576

641

720

-20%

Middle East and North Africa

633

703

-10%

343

314

363

-5%

Americas

343

364

-6%

229

206

221

+4% Asia-Pacific

223

212

+5%

2,715

2,846

3,040

-11%

Total production

2,882

2,981

-3%

667

699

698

-4%

includes equity affiliates

706

719

-2%

 

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Liquids production by region (kb/d)

9M20

9M19

9M20
vs
9M19

359

381

367

-2%

Europe and Central Asia

381

349

+9%

458

514

583

-21%

Africa

509

558

-9%

432

494

562

-23%

Middle East and North Africa

481

543

-12%

144

127

163

-11%

Americas

150

167

-10%

44

37

44

-1%

Asia-Pacific

42

41

+3%

1,437

1,553

1,720

-16%

Total production

1,563

1,658

-6%

197

199

210

-6%

includes equity affiliates

203

217

-6%

 

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Gas production by region (Mcf/d)

9M20

9M19

9M20
vs
9M19

3,284

3,506

3,431

-4%

Europe and Central Asia

3,507

3,498

-

713

706

768

-7%

Africa*

722

755

-4%

801

818

866

-8%

Middle East and North Africa

844

879

-4%

1,115

1,047

1,124

-1%

Americas

1,085

1,111

-2%

1,060

968

1,011

+5% Asia-Pacific*

1,035

982

+5%

6,973

7,045

7,200

-3%

Total production*

7,193

7,225

-

2,540

2,698

2,635

-4%

includes equity affiliates*

2,714

2,719

-

* 3Q19 and 9M19 data restated

> Downstream (Refining & Chemicals and Marketing & Services)

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Petroleum product sales by region (kb/d)

9M20

9M19

9M20
vs
9M19

1,475

1,449

1,999

-26%

Europe

1,565

2,013

-22%

541

463

677

-20%

Africa

562

695

-19%

673

861

920

-27%

Americas

767

868

-12%

460

433

541

-15%

Rest of world

446

564

-21%

3,149

3,208

4,136

-24%

Total consolidated sales

3,340

4,141

-19%

417

366

544

-23%

Includes bulk sales

427

545

-22%

1,290

1,541

1,745

-26%

Includes trading

1,447

1,748

-17%

 

3Q20

2Q20

3Q19

3Q20
vs
3Q19
Petrochemicals production* (kt)

9M20

9M19

9M20
vs
9M19

1,274

1,275

1,377

-7%

Europe

3,821

4,110

-7%

513

637

648

-21%

Americas

1,813

1,737

+4%

716

672

646

+11% Middle-East and Asia

2,040

1,633

+25%

* Olefins, polymers

Adjustment items to net income (Group share)

3Q20

2Q20

3Q19

In millions of dollars

9M20

9M19

(706)

(8,321)

(156)

Special items affecting net income (Group share)

(9,361)

(226)

-

-

-

Gain (loss) on asset sales

-

-

(70)

(20)

(20)

Restructuring charges

(170)

(53)

(293)

(8,101)

(160)

Impairments

(8,394)

(217)

(343)

(200)

24

Other

(797)

44

4

(94)

(71)

After-tax inventory effect : FIFO vs. replacement cost

(1,504)

289

56

(80)

10

Effect of changes in fair value

(23)

(59)

 

(646)

(8,495)

(217)

Total adjustments affecting net income

(10,888)

4

Investments - Divestments

3Q20

2Q20

3Q19

3Q20
vs
3Q19
In millions of dollars

9M20

9M19

9M20
vs
9M19

2,184

2,201

3,296

-34%

Organic investments ( a )

6,908

9,107

-24%

148

162

152

-3%

capitalized exploration

445

569

-22%

290

733

242

+20% increase in non-current loans

1,302

742

+75%

(330)

(58)

(61)

ns repayment of non-current loans,
excluding organic loan repayment from equity affiliates*

(505)

(449)

ns

(11)

(47)

(109)

ns change in debt from renewable projects (Group share)

(163)

(109)

ns

150

857

4,429

-97%

Acquisitions ( b )

2,651

5,713

-54%

422

136

1,007

-58%

Asset sales ( c )

1,100

1,582

-30%

7

22

105

-93%

change in debt from renewable projects (partner share)

90

105

-14%

-

-

-

ns Other transactions with non-controlling interests ( d )

-

-

ns

1,912

2,922

6,718

-72%

Net investments ( a + b - c - d )

8,459

13,238

-36%

(1)

(41)

(101)

ns Organic loan repayment from equity affiliates* ( e )

(35)

(200)

ns

18

69

214

-92%

Change in debt from renewable projects financing ** ( f )

253

214

+18%

28

22

-

ns Capex linked to capitalized leasing contracts ( g )

74

-

ns

1,901

2,928

6,831

-72%

Cash flow used in investing activities ( a + b - c + e + f -g)

8,603

13,252

-35%

* Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.
** Change in debt from renewable projects (Group share and partner share).

Cash flow

3Q20

2Q20

3Q19

3Q20
vs
3Q19
In millions of dollars

9M20

9M19

9M20
vs
9M19

4,281

4,143

7,269

-41%

Operating cash flow before working capital changes w/o financials charges (DACF)

12,701

20,854

-39%

(491)

(499)

(532)

ns Financial charges

(1,502)

(1,536)

ns

3,791

3,644

6,737

-44%

Operating cash flow before working capital changes ( a ) *

11,199

19,318

-42%

475

(65)

1,639

-71%

(Increase) decrease in working capital **

(223)

(1,489)

ns

90

(42)

(69)

ns Inventory effect

(1,748)

457

ns

(4)

(17)

-

ns capital gain from renewable projects sale

(64)

-

ns

(1)

(41)

(101)

ns Organic loan repayment from equity affiliates

(35)

(200)

ns

4,351

3,479

8,206

-47%

Cash flow from operations

9,129

18,086

-50%

 

2,184

2,201

3,296

-34%

Organic investments ( b )

6,908

9,107

-24%

1,607

1,443

3,441

-53%

Free cash flow after organic investments,
w/o net asset sales ( a - b )

4,291

10,211

-58%

 

1,912

2,922

6,718

-72%

Net investments ( c )

8,459

13,238

-36%

1,879

722

19

x98.9 Net cash flow ( a - c )

2,740

6,080

-55%

* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020).
Historical data have been restated to cancel the impact of fair valuation of iGRP sector’s contracts.
** Changes in working capital are presented excluding the mark-to-market effect of iGRP’s contracts.

