Total S.A. Oil & Gas Exploration and Production Operations and Cost Analysis Q1, 2015

Transcription

1 Total S.A. Oil & Gas Exploration and Production Operations and Cost Analysis Q1, 2015 Publication Date: MAY 2015 Source: Page 1

2 Table of Contents Table of Contents... 2 List of Tables... 4 List of Figures... 5 Company Snapshot... 7 Key Information... 7 Company Overview... 7 Total S.A., Valuation and Financial Data... 8 Total S.A., Share Price Performance... 8 Share Price Performance, Q1, 2014-Q1, Total S.A., Key Valuation Metrics... 9 Key Valuation Metrics, Q1, 2014-Q1, Total S.A., Quarterly Results of Oil & Gas Operations Per boe Produced Results of Oil & Gas Operations Per boe Produced, Q1, 2014-Q1, Total S.A., Quarterly Production Trends Total S.A., Total Oil and Gas Production Total Crude Oil and Natural Gas Production Trend, Q1, 2014-Q1, Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2014-Q1, Total S.A., Crude Oil Production Total Crude Oil Production Trend, Q1, 2014-Q1, Crude Oil Production, By Country/Region, Q1, 2014-Q1, Total S.A., Natural Gas Production Total Natural Gas Production Trend, Q1, 2014-Q1, Natural Gas Production, By Country/Region, Q1, 2014-Q1, Total S.A., Valuation and Financial Data, Total S.A., Share Price Performance, Share Price Performance, Key Valuation Metrics, Total S.A., Production and Reserves Trends Total Oil and Gas, Reserves and Production Total Crude Oil and Natural Gas Production and Reserves Trend, Total Crude Oil & Natural Gas Production and Reserves By Country/Region, Total Crude Oil and Natural Gas Reserve Changes, Crude Oil/Liquids Production and Reserve Crude Oil/Liquids Production and Reserve Trend, Crude Oil Production and Reserves By Country/Region, Crude Oil/Liquids Reserve Changes, Natural Gas Production and Reserve Natural Gas Production and Reserve Trend, Natural Gas Production and Reserves, By Country/Region, Natural Gas Reserve Changes, Total Crude Oil and Natural Gas Reserves Life Index Total Crude Oil and Natural Gas Reserves Life Index, Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, Total S.A., E&P Costs Trends Allocation of the Upstream Capital Expenditure Upstream Capital Expenditure, Source: Page 2

3 Acquisition Costs By Country/Region, Exploration and Development Costs, By Country/Region, Oil and Gas Cost Per boe, US$/boe Oil and Gas Cost Per boe, US$/boe, Oil and Gas Cost Per boe, US$/boe, By Country/Region, Total S.A., Reserve Replacement Ratio Oil and Gas Production Replacement Ratio Oil and Gas Production Replacement Ratio, Oil and Gas Production Replacement Ratio, By Country/Region, Total S.A., Results of Oil & Gas Operations Trend Oil and Gas Revenue and Expenses Oil and Gas Revenue and Expenses, Oil and Gas Revenue and Expenses, By Country/Region, Oil and Gas Revenue and Expenses, Per boe Oil and Gas Revenue and Expenses, By boe, Oil and Gas Revenue and Expenses Per boe, By Country/Region, Oil and Gas Performance Metrics Total S.A., Land Holdings and Well Data Developed and Undeveloped Acreage Gross and Net Developed and Undeveloped Acreage, Gross and Net Developed and Undeveloped Acreage, By Country/Region, Well Statistics Producible Oil and Gas Well, Producible Oil and Gas Well, By Country/Region, Exploration and Development Wells Drilled, Exploration and Development Wells Drilled, By Country/Region, Recent Developments Total S.A. - Recent Developments May 27, 2015: Angola: Total Produces Two Billion Barrels On Deep Offshore Block May 27, 2015: Total Reaches The Two-Billion-Barrel Mark In Block May 20, 2015: NVTK Terneftegas Launches The Termokarstovoye Field May 20, 2015: Total: Russia: Termokarstovoye Gas Field Brought On Stream In Northern Siberia May 19, 2015: Rowan Provides Fleet Contract Status Update: May 19, May 18, 2015: Inpex To Commission Ichthys LNG Project Worth $34bn In Late May 07, 2015: Total E&P Says Britain's Bacton Seal Terminal Ramps Up Gas Flow After Unplanned Outage May 05, 2015: DNV GL Establishes Recommended Practice To Manage Wellhead Fatigue Analysis May 04, 2015: Germany's first hydrogen filling station on the autobahn opens Apr 28, 2015: Somo Says Its Partners May Start Supplying Basra Heavy Crude From June Appendix Methodology Coverage Secondary Research Primary Research Data Information Sources Company Source SEC/Other Regulatory Filings Other Sources Expert Panel Validation Source: Page 3

