Skip to main content
  • 0.61%
    Share capital 30/09/2018
  • 905 EUR M
    Value of the stake 30/09/2018
  • 1.15%
    Voting rights 30/09/2018
  • 1
    Number of representatives in statutory bodies 30/09/2018
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.

Performance in 2017

Brent rose to USD 54/b on average in 2017 from USD 44/b in 2016 while remaining volatile. The group demonstrated its ability to capture the benefit of higher prices by reporting adjusted net income of USD 10.6 billion, a 28% increase (compared to a 24% increase in Brent), from 2016, and a return on equity above 10%, the highest among the majors. The Upstream, in particular, increased its results by more than 80% and its operating cash flow by close to 40%.

Financial discipline was successfully maintained. Organic investments were USD 14.4 billion, in line with guidance of USD 13-15 billion, and cost savings reached USD 3.7 billion in 2017, exceeding the target of USD 3.5 billion. Production costs fell to USD 5.4/boe in 2017 from USD 9.9/boe in 2014.

These strong results were driven by production growth (5% in 2017), notably the start-up of Moho-Nord in the Republic of Congo, the ramp-up of Kashagan in Kazakhstan and the entry into Al-Shaheen in Qatar. The Downstream confirmed its ability to generate around USD 7 billion of operating cash flow and reported a return on capital employed of more than 30%.

In Exploration & Production, the group is preparing for future growth with the announced acquisition of Maersk Oil. In the framework of its integrated gas strategy, it announced the acquisition of the LNG business of Engie to take full advantage of the fast-growing LNG market.

The strategy implemented since 2015 has enabled the group to reduce, in 2017, its pre-dividend organic breakeven to USD 27/b and generate USD 22 billion of debt-adjusted cash flow. The group continued to strengthen its balance sheet, ending the year with a 14% gearing, a significant decrease compared to 2016.

In this context, the Board of Directors decided to eliminate the discount on the scrip dividend and to propose a new attractive shareholder return policy for the coming three years.

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


Remuneration Committee (1/5*) Board of Directors (1/12*) Audit Committee (1/4*)
Member Member
* Number of GBL's representatives in statutory bodies in relation to the total number of members. Governance information is dated 31/12/2017, except where superseded by more recent public disclosures.