Gearing ratio

In millions of dollars 09/30/2020 06/30/2020 09/30/2019
Current borrowings

14,980

16,154

14,631

Net current financial assets

(5,815)

(6,159)

(3,012)

Net financial assets classified as held for sale

5

-

-

Non-current financial debt

61,477

61,540

47,923

Non-current financial assets

(3,155)

(2,431)

(767)

Cash and cash equivalents

(30,593)

(29,727)

(27,454)

Net debt (a)

36,899

39,377

31,321

of which leases

7,499

7,383

6,888

 
Shareholders’ equity - Group share

102,234

101,205

114,994

Non-controlling interests

2,177

2,334

2,319

Shareholders' equity (b)

104,411

103,539

117,313

 
Net-debt-to-capital ratio = a / (a + b) *

26.1%

27.6%

21.1%

 
Net-debt-to-capital ratio excluding leases

22.0%

23.6%

17.2%

* The net-debt-to-capital ratios include the impact of the IFRS 16 rule, effective January 1, 2019.

Return on average capital employed

> Twelve months ended September 30, 2020

In millions of dollars

Integrated Gas,

Renewables & Power

Exploration &
Production

Refining &
Chemicals

Marketing &
Services

 

Group

Adjusted net operating income

2,318

3,326

1,449

1,366

 

7,801

Capital employed at 09/30/2019*

41,516

88,560

11,658

7,570

 

147,145

Capital employed at 09/30/2020*

43,799

78,548

11,951

8,211

 

140,976

ROACE

5.4%

4.0%

12.3%

17.3%

 

5.4%

> Twelve months ended June 30, 2020

In millions of dollars

Integrated Gas,
Renewables & Power

Exploration &
Production

Refining &
Chemicals

Marketing &
Services

 

Group

Adjusted net operating income

2,607

4,259

2,489

1,318

 

10,125

Capital employed at 06/30/2019*

37,290

90,633

12,300

8,535

 

148,617

Capital employed at 06/30/2020*

43,527

79,096

12,843

8,366

 

142,625

ROACE

6.5%

5.0%

19.8%

15.6%

 

7.0%

* At replacement cost (excluding after-tax inventory effect).

This press release presents the results for the third quarter and first nine months of 2020 from the consolidated financial statements of TOTAL SE as of September 30, 2020. The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the Total website total.com.

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TOTAL. This document may also contain statements regarding the perspectives, objectives and goals of the Group, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by the Group, it being specified that the means to be deployed do not depend solely on TOTAL. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by the Group as of the date of this document.

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences including those due to epidemics such as Covid-19. Additionally, 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 trends contained 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 income and cash flow, reputation or outlook is provided in the most recent version of the Universal Registration Document which is filed by the Company with the French Autorité des Marchés Financiers and the annual report on Form 20-F/A filed with the United States Securities and Exchange Commission (“SEC”).

Financial information by 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 performance indicators 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 track the measures used internally to manage and measure the performance of the Group.

These adjustment items include:

(i) Special items

Due to their unusual nature or 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 certain instances, 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 are likely 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 price differentials 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 of changes in fair value

The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.

IFRS requires that trading inventories 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 measure performance include valuations of trading inventories based on forward prices.

TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

Furthermore, TOTAL enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar 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 and possible 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 from including 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, place Jean 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 calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

----------------------------------------------------------------------------------------------------------------------------------

Total financial statements

______________________

Third quarter and nine months 2020 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

 

 

3rd quarter

 

2nd quarter

 

3rd quarter

(M$)(a)

2020

 

2020

 

2019

 

Sales

33,142

 

25,730

 

48,589

Excise taxes

(5,925)

 

(4,168)

 

(6,051)

Revenues from sales

27,217

 

21,562

 

42,538

 

Purchases, net of inventory variation

(16,885)

 

(12,025)

 

(27,898)

Other operating expenses

(5,610)

 

(6,321)

 

(6,362)

Exploration costs

(139)

 

(114)

 

(96)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,493)

 

(11,593)

 

(4,173)

Other income

457

 

362

 

167

Other expense

(281)

 

(108)

 

(559)

 

 

 

 

 

 

Financial interest on debt

(547)

 

(530)

 

(598)

Financial income and expense from cash & cash equivalents

89

 

50

 

 

Cost of net debt

(458)

 

(480)

 

(598)

 

 

 

 

 

 

Other financial income

134

 

419

 

163

Other financial expense

(165)

 

(161)

 

(178)

 

 

 

 

 

 

Net income (loss) from equity affiliates

94

 

(447)

 

1,381

 

 

 

 

 

 

Income taxes

(690)

 

484

 

(1,540)

Consolidated net income

181

 

(8,422)

 

2,845

Group share

202

 

(8,369)

 

2,800

Non-controlling interests

(21)

 

(53)

 

45

Earnings per share ($)

0.04

 

(3.27)

 

1.05

Fully-diluted earnings per share ($)

0.04

 

(3.27)

 

1.04

(a) Except for per share amounts.

