Factbook 2017 CONTENTS
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factbook 2017 CONTENTS Need further information? PROFILE 1 Log on to www.total.com HIGHLIGHTS 2 You can consult the Factbook online, download it in PDF and the tables are also available in Excel format. CORPORATE 5 Financial Highlights..........................................................7 Non- current assets by business segment........................15 Market environment.........................................................7 Non- current debt analysis..............................................16 Operational Highlights by quarter......................................8 Consolidated statement of changes in Shareholders’ Financial Highlights by quarter..........................................8 equity – Group share .....................................................17 Market Environment and Price Realizations .......................8 Net- debt- to- equity ratio..................................................18 Consolidated Statement of Income..................................10 Capital employed based on replacement Sales ............................................................................11 cost by business segment ..............................................18 Depreciation, depletion & impairment of tangible Capital employed...........................................................18 assets and mineral interests by business segment...........11 ROACE by business segment..........................................19 Equity in income / (loss) of affiliates by business segment......11 Consolidated statement of cash flow...............................20 Income taxes.................................................................11 Cash flow from operating activities..................................20 Adjustment items to operating income Gross investments .........................................................21 by business segment .....................................................12 Organic investments by business segment.......................21 Adjustment items to net income, groupe share Divestments by business segment ..................................21 by business segment .....................................................13 Share information ..........................................................23 Consolidated Balance Sheet ...........................................14 Payroll ..........................................................................24 Net tangible & intangible assets by business segment......15 Number of employees ....................................................24 Property, plant & equipment ...........................................15 EXPLORATION & PRODUCTION 25 Financial Highlights........................................................27 Changes in the standardized measure Abbreviations Production.....................................................................27 of discounted future net cash flows.................................53 b: barrel Proved reserves.............................................................27 Oil and gas acreage.......................................................54 cf: cubic feet Key operating ratios on proved reserves – Group .............28 Number of productive wells ............................................55 /d: per day Key operating ratios on proved reserves – Number of net productive and dry wells drilled.................56 /y: per year consolidated subsidiaries ...............................................28 Wells in the process of being drilled €: euro Combined liquids and gas production..............................29 (including wells temporarily suspended) ..........................57 $ and/or Liquids production .........................................................30 Interests in pipelines ......................................................58 dollar: U.S. dollar Gas production ..............................................................31 t: metric ton Acreage including maps, main producing assets boe: barrel of oil equivalent Changes in oil, bitumen and gas reserves .......................33 and acreage by region: kboe/d: thousand boe/d Changes in oil reserves..................................................37 Europe and Central Asia acreage ....................................59 kb/d: thousand barrel/d Changes in bitumen reserves .........................................41 Africa acreage (excl. North Africa) ...................................67 Btu: British thermal unit Changes in gas reserves ................................................42 Middle East and north Africa acreage..............................73 M: million Results of operations for oil and gas producing activities ..46 Americas acreage..........................................................77 B: billion MW: megawatt Cost incurred.................................................................48 Asia-Pacific acreage ......................................................85 Capitalized cost related to oil and gas producing activities....49 MWp: megawatt peak (direct current) Mærsk Oil acquisition.....................................................90 TWh: terawatt hour Standardized measure of discounted future AMF: French Financial Markets Authority net cash flows (excluding transportation).........................51 API: American Petroleum Institute ERMI: European Refining Margin Indicator. ERMI is an indicator intended to represent the GAS, RENEWABLES & POWER 91 margin after variable costs for a hypothetical complex refinery located around Rotterdam in Financial Highlights........................................................93 Gas & Power activities in Europe Northern Europe. The indicator margin may not be representative of the actual margins achieved by Power generation facilities..............................................93 as of december 31, 2017...............................................96 TOTAL in any period because of TOTAL’s LNG positions as of december 31, 2017 .........................94 Gas & Power activities in North particular refinery configurations, product mix Liquefied Natural Gas (LNG) sales...................................94 and South America as of december 31, 2017..................97 effects or other company-specific operating Re-gasification terminals as of december 31, 2017 .........95 Pipeline gas sales..........................................................98 conditions. FEED: Front-End Engineering and Design FPSO: Floating Production Storage and Offloading REFINING & CHEMICALS 101 IFRS: International Financial Reporting Standards LNG: liquefied natural gas Financial Highlights......................................................103 Main petrochemicals product Groups LPG: liquefied petroleum gas Operational highlights ..................................................103 and their major applications .........................................109 ROE Return on Equity ROACE: Return on Average Capital Employed Main refining & Chemicals plants Main production capacities at year- end.........................109 SAGD: Steam Assisted Gravity Drainage as of December 31, 2017 ............................................104 Sales by geographic area – Chemicals..........................109 SEC: United States Securities and Exchange Refinery capacity (group share).....................................107 Main specialty chemicals product Groups Commission Distillation capacity (group share)..................................107 and their major applications .........................................110 Refinery throughput (group share).................................108 Sales by activity – speciality Chemicals products ...........110 Conversion table Utilization rate (based on crude and other feedstocks) ....108 Sales by geographic area – 1 boe = 1 barrel of crude oil = approx. 5,395 cf of gas (1) in 2017 Utilization rate (based on crude only).............................108 speciality Chemicals Products.......................................110 1 b/d = approx. 50 t/y Production levels (Group share) ....................................108 Sales by activity – speciality Chemicals products ...........110 1 t = approx. 7.5 b (for a gravity of 37° API) 1 Bm3/y = approx. 0.1 Bcf/d 1 m3 = approx. 35.3 cf MARKETING & SERVICES 111 1 t of LNG = approx. 48 kcf of gas 1 Mt/y of LNG = approx. 131 Mcf/d Financial Highlights......................................................113 Petroleum product sales Operational Highlights..................................................113 (excluding trading and bulk sales) .................................117 (1) This ratio is calculated based on the actual average Marketing & Services positions Service- stations...........................................................118 equivalent energy content of TOTAL’s proved developed as of December 31, 2017 ............................................114 and undeveloped natural gas reserves and is subject to change. PROFILE KEY FIGURES FOR 2017 GROUP OVERVIEW of climate change, using as a point of reference the 2°C Sustainable Development Scenario TOTAL, which has produced oil and gas for of the International Energy Agency (IEA): almost a century, is one of the largest +5% international oil and gas companies and a • drive profitable and sustainable growth in E&P Production Growth major player in low carbon energies. It is Exploration & Production activities, with present on five continents and in more than priority given to the production of gas (the 130 countries. fossil fuel that emits the least amount of carbon dioxide) and constant