4 Data Definition Oil and Gas Reserves Units of Measure About GlobalData Disclosure Disclaimer List of Tables Table 1: Total S.A., Key Facts... 7 Table 2: Total S.A., Share Price Performance, Q1, 2014-Q1, Table 3: Total S.A., Key Valuation Metrics, Q1, 2014-Q1, Table 4: Total S.A., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2014-Q1, Table 5: Total S.A., Total Crude Oil and Natural Gas, Production, Q1, 2014-Q1, Table 6: Total S.A., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2014-Q1, Table 7: Total S.A., Total Crude Oil Production, mmbbl, Q1, 2014-Q1, Table 8: Total S.A., Crude Oil Production, By Country/Region, mmbbl, Q1, 2014-Q1, Table 9: Total S.A., Total Natural Gas Production, bcf, Q1, 2014-Q1, Table 10: Total S.A., Natural Gas Production, By Country/Region, bcf, Q1, 2014-Q1, Table 11: Total S.A., Share Price Performance, Table 12: Total S.A., Key Valuation Metrics, Table 13: Total S.A., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, Table 14: Total S.A., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, Table 15: Total S.A., Total Crude Oil and Natural Gas Reserve Changes, mmboe, Table 16: Total S.A., Crude Oil Production and Reserves Metrics, mmbbl, Table 17: Total S.A., Crude Oil Production and Reserves, By Country/Region, mmbbl, Table 18: Total S.A., Crude Oil Reserve Changes, mmbbl, Table 19: Total S.A., Natural Gas Production and Reserves Metrics, bcf, Table 20: Total S.A., Natural Gas Production and Reserves, By Country/Region, bcf, Table 21: Total S.A., Natural Gas Reserve Changes, bcf, Table 22: Total S.A., Oil and Gas Reserves Life Index, Years, Table 23: Total S.A., Oil and Gas Reserves Life Index, By Country/Region, Years, Table 24: Total S.A., Upstream Capital Expenditure, US$ mil, Table 25: Total S.A., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, Table 26: Total S.A., Exploration and Development Costs, By Country/Region, US$ mil, Table 27: Total S.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, Table 28: Total S.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, Table 29: Total S.A., Oil and Gas Production Replacement Ratio, %, Table 30: Total S.A., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, Table 31: Total S.A., Revenue and Expenses, US$ mil, Table 32: Total S.A., Revenue and Expenses, By Country/Region, US$ mil, Table 33: Total S.A., Oil and Gas Revenue and Expenses, US$/boe, Table 34: Total S.A., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, Table 35: Total S.A., Oil and Gas Performance Metrics, Table 36: Total S.A., Land Holdings (Developed and Undeveloped Acreage), Acres, Table 37: Total S.A., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, Source: Page 4