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

TOTAL

 

 

 

 

 

(unaudited)

 

3rd quarter

 

2nd quarter

 

3rd quarter

(M$)

2020

 

2020

 

2019

Consolidated net income

181

 

(8,422)

 

2,845

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains and losses

(6)

 

(356)

 

5

Change in fair value of investments in equity instruments

221

 

90

 

19

Tax effect

-

 

101

 

(1)

Currency translation adjustment generated by the parent company

3,663

 

1,780

 

(3,520)

Items not potentially reclassifiable to profit and loss

3,878

 

1,615

 

(3,497)

Currency translation adjustment

(1,830)

 

(919)

 

1,207

Cash flow hedge

363

 

231

 

(202)

Variation of foreign currency basis spread

(35)

 

14

 

(4)

Share of other comprehensive income of equity affiliates, net amount

(804)

 

296

 

73

Other

(7)

 

-

 

(6)

Tax effect

(115)

 

(78)

 

69

Items potentially reclassifiable to profit and loss

(2,428)

 

(456)

 

1,137

Total other comprehensive income (net amount)

1,450

 

1,159

 

(2,360)

 

 

 

 

 

 

Comprehensive income

1,631

 

(7,263)

 

485

Group share

1,536

 

(7,253)

 

462

Non-controlling interests

95

 

(10)

 

23

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

 

9 months

 

9 months

(M$)(a)

2020

 

2019

 

 

 

 

Sales

102,742

 

151,036

Excise taxes

(15,386)

 

(18,172)

Revenues from sales

87,356

 

132,864

 

 

 

 

Purchases, net of inventory variation

(56,978)

 

(88,009)

Other operating expenses

(18,875)

 

(20,165)

Exploration costs

(393)

 

(554)

Depreciation, depletion and impairment of tangible assets and mineral interests

(18,721)

 

(11,300)

Other income

1,399

 

735

Other expense

(809)

 

(957)

 

 

 

 

Financial interest on debt

(1,646)

 

(1,727)

Financial income and expense from cash & cash equivalents

(16)

 

(70)

Cost of net debt

(1,662)

 

(1,797)

 

 

 

 

 

Other financial income

741

 

649

Other financial expense

(507)

 

(561)

 

 

 

 

 

Net income (loss) from equity affiliates

379

 

2,904

 

 

 

 

 

Income taxes

(169)

 

(5,020)

Consolidated net income

(8,239)

 

8,789

Group share

(8,133)

 

8,667

Non-controlling interests

(106)

 

122

Earnings per share ($)

(3.22)

 

3.22

Fully-diluted earnings per share ($)

(3.22)

 

3.20

(a) Except for per share amounts.

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

 

9 months

 

9 months

(M$)

2020

 

2019

Consolidated net income

(8,239)

 

8,789

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

Actuarial gains and losses

(229)

 

(54)

Change in fair value of investments in equity instruments

147

 

126

Tax effect

86

 

13

Currency translation adjustment generated by the parent company

3,467

 

(3,994)

Items not potentially reclassifiable to profit and loss

3,471

 

(3,909)

Currency translation adjustment

(2,770)

 

1,394

Cash flow hedge

(930)

 

(575)

Variation of foreign currency basis spread

35

 

50

Share of other comprehensive income of equity affiliates, net amount

(1,731)

 

326

Other

(4)

 

(4)

Tax effect

252

 

176

Items potentially reclassifiable to profit and loss

(5,148)

 

1,367

Total other comprehensive income (net amount)

(1,677)

 

(2,542)

 

 

 

 

Comprehensive income

(9,916)

 

6,247

Group share

(9,888)

 

6,099

Non-controlling interests

(28)

 

148

CONSOLIDATED BALANCE SHEET

 

 

 

 

 

 

 

TOTAL

 

 

 

 

 

 

 

 

September 30,
2020

 

June 30,
2020

 

December 31,
2019

 

September 30,
2019

(M$)

(unaudited)

 

(unaudited)

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Intangible assets, net

33,145

 

33,114

 

33,178

 

31,539

Property, plant and equipment, net

104,355

 

104,925

 

116,408

 

116,900

Equity affiliates : investments and loans

27,386

 

27,470

 

27,122

 

27,172

Other investments

1,822

 

1,627

 

1,778

 

1,738

Non-current financial assets

3,155

 

2,431

 

912

 

767

Deferred income taxes

6,952

 

7,257

 

6,216

 

5,689

Other non-current assets

2,570

 

2,539

 

2,415

 

2,264

Total non-current assets

179,385

 

179,363

 

188,029

 

186,069

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Inventories, net

12,373

 

12,688

 

17,132

 

16,226

Accounts receivable, net

12,893

 

13,481

 

18,488

 

18,568

Other current assets

14,637

 

17,155

 

17,013

 

14,925

Current financial assets

6,011

 

6,570

 

3,992

 

3,781

Cash and cash equivalents

30,593

 

29,727

 

27,352

 

27,454

Assets classified as held for sale

1,090

 

421

 

1,288

 

418

Total current assets

77,597

 

80,042

 

85,265

 

81,372

Total assets

256,982

 

259,405

 

273,294

 

267,441

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

 

Common shares

8,267

 

8,159

 

8,123

 

8,300

Paid-in surplus and retained earnings

107,632

 

107,934

 

121,170

 

123,805

Currency translation adjustment

(12,275)

 

(13,265)

 

(11,503)

 

(13,297)

Treasury shares

(1,390)

 

(1,623)

 

(1,012)

 

(3,814)

Total shareholders' equity - Group share

102,234

 

101,205

 

116,778

 

114,994

Non-controlling interests

2,177

 

2,334

 

2,527

 

2,319

Total shareholders' equity

104,411

 

103,539

 

119,305

 

117,313

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

Deferred income taxes

10,367

 

10,346

 

11,858

 

11,333

Employee benefits

3,719

 

3,612

 

3,501

 

3,273

Provisions and other non-current liabilities

19,351

 

19,487

 

20,613

 

20,903

Non-current financial debt

61,477

 

61,540

 

47,773

 

47,923

Total non-current liabilities

94,914

 

94,985

 

83,745

 

83,432

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

18,880

 

