29/10/2014 - Press release

Third quarter and first nine months 2014 results¹

Paris, October 29, 2014

 3Q14Change
vs 3Q13
9M14Change
vs 9M13

Adjusted net income²

  • in billions of dollars (B$)
  • in dollars per share
3.6
1.56
-2%
-2%
10.0
4.40
-8%
-8%
Net income³ of 3.5 B$ in 3Q14 and 9.9 B$ in the first nine months of 2014
Net-debt-to-equity ratio of 27.8% on September 30, 2014
Hydrocarbon production of 2,122 kboe/d in 3Q14
Interim dividend for 3Q14 of 0.61 €/share payable in March 20154

Total’s Board of Directors, under the chairmanship of Thierry Desmarest, met on October 28, 2014, and reviewed the Group’s third quarter accounts. Commenting on the results, CEO Patrick Pouyanné said:

“Since the announcement of the death of Christophe de Margerie, Total has received an outpouring of messages commemorating the man, the captain of industry, the visionary.
Under his leadership, our Group changed profoundly. In an industry confronted with crucial issues, he set out with conviction to make Total a stronger, more responsible company, capable of responding to the energy challenges of today and the future. Today, it is this commitment that drives me to forge ahead. The quality of our teams, the governance in place and our organization ensure more than ever the continuity of the process to transform the Group, for which, at his side, we worked on for many years.

In this context, it is my responsibility, nevertheless, to comment on the Group’s results. We reported solid adjusted net income of 3.6 billion dollars in the third quarter, an increase of 13% compared to the second quarter. The Upstream was resilient and the Downstream performance was strong, notably Refining & Chemicals, which captured the full benefit of higher refining margins. The recent decrease in the price of Brent highlights the importance of the programs we launched to reduce costs and control investments to strengthen the resilience of the Group, which is already among the most robust in the industry. We are continuing to pursue the asset sales program, notably with the announcement of our plan to sell Bostik.”

Highlights since the beginning of the third quarter 20145

  • Nomination of Thierry Desmarest as Chairman of the Board of Directors and Patrick Pouyanné as Chief Executive Officer
  • CLOV achieved plateau production of 160 kb/d ahead of schedule
  • Launched development of Edradour and acquired an interest in Glenlivet in the UK
  • Agreements to sell Bostik, Totalgaz, mining assets in South Africa and an interest in the non-operated Gina Krog field in Norway

1 TOTAL changed the presentation currency of the Group’s Consolidated Financial Statements from the euro to the US dollar, effective January 1, 2014, to make its financial information more readable by better reflecting the performance of its activities, which are carried out mainly in US dollars. Comparative 2013 information has been restated.
2 Definition of adjusted results on page 2 – euro amounts represent dollar amounts converted at the average €-$ exchange rate for the period: 1.3256 $/€ in the third quarter 2014, 1.3242 $/€ in the third quarter 2013, 1.3711 $/€ in the second quarter 2014, 1.3549 $/€ in the first nine months 2014 and 1.3171 $/€ in the first nine months 2013.
3 Group share.
4 The ex-dividend date for the interim dividend will be March 23, 2015, and the payment date will be March 25, 2015.
5 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.