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Total '96 Net Pft FF5.65B, Dvd FF10
- Subject: Total '96 Net Pft FF5.65B, Dvd FF10
- From: moe@xxxxxxxxxxxxx
- Date: Wed, 19 Mar 1997 19:14:00
Subject: Total '96 Net Pft FF5.65B, Dvd FF10.50/Share
Dow Jones Business News -- March 19, 1997
Total '96 Net Pft FF5.65B, Dvd
FF10.50/Share
AP-Dow Jones News Service
Total SA
Year ended Dec. 31, 1996
All figures in French francs
1996 1995
Oper. Profit 10.21 Bln
7.44 Bln
Net Profit 5.65 Bln
3.25 Bln
Revenue 176.58 Bln
135.83 Bln
Per share
Net profit 23.5 15.80
Dividend 10.50 8.70
PARIS -- French oil company Total SA
on Wednesday confirmed preliminary results
showing 1996 net profit jumped to
FF5.65 billion from FF2.25 billion the prior year
on increased productivity and higher
oil prices.
The company also raised its dividend
to FF10.50 a share from FF8.70, but waived
the right for investors to receive a
dividend in the form of shares.
Operating income jumped to FF10.21
billion from FF7.44 billion, and Total said it
wanted to increase that amount by FF4
billion by 1999.
The increase, Total said in a
statement, would come from 'production growth and
productivity efforts, assuming a
conservative constant reference environment.'
Total also said 1997 investments
would rise 12% to FF18 billion, with more than
60% of that amount spent on upstream,
or production, operations.
The company noted that its 'operating
environment remained relatively stable' early
this year with a rising dollar and
steady oil prices. In recent weeks, Total said, crude
oil prices had dropped, but growth in
oil and gas production was in line with
forecasts.
In 1996, operating income from
upstream activities jumped to FF7.29 billion from
FF4.47 billion, whereas downstream,
or refining, activities saw income rise to
FF1.53 billion from FF1.3 billion.
Production rose 13% to 762,000
barrels of oil equivalent a day. Outside the Middle
East, production grew 24% and
accounted for 62% of Total's production.
Hydrocarbon reserves represent 16.7
years of production. For the first time, the
majority of Total's reserves are now
located outside the Middle East, and represent
2.35 million barrels of oil
equivalent out of a total of 4.64 boe.
Income from chemical operations rose
to FF1.92 billion from FF1.67 billion,
reflecting the expansion of Total's
Hutchinson unit and acquisitions and internal
growth at its coatings divisions, the
company said.
Total SA is the smaller of France's
two oil companies with activities worldwide.
Traditionally weighted more heavily
in downstream activities, Total has been
aggressively expanding its upstream
business, mainly through exploration and
especially in gas. Headquarters: Tour
Total, Cours Michelet Cedex 47, 92069 Paris
La Defense.
Significant Developments: In May
1995, Thierry Desmarest was appointed Total's
new chairman. Early in 1995, the
government of Yemen appointed Total to head a
$3-$5 billion project to develop
liquefied natural gas offshore. The group has other
gas projects underway in Qatar and
Burma. Total, which also has activities in
specialty chemicals, said in March
1995 it would merge its Euridep unit with Kalon
Group PLC of the U.K. to create
Europe's second-largest producer of decorative
paints. In July 1995, Total signed a
contract to develop two fields offshore Iran,
taking over a project Conoco Inc. was
forced to abandon due to U.S. sanctions.
Total also is in a joint venture with
Spain's Repsol SA to develop a natural gas field in
eastern Algeria.
Half end Half end
Yr end Yr end
6/30/96 6/30/95
12/31/96 12/31/95
Net Pft 2.63 bln 1.81 bln
5.6 bln 2.25 bln
Sales 80.66 bln 67.21 bln
176 bln 136 bln
EPS 11 7.8
23.3 15.8
Annual Div. - -
10.5 8.7
currency history (French franc
versus dollar)
6/30/96 6/30/95
12/31/96 12/31/95
European 5.1745 4.853
5.2370 4.900
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