19,198

 

28,394

 

26,237

Other creditors and accrued liabilities

22,806

 

24,790

 

25,749

 

24,728

Current borrowings

14,980

 

16,154

 

14,819

 

14,631

Other current financial liabilities

196

 

411

 

487

 

769

Liabilities directly associated with the assets classified as held for sale

795

 

328

 

795

 

331

Total current liabilities

57,657

 

60,881

 

70,244

 

66,696

Total liabilities & shareholders' equity

256,982

 

259,405

 

273,294

 

267,441

CONSOLIDATED STATEMENT OF CASH FLOW

 

 

 

 

 

TOTAL

 

 

 

 

 

(unaudited)

 

3rd quarter

 

2nd quarter

 

3rd quarter

(M$)

2020

 

2020

 

2019

 

 

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

181

 

(8,422)

 

2,845

Depreciation, depletion, amortization and impairment

3,634

 

11,701

 

4,242

Non-current liabilities, valuation allowances and deferred taxes

(88)

 

(796)

 

235

(Gains) losses on disposals of assets

(309)

 

(131)

 

(74)

Undistributed affiliates' equity earnings

178

 

978

 

(876)

(Increase) decrease in working capital

980

 

431

 

1,523

Other changes, net

(225)

 

(282)

 

311

Cash flow from operating activities

4,351

 

3,479

 

8,206

 

 

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

(2,157)

 

(2,409)

 

(2,210)

Acquisitions of subsidiaries, net of cash acquired

-

 

-

 

(4,385)

Investments in equity affiliates and other securities

(229)

 

(136)

 

(258)

Increase in non-current loans

(301)

 

(733)

 

(242)

Total expenditures

(2,687)

 

(3,278)

 

(7,095)

Proceeds from disposals of intangible assets and property, plant and equipment

363

 

219

 

63

Proceeds from disposals of subsidiaries, net of cash sold

4

 

12

 

(1)

Proceeds from disposals of non-current investments

77

 

20

 

40

Repayment of non-current loans

342

 

99

 

162

Total divestments

786

 

350

 

264

Cash flow used in investing activities

(1,901)

 

(2,928)

 

(6,831)

 

 

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

 

 

- Parent company shareholders

-

 

374

 

1

- Treasury shares

-

 

(2)

 

(420)

Dividends paid:

 

 

 

 

 

- Parent company shareholders

(825)

 

(1,928)

 

-

- Non-controlling interests

(103)

 

(76)

 

(21)

Net issuance (repayment) of perpetual subordinated notes

331

 

-

 

-

Payments on perpetual subordinated notes

(22)

 

(134)

 

-

Other transactions with non-controlling interests

(75)

 

(22)

 

-

Net issuance (repayment) of non-current debt

224

 

15,430

 

4,466

Increase (decrease) in current borrowings

(2,343)

 

(6,604)

 

(3,209)

Increase (decrease) in current financial assets and liabilities

730

 

449

 

(310)

Cash flow from (used in) financing activities

(2,083)

 

7,487

 

507

Net increase (decrease) in cash and cash equivalents

367

 

8,038

 

1,882

Effect of exchange rates

499

 

55

 

(1,151)

Cash and cash equivalents at the beginning of the period

29,727

 

21,634

 

26,723

Cash and cash equivalents at the end of the period

30,593

 

29,727

 

27,454

CONSOLIDATED STATEMENT OF CASH FLOW

 

 

 

TOTAL

 

 

 

(unaudited)

 

9 months

 

9 months

(M$)

2020

 

2019

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

Consolidated net income

(8,239)

 

8,789

Depreciation, depletion, amortization and impairment

19,065

 

11,777

Non-current liabilities, valuation allowances and deferred taxes

(1,545)

 

614

(Gains) losses on disposals of assets

(649)

 

(438)

Undistributed affiliates' equity earnings

569

 

(1,350)

(Increase) decrease in working capital

527

 

(1,764)

Other changes, net

(599)

 

458

Cash flow from operating activities

9,129

 

18,086

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

(6,930)

 

(7,795)

Acquisitions of subsidiaries, net of cash acquired

(188)

 

(4,593)

Investments in equity affiliates and other securities

(1,899)

 

(1,448)

Increase in non-current loans

(1,329)

 

(742)

Total expenditures

(10,346)

 

(14,578)

Proceeds from disposals of intangible assets and property, plant and equipment

626

 

226

Proceeds from disposals of subsidiaries, net of cash sold

158

 

145

Proceeds from disposals of non-current investments

392

 

306

Repayment of non-current loans

567

 

649

Total divestments

1,743

 

1,326

Cash flow used in investing activities

(8,603)

 

(13,252)

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

- Parent company shareholders

374

 

451

- Treasury shares

(611)

 

(2,190)

Dividends paid:

 

 

 

- Parent company shareholders

(4,635)

 

(4,765)

- Non-controlling interests

(179)

 

(114)

Net issuance (repayment) of perpetual subordinated notes

331

 

-

Payments on perpetual subordinated notes

(253)

 

(315)

Other transactions with non-controlling interests

(145)

 

(150)

Net issuance (repayment) of non-current debt

15,696

 

8,047

Increase (decrease) in current borrowings

(6,162)

 

(4,698)

Increase (decrease) in current financial assets and liabilities

(1,816)

 

(368)

Cash flow from (used in) financing activities

2,600

 

(4,102)

Net increase (decrease) in cash and cash equivalents

3,126

 

732

Effect of exchange rates

115

 

(1,185)

Cash and cash equivalents at the beginning of the period

27,352

 

27,907

Cash and cash equivalents at the end of the period

30,593

 

27,454

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

TOTAL

(unaudited)

 

Common shares issued

Paid-in surplus
and retained
earnings

Currency
translation
adjustment

 

Treasury
shares

 

Shareholders' equity
- Group
Share

Non-controlling
interests

 

Total shareholders'
equity

(M$)

