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Total S.A.
TOT.NISIN: US89151E1091SEDOL: 2898032 |
Rating: SELL |
Target Price: 46.36 USD |
Investment Horizon: 6 to 12 months |
1Q 09 News Alert
Total S.A. (Total) reported a decline in its 1Q 09 revenues due to lower crude oil prices and production restrictions imposed by OPEC in 1Q 09. Going forward, we expect the company to benefit from its various project start-ups in FY 2009, which will support its hydrocarbon production. Also, lower crude oil prices will benefit Total's operating margin over our investment horizon of 6-12 months. Therefore, based on our fundamental outlook and current price levels, we maintain…
Company News Alert
Total S.A. (Total) has sweetened its bid to acquire Canada based oil exploration company, UTS Energy Corporation (UTS), by 35%. The company is aggressively looking to increase its oil reserve base in order to improve future hydrocarbon production. As the UTS major shareholders still view the offer as inadequate, we expect Total to raise the offer again as the deal would lead to the acquisition of a significant reserve base for the company....
4Q 08 & FY 2008 Update Report
The company has some major project start-ups scheduled for FY 2009, such as the deep offshore Akpo project located in Nigeria (Production capacity: 225 thousand barrels of oil equivalent per day [boepd], Total’s share: 24%) and the Yemen LNG project located in Yemen (Production capacity: 190 thousand boepd, Total’s share: 39.6%). However, we expect the increase in the company’s upstream production…
4Q 08 News Alert
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Total S.A. (Total) recorded a weak performance in 4Q 08 as a decline in international crude oil prices and lower refined oil products sales impacted its performance during the quarter. Going forward, we expect that sustained lows in refined oil product demand and crude oil prices will continue to weigh on the company’s top-line in FY 2009. However, it’s operating margin will likely benefit from lower…
Company News Alert
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Total S.A. (Total) has made a public offer to acquire Canada based oil exploration company, UTS Energy Corporation (UTS) for a sum of C$616.4 bn. If it materializes, the deal will significantly raise the company’s current reserve base in line with its strategy to secure long term hydrocarbon production. This coupled with the company’s various…
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