Skip to main content
  • 0.7 %
    Share capital 31/03/2017
  • 768 EUR M
    Value of the stake 31/03/2017
  • 1.3 %
    Voting rights 31/03/2017
  • 1
    Number of representatives in statutory bodies 26/05/2017
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

Performance in 2016

Oil prices were very volatile in 2016, showing a drop of 17% in annual average. Nevertheless, Total was resilient in this difficult environment, posting adjusted net income of USD 8.3 billion, a 21% drop compared with 2015.
The Upstream result was impacted by the drop in the price of crude oil, partially offset by an increase in the group’s production (+ 5%), a decrease in operating costs and a lower average tax rate. Results for Refining-Chemicals were down, primarily due to the 30% decline in refining margins. Excluding renewable energy, results for the Marketing & Services segment were stable despite the disposal of assets in Turkey.
The exceptional asset impairments reflect the deterioration of the environment and had a negative impact of USD 2.1 billion on net income. The reduction in investments to USD 18.3 billion and cost reductions of USD 2.8 billion exceeded the announced objectives of USD 19 billion and USD 2.4 billion for 2016. The debt-equity ratio is declining thanks to the disposal of non-strategic assets.


Total is expecting hydrocarbon prices to remain volatile during the 2017 financial year. As a result, the company is continuing its efforts to limit expenditures, the target being USD 3.5 billion in savings in 2017 in order to reach a cost of USD 5.5/BOE. Investments should reach their long-term level to ensure profitable future growth between USD 16 and USD 17 billion in 2017, including the resource acquisitions by the group. The breakeven point will continue to drop and settle at under USD 40/b prior to the dividend payment. At USD 50/b, the operating cash flow will cover investments and the cash portion of the dividend. The end of the discount on scrip dividends is planned for the time when oil prices settle at USD 60/b.


Board of Directors (1/12*) Remuneration Committee (1/3*) Audit Committee (1/3*)
Member Member Member
* Number of GBL's representatives in statutory bodies in relation to the total number of members