Number

Amount

 

Number

Amount

 

 

As of January 1, 2019

2,640,602,007

8,227

120,569

(11,313)

 

(32,473,281)

(1,843)

 

115,640

2,474

 

118,114

Net income of the first nine months 2019

-

-

8,667

-

 

-

-

 

8,667

122

 

8,789

Other comprehensive income

-

-

(584)

(1,984)

 

-

-

 

(2,568)

26

 

(2,542)

Comprehensive Income

-

-

8,083

(1,984)

 

-

-

 

6,099

148

 

6,247

Dividend

-

-

(5,781)

-

 

-

-

 

(5,781)

(114)

 

(5,895)

Issuance of common shares

26,388,503

73

1,269

-

 

-

-

 

1,342

-

 

1,342

Purchase of treasury shares

-

-

-

-

 

(40,871,207)

(2,189)

 

(2,189)

-

 

(2,189)

Sale of treasury shares(a)

-

-

(218)

-

 

4,278,158

218

 

-

-

 

-

Share-based payments

-

-

157

-

 

-

-

 

157

-

 

157

Share cancellation

-

-

-

-

 

-

-

 

-

-

 

-

Net issuance (repayment) of
perpetual subordinated notes

-

-

(4)

-

 

-

-

 

(4)

-

 

(4)

Payments on perpetual subordinated notes

-

-

(280)

-

 

-

-

 

(280)

-

 

(280)

Other operations with

non-controlling interests

-

-

-

-

 

-

-

 

-

(150)

 

(150)

Other items

-

-

10

-

 

-

-

 

10

(39)

 

(29)

As of September 30, 2019

2,666,990,510

8,300

123,805

(13,297)

 

(69,066,330)

(3,814)

 

114,994

2,319

 

117,313

Net income of the fourth quarter 2019

-

-

2,600

-

 

-

-

 

2,600

49

 

2,649

Other comprehensive income

-

-

(75)

1,794

 

-

-

 

1,719

42

 

1,761

Comprehensive Income

-

-

2,525

1,794

 

-

-

 

4,319

91

 

4,410

Dividend

-

-

(1,949)

-

 

-

-

 

(1,949)

(1)

 

(1,950)

Issuance of common shares

-

1

(4)

-

 

-

-

 

(3)

-

 

(3)

Purchase of treasury shares

-

-

-

-

 

(11,518,129)

(621)

 

(621)

-

 

(621)

Sale of treasury shares(a)

-

-

(1)

-

 

790

1

 

-

-

 

-

Share-based payments

-

-

50

-

 

-

-

 

50

-

 

50

Share cancellation

(65,109,435)

(178)

(3,244)

-

 

65,109,435

3,422

 

-

-

 

-

Net issuance (repayment) of
perpetual subordinated notes

-

-

-

-

 

-

-

 

-

-

 

-

Payments on perpetual subordinated notes

-

-

(73)

-

 

-

-

 

(73)

-

 

(73)

Other operations with

non-controlling interests

-

-

55

-

 

-

-

 

55

108

 

163

Other items

-

-

6

-

 

-

-

 

6

10

 

16

As of December 31, 2019

2,601,881,075

8,123

121,170

(11,503)

 

(15,474,234)

(1,012)

 

116,778

2,527

 

119,305

Net income of the first nine months 2020

-

-

(8,133)

-

 

-

-

 

(8,133)

(106)

 

(8,239)

Other comprehensive income

-

-

(983)

(772)

 

-

-

 

(1,755)

78

 

(1,677)

Comprehensive Income

-

-

(9,116)

(772)

 

-

-

 

(9,888)

(28)

 

(9,916)

Dividend

-

-

(5,829)

-

 

-

-

 

(5,829)

(234)

 

(6,063)

Issuance of common shares

51,242,950

144

1,470

-

 

-

-

 

1,614

-

 

1,614

Purchase of treasury shares

-

-

-

-

 

(13,236,044)

(611)

 

(611)

-

 

(611)

Sale of treasury shares(a)

-

-

(233)

-

 

4,297,502

233

 

-

-

 

-

Share-based payments

-

-

144

-

 

-

-

 

144

-

 

144

Share cancellation

-

-

-

-

 

-

-

 

-

-

 

-

Net issuance (repayment) of
perpetual subordinated notes

-

-

331

-

 

-

-

 

331

-

 

331

Payments on perpetual subordinated notes

-

-

(227)

-

 

-

-

 

(227)

-

 

(227)

Other operations with

non-controlling interests

-

-

(63)

-

 

-

-

 

(63)

(82)

 

(145)

Other items

-

-

(15)

-

 

-

-

 

(15)

(6)

 

(21)

As of September 30, 2020

2,653,124,025

8,267

107,632

(12,275)

 

(24,412,776)

(1,390)

 

102,234

2,177

 

104,411

(a)Treasury shares related to the restricted stock grants.

 

INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)

 

3rd quarter 2020

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

1,142

1,995

13,607

16,397

1

-

33,142

Intersegment sales

4,248

480

4,167

63

24

(8,982)

-

Excise taxes

-

-

(658)

(5,267)

-

-

(5,925)

Revenues from sales

5,390

2,475

17,116

11,193

25

(8,982)

27,217

Operating expenses

(2,435)

(1,880)

(16,799)

(10,301)

(201)

8,982

(22,634)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,187)

(342)

(678)

(270)

(16)

-

(3,493)

Operating income

768

253

(361)

622

(192)

-

1,090

Net income (loss) from equity affiliates and other items

251

225

(247)

14

(4)

-

239

Tax on net operating income

(243)

(266)

(51)

(187)

3

-

(744)

Net operating income

776

212

(659)

449

(193)

-

585

Net cost of net debt

 

 

 

 

 

 

(404)

Non-controlling interests

 

 

 

 

 

 

21

Net income - group share

 

 

 

 

 

 

202

 

 

