| TOTAL's (TOT) U.K. Midstream Asset Sale to Fetch $905M | |
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TOTAL S.A. TOT announced that it will sell its interest in the FUKA and SIRGE gas pipelines and the St. Fergus Gas Terminal to North Sea Midstream Partners for $905 million (£585 million), subject to customary approvals. TOTAL has a 100% operating interest in FUKA and the St. Fergus Gas Terminal and has a 67% operating interest in the SIRGE pipeline.
TOTAL continues to make strategic acquisitions in high potential areas and divest assets that do not go well with its long-term objectives. During the first half of 2015, TOTAL acquired assets worth $2.77 billion. The investments included a carry agreement in the Utica basin in the U.S. and renewal of licenses in Nigeria. TOTAL disposed of assets worth $3.47 billion in the first half.
This July, TOTAL announced that it will sell 20% of its interests in the Laggan, Tormore, Edradour and Glenlivet fields, located in the West of Shetland area, to SSE E&P UK Limited Ltd for nearly $876 million (£565 million), subject to customary approvals.
Net proceeds from non-core asset divestures help TOTAL to carry out its ongoing development plans and add more lucrative assets. Since the beginning of 2015, the company started operations in four new upstream projects, while three are scheduled to begin in the second half of 2015.
The oil and gas industry has hit a rough patch ever since prices started tumbling from mid-2014. The freefall in commodity prices has tested the ingenuity of the operators. TOTAL is focused on delivering its new project startups and implementing cost reductions to reduce its breakeven and maximize cash flow.
TOTAL currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas space include Braskem S.A. BAK, QEP Resources, Inc. QEP and Cobalt International Energy, Inc. CIE. While Braskem sports a Zacks Rank #1 (Strong Buy), QEP Resources and Cobalt International hold a Zacks Rank #2 (Buy).
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TOTAL
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PRODUCER |
CODE : FP.PA |
ISIN : FR0000120271 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
TOTAL is a and oil producing company based in France. TOTAL produces natural gas in Trinidad. Its main asset in production is ANGOSTURA GAS in Trinidad. TOTAL is listed in France, in Germany, in United Kingdom and in United States of America. Its market capitalisation is €UR 96.8 billions as of today (US$ 118.3 billions, € 96.9 billions). Its stock quote reached its lowest recent point on June 04, 1993 at €UR 10.01, and its highest recent level on June 02, 2021 at €UR 39.69. TOTAL has 2 440 058 000 shares outstanding. |