Slide 1: Exploration & Production benefited from higher Brent; CEO commentary
Exploration & Production benefited from the higher Brent with a 15% increase in operating cash flow before working capital changes. Although gas prices fell sharply, iGRP increased its operating cash flow before working capital changes by 42% thanks to 8% production growth and a 10% increase in LNG
Slide 2: Highlights since the beginning of the second quarter 2019
La Mède 2019 data take into account the impact of the new rule IFRS16 "Leases", effective January 1, 2019. * Average €-$ exchange rate: 1.1237 in the second quarter 2019 and 1.1298 in the first half 2019. ** 2Q18 and 1H18 restated; historical data for 2017 and 2018 available on www.total.com . Highl
Slide 3: Production
* The indicators are shown on page 14. ** Consolidated subsidiaries. > Production*
Slide 4: Hydrocarbon production was 2,957 kboe/d in second quarter 2019
Hydrocarbon production was 2,957 thousand barrels of oil equivalent per day (kboe/d) in second quarter 2019, an increase of 9% compared to last year, due to: +13% related to the start-up and ramp-up of new projects, including Yamal LNG in Russia, Ichthys in Australia, Kaombo in Angola and Egina in N
Slide 5: Hydrocarbon production by liquids and gas
2Q19 2,398 1,551 4,629 1019 2,428 1,563 4,707 2018 2,375 1,544 4,536 2019 vs 2018 41% 42% Hydrocarbon production P (kboe/d) Liquids (kb/d) Gas (Mcfid) 1H19 2,413 1,557 4,668 1H18 2,367 1,495 4,755
Slide 6: Exploration & Production results and cash flow
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income) . *** Excluding financial charges, except those related to leases. Operating cash flow befor
Slide 7: Condensate production and LNG sales
The growth in condensate production compared to last year is essentially due to the start-up of condensate production from Ichthys in Australia in the third quarter 2018. * The Group's equity production may be sold by Total or by the joint ventures. Total LNG sales more than doubled compared to last
Slide 8: iGRP results
Operating cash flow before working capital changes for the iGRP segment increased by 77% in the second quarter 2019 and 67% in the first half 2019, thanks notably to the ramp-ups of Ichthys in Australia and Yamal LNG in Russia as well as the doubling of total LNG sales. Adjusted net operating income
Slide 9: Refining & Chemicals: refinery throughput and utilization rates
* Detail of adjustment items shown in the business segment information annex to financial statements. ** Excluding financial charges, except those related to leases. Refining & Chemicals > Refinery throughput and utilization rates*
Slide 10: Refinery throughput volumes
* Includes refineries in Africa reported in the Marketing & Services segment. ** Based on distillation capacity at the beginning of the year. Refinery throughput volumes: • decreased by 8% in the second quarter 2019 year-on-year, notably as a result of the shutdown at Grandpuit in France and the low
Slide 11: Refining & Chemicals results
Operating cash flow before working capital changes was stable in the first half 2019 compared to the first half 2018 * Detail of adjustment items shown in the business segment information annex to financial statements. ** Excluding financial charges, except those related to leases. Adjusted net oper
Slide 12: Marketing & Services: petroleum product sales
* Excludes trading and bulk refining sales Sales of petroleum products increased by 3% in the second quarter 2019 and the first half 2019, due to the development of activities in the African and American regions, notably Mexico and Brazil. > Results
Slide 13: Group adjusted net operating income and net income
Operating cash flow before working capital changes increased by 12% in the first half 2019 compared to the first half 2018 Adjusted net operating income from the business segments was: 3,589 M$ in the second quarter 2019, down 14% compared to last year due to lower Brent and natural gas prices. 7,00
Slide 14: Return on average capital employed
The return on average capital employed was 10.4% for the twelve months ended June 30, 2019, an increase compared to the same period last year. ________________________________ 13 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with n
Slide 15: Total S.A. accounts and 2019 sensitivities
Total S.A. accounts Net income for Total S.A., the parent company, was 6,282 million euros in the first half 2019, compared to 4,079 million euros a year ago. 2019 Sensitivities*
Slide 16: Outlook for 2019
Since the start of the third quarter 2019, Brent has traded above $60/b in a context of renewed OPEC+ quotas and uncertainties about the evolution of production in Libya, Venezuela and Iran. The environment remains volatile, with uncertainty about hydrocarbon demand growth related to the outlook for
Slide 17: Downstream (Refining & Chemicals and Marketing & Services)
> Downstream (Refining & Chemicals and Marketing & Services)
Slide 18: Adjustment items to net income (Group share)
Adjustment items to net income (Group share)
Slide 19: Special items affecting net income (Group share)
In millions of dollars Special items affecting net income (Group share) Gain (loss) on asset sales Restructuring charges Impairments Other After-tax inventory effect : FIFO vs. replacement cost Effect of changes in fair value Total adjustments affecting net income
Slide 20: Cash flow
* Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations. Cash flow
Slide 21: Operating cash flow before working capital changes reconciliation
2Q19 7,208 (501) 6,707 (317) (40) (99) 6,251 3,028 3,679 3,430 3,277 1019 6,536 (503) 6,033 (2,970) 566 3,629 2,784 3,249 3,090 2,943 2018 6,797 (398) 6,399 (856) 703 6,246 2,780 3,619 2,513 3,886 In millions of dollars Operating cash flow before working capital changes w/o financials charges (DACF)
Slide 22: Return on average capital employed: twelve months ended June 30, 2019
* The net-debt-to-capital ratios on March 31, 2019 and June 30, 2019 include the impact of the new IFRS 16 rule, effective January 1, 2019 . Return on average capital employed > Twelve months ended June 30, 2019
Slide 23: Twelve months ended March 31, 2019
> Twelve months ended March 31, 2019
Slide 24: Notes and forward-looking information
* At replacement cost (excluding after-tax inventory effect). This document does not constitute the Financial Report for the first half of 2019 which will be separately published, in accordance with article L. 451-1-2 III of the French Code monétaire et financier, and is available on the Total websi