 

 

 

 

 

 

3rd quarter 2020 (adjustments)(a)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

-

33

-

-

-

-

33

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

33

-

-

-

-

33

Operating expenses

(51)

(49)

(48)

(6)

-

-

(154)

Depreciation, depletion and impairment of tangible
assets and mineral interests

-

-

(290)

-

-

-

(290)

Operating income (b)

(51)

(16)

(338)

(6)

-

-

(411)

Net income (loss) from equity affiliates and other items

8

(64)

(215)

(6)

-

-

(277)

Tax on net operating income

18

7

(18)

-

-

-

7

Net operating income (b)

(25)

(73)

(571)

(12)

-

-

(681)

Net cost of net debt

 

 

 

 

 

 

29

Non-controlling interests

 

 

 

 

 

 

6

Net income - group share

 

 

 

 

 

 

(646)

 

 

 

 

 

 

 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

(b) Of which inventory valuation effect

 

 

 

 

 

 

 

- On operating income

-

-

95

(5)

-

 

 

- On net operating income

-

-

14

(6)

-

 

 

 

 

 

 

 

 

 

 

3rd quarter 2020 (adjusted)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

1,142

1,962

13,607

16,397

1

-

33,109

Intersegment sales

4,248

480

4,167

63

24

(8,982)

-

Excise taxes

-

-

(658)

(5,267)

-

-

(5,925)

Revenues from sales

5,390

2,442

17,116

11,193

25

(8,982)

27,184

Operating expenses

(2,384)

(1,831)

(16,751)

(10,295)

(201)

8,982

(22,480)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(2,187)

(342)

(388)

(270)

(16)

-

(3,203)

Adjusted operating income

819

269

(23)

628

(192)

-

1,501

Net income (loss) from equity affiliates and other items

243

289

(32)

20

(4)

-

516

Tax on net operating income

(261)

(273)

(33)

(187)

3

-

(751)

Adjusted net operating income

801

285

(88)

461

(193)

-

1,266

Net cost of net debt

 

 

 

 

 

 

(433)

Non-controlling interests

 

 

 

 

 

 

15

Adjusted net income - group share

 

 

 

 

 

 

848

 

 

 

 

 

 

 

 

3rd quarter 2020

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

1,291

874

317

185

20

 

2,687

Total divestments

362

380

17

25

2

 

786

Cash flow from operating activities

2,043

654

1,027

1,033

(406)

 

4,351

 

INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)

 

 

 

 

 

 

 

 

 

2nd quarter 2020

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

992

3,313

9,433

11,986

6

-

25,730

Intersegment sales

3,097

301

2,956

107

31

(6,492)

-

Excise taxes

-

-

(469)

(3,699)

-

-

(4,168)

Revenues from sales

4,089

3,614

11,920

8,394

37

(6,492)

21,562

Operating expenses

(2,405)

(3,406)

(10,895)

(7,931)

(315)

6,492

(18,460)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(9,667)

(1,282)

(393)

(229)

(22)

-

(11,593)

Operating income

(7,983)

(1,074)

632

234

(300)

-

(8,491)

Net income (loss) from equity affiliates and other items

17

21

(35)

22

40

-

65

Tax on net operating income

398

322

(132)

(127)

(26)

-

435

Net operating income

(7,568)

(731)

465

129

(286)

-

(7,991)

Net cost of net debt

 

 

 

 

 

 

(431)

Non-controlling interests

 

 

 

 

 

 

53

Net income - group share

 

 

 

 

 

 

(8,369)

 

 

 

 

 

 

 

 

2nd quarter 2020 (adjustments)(a)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

-

(18)

-

-

-

-

(18)

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

(18)

-

-

-

-

(18)

Operating expenses

(27)

(199)

(48)

5

(36)

-

(305)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(7,338)

(953)

-

-

-

-

(8,291)

Operating income (b)

(7,365)

(1,170)

(48)

5

(36)

-

(8,614)

Net income (loss) from equity affiliates and other items

(57)

(217)

(63)

(5)

-

-

(342)

Tax on net operating income

63

330

1

-

12

-

406

Net operating income (b)

(7,359)

(1,057)

(110)

-

(24)

-

(8,550)

Net cost of net debt

 

 

 

 

 

 

33

Non-controlling interests

 

 

 

 

 

 

22

Net income - group share

 

 

 

 

 

 

(8,495)

 

 

 

 

 

 

 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

(b) Of which inventory valuation effect

 

 

 

 

 

 

 

- On operating income

-

-

(26)

(16)

-

 

 

- On net operating income

-

-

(86)

(9)

-

 

 

 

 

 

 

 

 

 

 

2nd quarter 2020 (adjusted)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

992

3,331

9,433

11,986

6

-

25,748

Intersegment sales

3,097

301

2,956

107

31

(6,492)

-

Excise taxes

-

-

(469)

(3,699)

-

-

(4,168)

Revenues from sales

4,089

3,632

11,920

8,394

37

(6,492)

21,580

Operating expenses

(2,378)

(3,207)

(10,847)

(7,936)

(279)

6,492

(18,155)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(2,329)

(329)

(393)

(229)

(22)

-

(3,302)

Adjusted operating income

(618)

96

680

229

(264)

-

123

Net income (loss) from equity affiliates and other items

74

238

28

27

40

-

407

Tax on net operating income

335

(8)

(133)

(127)

(38)

-

29

Adjusted net operating income

(209)

326

575

129

(262)

-

559

Net cost of net debt

 

 

 

 

 

 

(464)

Non-controlling interests

 

 

 

 

 

 

31

Adjusted net income - group share

 

 

 

 

 

 

126

 

 

 

 

 

 

 

 

2nd quarter 2020

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

1,606

1,170

307

174

21

 

3,278

Total divestments

204

89

22

26

9

 

350

Cash flow from operating activities

910

1,389

1,080

819

(719)

 

3,479

 

INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)

