BAKU, Azerbaijan, Feb.7
By Leman Zeynalova – Trend:
Hydrocarbon production of French Total company was 3,113 thousand barrels of oil equivalent (kboe/d) in the fourth quarter 2019, an increase of 8 percent compared to last year, Trend reports citing the company.
As Total said, this was due to +13 percent related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Egina in Nigeria, Ichthys in Australia, Kaombo in Angola, Culzean in the United Kingdom and Johan Sverdrup in Norway; -3 percent due to the natural decline of the fields; -2 percent due to maintenance and Tyra redevelopment project in Denmark.
As for 2019 full year results, hHydrocarbon production was 3,014 kboe/d for the year 2019, an increase of 9 percent compared to 2018, due to: +13 percent related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Egina in Nigeria, Ichthys in Australia, Kaombo in Angola, Culzean in the United Kingdom and Johan Sverdrup in Norway. • -3 percent due to the natural decline of the fields. • -1 percent due to maintenance, notably in Nigeria, Norway and Tyra redevelopment project in Denmark.
When coming to financial results, the Group reported solid fourth quarter 2019 results with cash flow (DACF) of 7.4 B$, an increase of more than 20 percent compared to the fourth quarter 2018, and adjusted net income stable at 3.2 B$, despite a lower price environment.
In 2019, the Group generated cash flow of 28.5 B$, strong growth of 2.4 B$ compared to 2018, thanks to a positive contribution from all segments.
This performance was achieved despite the drop in oil prices of 10% and European gas prices of 38%, or a price environment down on average by about 20 percent. The Group reported solid adjusted net operating income for the year of 11.8 B$, a decrease of 13 percent, and a return on equity above 10 percent. The Group reduced its organic pre-dividend breakeven to less than 25 $/b.
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