— French oil giant Total SA has announced a $15 billion - $20 billion asset
sale program over 2012-14, according to RTT News, reinforcing the degree to
which active portfolio management is integrated into its strategy. Also, the
company anticipates that the ongoing restructuring of its Refining &
Chemicals division will provide an additional $650 million per year of net
results by 2015 through improved efficiencies and synergies, the report says.
2011-15, targeted production growth by Total of nearly 3% per year on average
is based on projects which are already either in production or under
development. For 2017, based on its portfolio of high-quality projects, Total
sees production potential of about 3 Mboe/d, noting that 70% of the new
production needed to achieve this growth is already in production or under
to the company, free cash flow in 2012-14 would be enhanced by contributions
from accretive start-ups, downstream restructuring and the announced asset sale
program. Accelerating free cash flow growth is expected during the 2015-17
period. At the end of second quarter 2012, Total reported an increase of 3.5%
to its quarterly dividend.