5 Table 38: Total S.A., Producible Oil and Gas Wells, Table 39: Total S.A., Producible Oil and Gas Wells, By Country/Region, Table 40: Total S.A., Exploratory and Developed Wells, Table 41: Total S.A., Exploratory and Developed Wells, By Country/Region, List of Figures Figure 1: Total S.A., Share Price Performance, EUR/Share, Q1, 2014-Q1, Figure 2: Total S.A., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2014-Q1, Figure 3: Total S.A., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2014-Q1, Figure 4: Total S.A., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2014-Q1, Figure 5: Total S.A., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2014-Q1, Figure 6: Total S.A., Total Crude Oil Production, mmbbl, Q1, 2014-Q1, Figure 7: Total S.A., Crude Oil Production, By Country/Region, mmbbl, Q1, 2014-Q1, Figure 8: Total S.A., Total Natural Gas Production, bcf, Q1, 2014-Q1, Figure 9: Total S.A., Natural Gas Production, By Country/Region, bcf, Q1, 2014-Q1, Figure 10: Total S.A., Share Price Performance, EUR/Share, Figure 11: Total S.A., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), Figure 12: Total S.A., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, Figure 13: Total S.A., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, Figure 14: Total S.A., Total Oil & Gas Production, By Country/Region, mmboe, Figure 15: Total S.A., Total Crude Oil and Natural Gas Reserve Changes, mmboe, Figure 16: Total S.A., Crude Oil Production and Reserves Metrics, mmbbl, Figure 17: Total S.A., Oil Reserves, End of Period, By Country/Region, mmbbl, Figure 18: Total S.A., Oil Production, By Country/Region, mmbbl, Figure 19: Total S.A., Crude Oil Reserve Changes, mmbbl, Figure 20: Total S.A., Natural Gas Production and Reserves Metrics, bcf, Figure 21: Total S.A., Gas Reserves, End of Period, By Country/Region, bcf, Figure 22: Total S.A., Gas Production, By Country/Region, bcf, Figure 23: Total S.A., Natural Gas Reserve Changes, bcf, Figure 24: Total S.A., Oil and Gas Reserves Life Index, Years, Figure 25: Total S.A., Gas Reserve Life Index, By Country/Region, Ratio, Figure 26: Total S.A., Oil & Gas Reserve Life Index, By Country/Region, Ratio, Figure 27: Total S.A., Oil Reserve Life Index, By Country/Region, Ratio, Figure 28: Total S.A., Upstream Capital Expenditure, US$ mil, Figure 29: Total S.A., Proved Acquisition Costs, By Country/Region, US$ mil, Figure 30: Total S.A., Unproved Acquisition Costs, By Country/Region, US$ mil, Figure 31: Total S.A., Development Costs, By Country/Region, US$ mil, Figure 32: Total S.A., Exploration Costs, By Country/Region, US$ mil, Figure 33: Total S.A., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, Figure 34: Total S.A., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, Figure 35: Total S.A., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, Figure 36: Total S.A., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, Figure 37: Total S.A., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, Figure 38: Total S.A., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, Figure 39: Total S.A., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, Figure 40: Total S.A., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, Source: Page 5

6 Figure 41: Total S.A., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, Figure 42: Total S.A., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, Figure 43: Total S.A., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, Figure 44: Total S.A., Revenue and Expenses, US$ mil, Figure 45: Total S.A., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, Figure 46: Total S.A., Exploration Expenses, By Country/Region, US$ mil, Figure 47: Total S.A., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, Figure 48: Total S.A., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, Figure 49: Total S.A., Oil & Gas Revenue, By Country/Region, US$ mil, Figure 50: Total S.A., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, Figure 51: Total S.A., Production Costs, By Country/Region, US$ mil, Figure 52: Total S.A., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, Figure 53: Total S.A., Oil and Gas Revenue and Expenses, US$/boe, Figure 54: Total S.A., Exploration Expenses per boe, By Country/Region, US$/boe, Figure 55: Total S.A., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, Figure 56: Total S.A., Lifting Cost per boe, By Country/Region, US$/boe, Figure 57: Total S.A., Annual Net Income per boe, By Country/Region, US$/boe, Figure 58:Total S.A., Oil & Gas Revenue per boe, By Country/Region, US$/boe, Figure 59: Total S.A., Total DD&A per boe, By Country/Region, US$/boe, Figure 60: Total S.A., Total Revenue per boe, By Country/Region, US$/boe, Figure 61: Total S.A., Oil and Gas Performance Metrics, Figure 62: Total S.A., Land Holdings (Developed and Undeveloped Acreage), Acres, Figure 63: Total S.A., Total Gross Undeveloped Acreage, By Country/Region, Acres, Figure 64: Total S.A., Total Net Undeveloped Acreage, By Country/Region, Acres, Figure 65: Total S.A., Total Gross Developed Acreage, By Country/Region, Acres, Figure 66: Total S.A., Total Net Developed Acreage, By Country/Region, Acres, Figure 67: Total S.A., Producible Oil and Gas Wells, Figure 68: Total S.A., Gross Productive Gas Wells, By Country/Region, Number, Figure 69: Total S.A., Gross Productive Oil & Gas Wells, By Country/Region, Number, Figure 70: Total S.A., Gross Productive Oil Wells, By Country/Region, Number, Figure 71: Total S.A., Net/Gross Oil & Gas Ratio, By Country/Region, %, Figure 72: Total S.A., Net Productive Gas Wells, By Country/Region, Number, Figure 73: Total S.A., Net Productive Oil & Gas Wells, By Country/Region, Number, Figure 74: Total S.A., Net Productive Oil Wells, By Country/Region, Number, Figure 75: Total S.A., Exploratory and Developed Wells, Source: Page 6