 

 

 

 

 

 

 

 

 

3rd quarter 2019

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

1,631

3,667

21,338

21,951

2

-

48,589

Intersegment sales

7,761

573

8,341

155

15

(16,845)

-

Excise taxes

-

-

(713)

(5,338)

-

-

(6,051)

Revenues from sales

9,392

4,240

28,966

16,768

17

(16,845)

42,538

Operating expenses

(3,999)

(3,558)

(27,518)

(15,963)

(163)

16,845

(34,356)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(3,136)

(361)

(413)

(247)

(16)

-

(4,173)

Operating income

2,257

321

1,035

558

(162)

-

4,009

Net income (loss) from equity affiliates and other items

77

898

5

(15)

9

-

974

Tax on net operating income

(1,094)

(222)

(221)

(164)

70

-

(1,631)

Net operating income

1,240

997

819

379

(83)

-

3,352

Net cost of net debt

 

 

 

 

 

 

(507)

Non-controlling interests

 

 

 

 

 

 

(45)

Net income - group share

 

 

 

 

 

 

2,800

 

 

 

 

 

 

 

 

3rd quarter 2019 (adjustments)(a)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

-

12

-

-

-

-

12

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

12

-

-

-

-

12

Operating expenses

(100)

(41)

(96)

22

-

-

(215)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(153)

(9)

(22)

(2)

-

-

(186)

Operating income (b)

(253)

(38)

(118)

20

-

-

(389)

Net income (loss) from equity affiliates and other items

(90)

599

(23)

(53)

-

-

433

Tax on net operating income

(151)

(138)

8

(1)

-

-

(282)

Net operating income (b)

(494)

423

(133)

(34)

-

-

(238)

Net cost of net debt

 

 

 

 

 

 

(4)

Non-controlling interests

 

 

 

 

 

 

25

Net income - group share

 

 

 

 

 

 

(217)

 

 

 

 

 

 

 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

(b) Of which inventory valuation effect

 

 

 

 

 

 

 

- On operating income

-

-

(94)

25

-

 

 

- On net operating income

-

-

(90)

19

-

 

 

 

 

 

 

 

 

 

 

3rd quarter 2019 (adjusted)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

1,631

3,655

21,338

21,951

2

-

48,577

Intersegment sales

7,761

573

8,341

155

15

(16,845)

-

Excise taxes

-

-

(713)

(5,338)

-

-

(6,051)

Revenues from sales

9,392

4,228

28,966

16,768

17

(16,845)

42,526

Operating expenses

(3,899)

(3,517)

(27,422)

(15,985)

(163)

16,845

(34,141)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(2,983)

(352)

(391)

(245)

(16)

-

(3,987)

Adjusted operating income

2,510

359

1,153

538

(162)

-

4,398

Net income (loss) from equity affiliates and other items

167

299

28

38

9

-

541

Tax on net operating income

(943)

(84)

(229)

(163)

70

-

(1,349)

Adjusted net operating income

1,734

574

952

413

(83)

-

3,590

Net cost of net debt

 

 

 

 

 

 

(503)

Non-controlling interests

 

 

 

 

 

 

(70)

Adjusted net income - group share

 

 

 

 

 

 

3,017

 

 

 

 

 

 

 

 

3rd quarter 2019

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

2,077

4,331

386

276

25

 

7,095

Total divestments

23

192

14

30

5

 

264

Cash flow from operating activities

5,007

401

1,575

1,483

(260)

 

8,206

INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)

 

 

 

 

 

 

 

 

 

9 months 2020

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

3,716

10,398

41,563

47,058

7

-

102,742

Intersegment sales

12,909

1,375

13,218

259

83

(27,844)

-

Excise taxes

-

-

(1,777)

(13,609)

-

-

(15,386)

Revenues from sales

16,625

11,773

53,004

33,708

90

(27,844)

87,356

Operating expenses

(8,483)

(10,278)

(52,535)

(32,031)

(763)

27,844

(76,246)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(14,498)

(1,958)

(1,466)

(743)

(56)

-

(18,721)

Operating income

(6,356)

(463)

(997)

934

(729)

-

(7,611)

Net income (loss) from equity affiliates and other items

691

645

(339)

46

160

-

1,203

Tax on net operating income

(299)

64

152

(346)

5

-

(424)

Net operating income

(5,964)

246

(1,184)

634

(564)

-

(6,832)

Net cost of net debt

 

 

 

 

 

 

(1,407)

Non-controlling interests

 

 

 

 

 

 

106

Net income - group share

 

 

 

 

 

 

(8,133)

 

 

 

 

 

 

 

 

9 months 2020 (adjustments)(a)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

-

17

-

-

-

-

17

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

17

-

-

-

-

17

Operating expenses

(88)

(367)

(1,685)

(347)

(91)

-

(2,578)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(7,338)

(953)

(290)

-

-

-

(8,581)

Operating income (b)

(7,426)

(1,303)

(1,975)

(347)

(91)

-

(11,142)

Net income (loss) from equity affiliates and other items

79

(356)

(486)

(11)

-

-

(774)

Tax on net operating income

88

381

408

100

12

-

989

Net operating income (b)

(7,259)

(1,278)

(2,053)

(258)

(79)

-

(10,927)

Net cost of net debt

 

 

 

 

 

 

(39)

Non-controlling interests

 

 

 

 

 

 

78

Net income - group share

 

 

 

 

 

 

(10,888)

 

 

 

 

 

 

 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

(b) Of which inventory valuation effect

 

 

 

 

 

 

 

- On operating income

-

-

(1,509)

(239)

-

 

 

- On net operating income

-

-

(1,357)

(169)

-

 

 

 

 

 

 

 

 

 

 

9 months 2020 (adjusted)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

3,716

10,381

41,563

47,058

7

-

102,725

Intersegment sales

12,909

1,375

13,218

259

83

(27,844)

