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TOTAL (TOT) Q1 Earnings Beat Estimates, Revenues Drop Y/Y
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TOTAL SE reported first-quarter 2021 operating earnings of $1.10 (€0.91) per share, beating the Zacks Consensus Estimate of 85 cents by 29.4%.
The bottom line also improved 66.7% from the year-ago figure of 66 cents (€0.60) per share. This year-over-year improvement was due to an increase in commodity prices, its strategy of boosting liquefied natural gas (LNG) production, and focus on renewables as well as clean electricity generation.
Total Revenues
Total revenues came in at $43.73 billion, down 0.3% from $43.87 billion generated in the year-ago quarter.
First-quarter hydrocarbon production averaged 2,863 thousand barrels of oil equivalent per day (kboe/d), down 7% year over year. This was due to unplanned outages, particularly in Norway, natural decline in production fields and reduction of output from OPEC+ countries, offset by contribution from new startups and resumption of production from Libya.
For the reported quarter, liquids production averaged 1,508 thousand barrels per day, down 11% from the year-ago period.
Quarterly gas production was 7,400 thousand cubic feet per day, down 2% year over year due to decreased gas output from the Europe and Central Asia region as well as Africa.
Realized Price
First-quarter realized price for Brent was up 22% to $61.1 per barrel from $50.1 in the year-ago period. The average realized liquid price was $56.4 per barrel, up 27% from the year-ago figure.
Realized gas prices improved 21% from the prior-year quarter to $4.06 per thousand British thermal units.
Highlights of the Release
Operating income was $3,487 million, up 52% from the year-ago period due to higher Brent and natural gas prices.
Interest expenses for the reported quarter were $466 million, down 18.1% from $569 million in the year-ago period.
In first-quarter 2021, TOTAL acquired $2.2 billion worth of assets and sold assets valued at $0.7 billion. During the quarter, it acquired a 20% interest in renewable energy developer, Adani Green Energy limited.
Segment Details
Exploration & Production’s operating earnings were $1,975 million, up 180.9% year over year.
Integrated Gas, Renewable & Power’s operating income was $985 million, up 8% from $913 million in the year-ago quarter.
Refining & Chemicals’ operating income was $243 million, down 36% from $382 million in the year-ago quarter.
Marketing & Services’ operating income was $284 million, down 6% from $302 million in first-quarter 2020.
Financial Update
Cash and cash equivalents as of Mar 31, 2021 were $30.3 billion compared with $21.7 billion in the corresponding period of 2020. Net debt to capital was 23.7% at quarter-end, down from 25% at first quarter 2020-end.
Cash flow from operating activities at first quarter-end was $3,736 million, down 5% year over year.
Guidance
TOTAL expects stable hydrocarbon production in 2021, backed the resumption of production from Libya.
Management continues with cost-saving initiatives, and targets savings of $0.5 billion and production costs close to $5 per boe for 2021.
TOTAL expects to invest in the range of $12-$13 billion in 2021. Nearly 50% of the planned growth investment will be directed to expand its renewable and clean electricity generation operation.
Chevron Corporation (CVX - Free Report) is scheduled to release first-quarter 2021 results on Apr 30, before the opening bell. The Zacks Consensus Estimate for the quarter’s earnings is pegged at 92 cents per share.
Exxon Mobil Corporation (XOM - Free Report) is scheduled to release first-quarter 2021 results on Apr 30, before the opening bell. The Zacks Consensus Estimate for earnings for the quarter is pegged at 59 cents per share.
Enbridge Inc. (ENB - Free Report) is scheduled to release first-quarter 2021 results on May 7, before the opening bell. The Zacks Consensus Estimate for quarterly earnings is pegged at 55 cents per share.
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Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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TOTAL (TOT) Q1 Earnings Beat Estimates, Revenues Drop Y/Y
TOTAL SE reported first-quarter 2021 operating earnings of $1.10 (€0.91) per share, beating the Zacks Consensus Estimate of 85 cents by 29.4%.
The bottom line also improved 66.7% from the year-ago figure of 66 cents (€0.60) per share. This year-over-year improvement was due to an increase in commodity prices, its strategy of boosting liquefied natural gas (LNG) production, and focus on renewables as well as clean electricity generation.
Total Revenues
Total revenues came in at $43.73 billion, down 0.3% from $43.87 billion generated in the year-ago quarter.
TOTAL SE Price, Consensus and EPS Surprise
TOTAL SE price-consensus-eps-surprise-chart | TOTAL SE Quote
Production
First-quarter hydrocarbon production averaged 2,863 thousand barrels of oil equivalent per day (kboe/d), down 7% year over year. This was due to unplanned outages, particularly in Norway, natural decline in production fields and reduction of output from OPEC+ countries, offset by contribution from new startups and resumption of production from Libya.
For the reported quarter, liquids production averaged 1,508 thousand barrels per day, down 11% from the year-ago period.
Quarterly gas production was 7,400 thousand cubic feet per day, down 2% year over year due to decreased gas output from the Europe and Central Asia region as well as Africa.
Realized Price
First-quarter realized price for Brent was up 22% to $61.1 per barrel from $50.1 in the year-ago period. The average realized liquid price was $56.4 per barrel, up 27% from the year-ago figure.
Realized gas prices improved 21% from the prior-year quarter to $4.06 per thousand British thermal units.
Highlights of the Release
Operating income was $3,487 million, up 52% from the year-ago period due to higher Brent and natural gas prices.
Interest expenses for the reported quarter were $466 million, down 18.1% from $569 million in the year-ago period.
In first-quarter 2021, TOTAL acquired $2.2 billion worth of assets and sold assets valued at $0.7 billion. During the quarter, it acquired a 20% interest in renewable energy developer, Adani Green Energy limited.
Segment Details
Exploration & Production’s operating earnings were $1,975 million, up 180.9% year over year.
Integrated Gas, Renewable & Power’s operating income was $985 million, up 8% from $913 million in the year-ago quarter.
Refining & Chemicals’ operating income was $243 million, down 36% from $382 million in the year-ago quarter.
Marketing & Services’ operating income was $284 million, down 6% from $302 million in first-quarter 2020.
Financial Update
Cash and cash equivalents as of Mar 31, 2021 were $30.3 billion compared with $21.7 billion in the corresponding period of 2020. Net debt to capital was 23.7% at quarter-end, down from 25% at first quarter 2020-end.
Cash flow from operating activities at first quarter-end was $3,736 million, down 5% year over year.
Guidance
TOTAL expects stable hydrocarbon production in 2021, backed the resumption of production from Libya.
Management continues with cost-saving initiatives, and targets savings of $0.5 billion and production costs close to $5 per boe for 2021.
TOTAL expects to invest in the range of $12-$13 billion in 2021. Nearly 50% of the planned growth investment will be directed to expand its renewable and clean electricity generation operation.
Zacks Rank
Currently, TOTAL carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Chevron Corporation (CVX - Free Report) is scheduled to release first-quarter 2021 results on Apr 30, before the opening bell. The Zacks Consensus Estimate for the quarter’s earnings is pegged at 92 cents per share.
Exxon Mobil Corporation (XOM - Free Report) is scheduled to release first-quarter 2021 results on Apr 30, before the opening bell. The Zacks Consensus Estimate for earnings for the quarter is pegged at 59 cents per share.
Enbridge Inc. (ENB - Free Report) is scheduled to release first-quarter 2021 results on May 7, before the opening bell. The Zacks Consensus Estimate for quarterly earnings is pegged at 55 cents per share.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>