7 Company Snapshot Key Information Table 1: Total S.A., Key Facts Web Address Financial year-end Number of Employees EPA Source: GlobalData Company Overview Total S.A. (Total) is an integrated global oil and gas company. It is actively involves in a wide range of activities including drilling, oil and gas production, processing, transportation, refining and petrochemicals, storage and distribution petroleum products and specialty chemicals. Besides it also operates in the power generation and renewable energy sectors. Total conducts its operations through three business segments, namely, Upstream; Refining and Chemicals; and Marketing and Services. Upstream segment includes the activities of exploration and production (E&P), and gas and power. Refining & Chemicals segment includes the company s refining, petrochemicals, and specialty chemicals businesses. Its Marketing & Services segment includes worldwide supply and marketing activities in the oil products field and new energies. The company has operations in more than 130 countries. Total is headquartered in Courbevoie, France Source: Page 7

8 Total S.A., Valuation and Financial Data Total S.A., Share Price Performance Share Price Performance, Q1, 2014-Q1, 2015 Figure 1: Total S.A., Share Price Performance, EUR/Share, Q1, 2014-Q1, 2015 Source: GlobalData Table 2: Total S.A., Share Price Performance, Q1, 2014-Q1, 2015 Parameter Q Q Q Q Q Source: GlobalData Source: Page 8

9 Total S.A., Key Valuation Metrics Key Valuation Metrics, Q1, 2014-Q1, 2015 Figure 2: Total S.A., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2014-Q1, 2015 Source: GlobalData Table 3: Total S.A., Key Valuation Metrics, Q1, 2014-Q1, 2015 Parameter Q Q Q Q Q Source: GlobalData Source: Page 9

10 Appendix Methodology GlobalData s dedicated Research and Analysis Teams consists of experienced professionals with a pedigree in marketing and market research, consulting backgrounds in the energy industry and advanced statistical expertise. GlobalData adheres to the Codes of Practice of the Market Research Society ( and the Society of Competitive Intelligence Professionals ( All GlobalData databases are continuously updated and revised. The following research methodology is followed for all databases and reports. Coverage The objective of updating GlobalData s coverage is to ensure that it represents the most up to date vision of the industry possible. Changes to the industry taxonomy are built on the basis of extensive research of the company, association and competitor sources. Company coverage is based on three key factors: market capitalization, revenues and media attention/innovation/ market potential. An exhaustive search of 56 member exchanges is conducted and companies are prioritized on the basis of their market capitalization. The estimated revenues of all major companies, including private and governmental, are gathered and used to prioritize coverage. Companies which are making the news, or which are of particular interest due to their innovative approach are prioritized. GlobalData aims to cover all major news events and deals in the energy industry, updated on a daily basis. The coverage is further streamlined and strengthened with additional inputs from GlobalData s Expert Panel (see below). Secondary Research The research process begins with exhaustive secondary research on internal and external sources being carried out to source qualitative and quantitative information relating to each market. The secondary research sources that are typically referred to include, but are not limited to: Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings Industry trade journals and other literature Internal and external proprietary databases National government documents, statistical databases and market reports News articles, press releases and web casts specific to the companies operating in the market Primary Research GlobalData conducts hundreds of primary interviews a year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfills the following functions: It provides first hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc. Helps in validating and strengthening the secondary research findings. Further develops the Analysis Team s expertise and market understanding. Primary research involves e mail correspondence, telephone interviews as well as face to face interviews for each market, category, segment and sub segment across geographies. The participants who typically take part in such a process include, but are not limited to: Industry participants: CEOs, VPs, business development managers, market intelligence managers and national sales managers Source: Page 91

