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  • 0.60 %
    Share capital 30/09/2017
  • 736 EUR M
    Value of the stake 30/09/2017
  • 1.2 %
    Voting rights 30/09/2017
  • 1
    Number of representatives in statutory bodies 30/09/2017
Investment Year 1989 Investment history

Total is one of the leading global oil and gas groups. The company operates in more than 130 countries and covers every oil industry segment, from Upstream to Downstream. Total is also a major player in chemicals and is committed to the development of renewable energy.

Investment case

Total outperformed its peers and demonstrated its resilience in a difficult environment:

  • Integrated model, from exploration to the final customer.
  • Operational excellence for all its activities.
  • Disciplined approach to costs and investments.
  • Oil activity with low breakeven point.
  • Development of gas activities.
  • Objective of becoming the major player in responsible energy to meet energy challenges.

Within the framework of its portfolio rotation strategy, GBL had reduced its position to 0.7% of the capital at end December 2016:

  • De-concentration of the risks relating to energy and commodities.
  • Geographic diversification of the portfolio.
  • Diversification of dividend sources.

Half-year results 2017

  • The environment was characterised by a 30% and 14% increase in the price of Brent and in refining margins respectively, while the dollar weakened compared to the euro.
  • In this context, the adjusted net operating income from business segments rose by 25% to USD 5.5 billion with substantial growth in Exploration - Production (+ 92%) and Gas, Renewables & Power (+ 34%). Adjusted net income (group share) and adjusted fully-diluted earnings per share rose by 32% and 29% respectively. ROACE grew to 8.1%.
  • Net debt fell over the half year, resulting in a debt ratio of 20.3%.

Outlook for 2017

Total is continuing its efforts to reduce its break-even point. The results of the cost reduction programme make it possible to confirm the target of USD 3.5 billion for 2017, and the decrease in production costs to USD 5.5/barrel in 2017 and then USD 5.0/barrel in 2018. In the Upstream segment, annual growth in production should be above 4% in 2017. In the Downstream segment, the refining and petrochemicals margins remain favourable at the start of the third quarter. Organic investments will amount to between USD 14 and 15 billion.


Board of Directors (1/12*) Remuneration Committee (1/4*) Audit Committee (1/4*)
Member Member Member
* Number of GBL's representatives in statutory bodies in relation to the total number of members