-

Excise taxes

-

-

(1,777)

(13,609)

-

-

(15,386)

Revenues from sales

16,625

11,756

53,004

33,708

90

(27,844)

87,339

Operating expenses

(8,395)

(9,911)

(50,850)

(31,684)

(672)

27,844

(73,668)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(7,160)

(1,005)

(1,176)

(743)

(56)

-

(10,140)

Adjusted operating income

1,070

840

978

1,281

(638)

-

3,531

Net income (loss) from equity affiliates and other items

612

1,001

147

57

160

-

1,977

Tax on net operating income

(387)

(317)

(256)

(446)

(7)

-

(1,413)

Adjusted net operating income

1,295

1,524

869

892

(485)

-

4,095

Net cost of net debt

 

 

 

 

 

 

(1,368)

Non-controlling interests

 

 

 

 

 

 

28

Adjusted net income - group share

 

 

 

 

 

 

2,755

 

 

 

 

 

 

 

 

9 months 2020

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

4,556

4,335

850

519

86

 

10,346

Total divestments

687

813

118

97

28

 

1,743

Cash flow from operating activities

6,876

1,554

924

1,453

(1,678)

 

9,129

INFORMATION BY BUSINESS SEGMENT
TOTAL
(unaudited)

 

 

 

 

 

 

 

 

9 months 2019

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

5,698

13,875

65,558

65,901

4

-

151,036

Intersegment sales

23,063

1,832

24,651

456

78

(50,080)

-

Excise taxes

-

-

(2,250)

(15,922)

-

-

(18,172)

Revenues from sales

28,761

15,707

87,959

50,435

82

(50,080)

132,864

Operating expenses

(12,233)

(13,845)

(84,020)

(48,141)

(569)

50,080

(108,728)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(8,352)

(1,004)

(1,176)

(717)

(51)

-

(11,300)

Operating income

8,176

858

2,763

1,577

(538)

-

12,836

Net income (loss) from equity affiliates and other items

444

1,939

265

86

36

-

2,770

Tax on net operating income

(3,679)

(845)

(467)

(498)

194

-

(5,295)

Net operating income

4,941

1,952

2,561

1,165

(308)

-

10,311

Net cost of net debt

 

 

 

 

 

 

(1,522)

Non-controlling interests

 

 

 

 

 

 

(122)

Net income - group share

 

 

 

 

 

 

8,667

 

 

 

 

 

 

 

 

9 months 2019 (adjustments)(a)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

-

(74)

-

-

-

-

(74)

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

(74)

-

-

-

-

(74)

Operating expenses

(100)

(153)

353

62

-

-

162

Depreciation, depletion and impairment of tangible
assets and mineral interests

(196)

(20)

(32)

(2)

-

-

(250)

Operating income (b)

(296)

(247)

321

60

-

-

(162)

Net income (loss) from equity affiliates and other items

(90)

1,012

(70)

(60)

-

-

792

Tax on net operating income

(151)

(408)

(113)

(14)

-

-

(686)

Net operating income (b)

(537)

357

138

(14)

-

-

(56)

Net cost of net debt

 

 

 

 

 

 

(12)

Non-controlling interests

 

 

 

 

 

 

72

Net income - group share

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

(b) Of which inventory valuation effect

 

 

 

 

 

 

 

- On operating income

-

-

392

65

-

 

 

- On net operating income

-

-

254

46

-

 

 

 

 

 

 

 

 

 

 

9 months 2019 (adjusted)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Non-Group sales

5,698

13,949

65,558

65,901

4

-

151,110

Intersegment sales

23,063

1,832

24,651

456

78

(50,080)

-

Excise taxes

-

-

(2,250)

(15,922)

-

-

(18,172)

Revenues from sales

28,761

15,781

87,959

50,435

82

(50,080)

132,938

Operating expenses

(12,133)

(13,692)

(84,373)

(48,203)

(569)

50,080

(108,890)

Depreciation, depletion and impairment of tangible
assets and mineral interests

(8,156)

(984)

(1,144)

(715)

(51)

-

(11,050)

Adjusted operating income

8,472

1,105

2,442

1,517

(538)

-

12,998

Net income (loss) from equity affiliates and other items

534

927

335

146

36

-

1,978

Tax on net operating income

(3,528)

(437)

(354)

(484)

194

-

(4,609)

Adjusted net operating income

5,478

1,595

2,423

1,179

(308)

-

10,367

Net cost of net debt

 

 

 

 

 

 

(1,510)

Non-controlling interests

 

 

 

 

 

 

(194)

Adjusted net income - group share

 

 

 

 

 

 

8,663

 

 

 

 

 

 

 

 

9 months 2019

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

6,359

6,306

1,034

803

76

 

14,578

Total divestments

112

766

253

187

8

 

1,326

Cash flow from operating activities

12,711

1,934

2,695

2,326

(1,580)

 

18,086

Reconciliation of the information by business segment with Consolidated Financial Statements
TOTAL
(unaudited)

3rd quarter 2020
(M$)

Adjusted

 

Adjustments(a)

 

Consolidated
statement
of income

Sales

33,109

 

33

 

33,142

Excise taxes

(5,925)

 

-

 

(5,925)

Revenues from sales

27,184

 

33

 

27,217

 

 

 

 

 

 

Purchases net of inventory variation

(16,942)

 

57

 

(16,885)

Other operating expenses

(5,399)

 

(211)

 

(5,610)

Exploration costs

(139)

 

-

 

(139)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,203)

 

(290)

 

(3,493)

Other income

310

 

147

 

457

Other expense

(115)

 

(166)

 

(281)

 

 

 

 

 

 

Financial interest on debt

(549)

 

2

 

(547)

Financial income and expense from cash & cash equivalents

49

 

40

 

89

Cost of net debt

(500)

 

42

 

(458)

 

 

 

 

 

 

Other financial income

134

 

-

 

134

Other financial expense

(165)

 

-