11 Outside experts: investment bankers, valuation experts, research analysts and key opinion leaders specializing in oil and gas markets. Data Information Sources GlobalData s report is based on data which are derived from a variety of published sources: Company Source Company website, Annual Reports, Quarterly Reports, Proxy Statements, Prospectuses, Operating and Financial Databook/Factbooks, Press Releases, and presentations by management. SEC/Other Regulatory Filings Annual filings on Form 10 K, Form 20 F (foreign companies), Form 40 F (Canadian companies), quarterly 10Q, and other special filings 8Ks, Registration Statements, etc. Other Sources Trade publications such as Oil & Gas Journal Online, Petroleum Economist, Rigzone, government websites, analyst briefings, primary calls, and transcripts. Expert Panel Validation GlobalData uses a panel of experts to cross verify research and forecast methodologies and drive its analytical content. The GlobalData expert panel comprises marketing managers, product specialists, international sales managers from energy companies; academics and geologists from research universities, consultants from venture capital funds and distributors/suppliers of oil and gas goods and services. Details of the make up of the expert panel can be viewed through GlobalData s website, and are available to clients on request. Data Definition Oil and Gas Reserves Gas volumes have been converted to barrel of oil equivalent volumes (boe) at 6 Mcf of gas to 1 barrel of oil. Canadian reserves are included on a net basis after the deduction of government and provincial royalties. Reserve reporting practices differ from country to country; especially with regard to reserve definitions. The data and analyses presented in this study are based upon public disclosures of oil and gas companies to the U.S. Securities and Exchange Commission or U.S. GAAP, Canadian GAAP, and for international companies data is taken from Form 20-F, filed with the US Securities and Exchange Commission (SEC). Companies for which data is taken Form 10-K and 20-F, oil & gas reserves are net proved conventional reserves and does not include non-conventional oil & gas reserves. The SEC considers Syncrude operation as a mining activity rather than an oil and gas activity, and therefore does not permit related reserves to be included with oil and gas reserves. NI (Canada, National Instrument Standards of Disclosure for Oil and Gas Activities (NI ) prescribes that Canadian companies follow certain standards for the preparation and disclosure of reserves and related information) specifically includes such activity as an oil and gas activity and recognizes synthetic oil as a product type, and therefore permits them to be included with oil and gas reserves. Gas volumes have been converted to barrel of oil equivalent volumes (boe) at 6 Mcf of gas to 1 barrel of oil. Unconventional Reserves disclosures: Companies are now allowed to disclose non-conventional reserves (such as bitumen, shale and coalbed methane) that weren't permissible before under the Securities Exchange Commission reporting rules. All non-conventional reserves have been included in the previous years wherever possible to make them comparable across years depending on the level of disclosure from the company side. Equity & non consolidated affiliates: As per new SEC guideline companies are now required to disclose information on both Consolidated and Non-Consolidated in Disclosures about Oil and Gas Producing Activities. In 2009, where ever application, data for both consolidated and equity method investment have been taken. Data for previous years have been modified depending on the level of disclosure from the company side. Where ever possible reserves information on non-traditional reserves have been included in the previous years. However, due to lack of disclosure from the companies side on unconventional reserves (such as bitumen, shale and coalbed methane) developed and undeveloped reserves, total developed and undeveloped reserves may only contains information on conventional reserves and will not be comparable across years. Source: Page 92

12 Units of Measure BCM Billion cubic meters BOPD Barrels of oil per day Bcf Billion Cubic Feet Mcf Thousand cubic feet MMcf Million Cubic Feet MMbbls Million Barrels of Oil MMBTU Million British thermal units Tcf Trillion cubic feet MMTPA Million Metric Tonnes per Annum (1 MMTPA = BOPD) About GlobalData 2010 GlobalData is an industry analysis specialist, providing business information products and services. GlobalData s highly qualified team of analysts, researchers, and solution consultants use proprietary data sources, tools and techniques to gather, analyze and represent the latest and the most reliable information essential for a business to sustain a competitive edge. GlobalData is a UK based company with presence across North America, Europe, and Asia Pacific and has a broad product offering that ranges from interactive databases, reports, and custom solutions. It is a comprehensive source of insights and analysis with coverage across the oil and gas, power, alternative energy, nuclear power, petrochemicals, medical equipment and healthcare industries. Disclosure GlobalData is an independent research provider with no current or intended investment banking or corporate finance relationships or operations. The material presented in this report is provided for information purposes only and is not to be used or considered as a recommendation to buy, hold or sell any securities or other financial instruments. No GlobalData directors, officers or employees are on the Board of Directors of a covered company and no one at a covered company is on the Board of Directors of GlobalData. Disclaimer All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData. Source: Page 93