Mon, Sep. 21, 9:19 AM
- Suncor Energy (NYSE:SU) agrees to acquire an additional 10% working interest in the Fort Hills oil sands project in Alberta from Total (NYSE:TOT) for $310M, increasing its partnership share in the $15B project to 50.8%.
- As a result of the deal, SU's incremental capital increase to Fort Hills is estimated at just over $1B, of which ~$700M is remaining project spending.
- SU says project engineering is more than 90% complete and construction more than 40%, placing Fort Hills on track for first oil in Q4 2017.
- Following the purchase, TOT will own 29.2% of the project and Teck Resources (NYSE:TCK) will continue to own the remainder.
Wed, Apr. 8, 3:48 AM
- European energy shares are having a party in early trading following confirmation of Shell's blockbuster deal to buy BG Group for $70B.
- Tullow Oil (OTCPK:TUWLF) soars 11.5%, BP (NYSE:BP) is +4.2%, Repsol (OTCQX:REPYY) +2.2%, Total (NYSE:TOT) +1.3% and Eni (NYSE:E) +1.5%. The STOXX Europe 600 Oil & Gas index is +5.4%.
- "The deal is done on a net asset value basis, and the good price tag is set to trigger some re-rating across the whole sector," says a Paris-based trader.
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Dec. 3, 2014, 7:58 AM
- The plunge in oil prices has erased more than half of Tullow Oil’s (OTCPK:TUWLF, OTCPK:TUWOY) market value since June, and Bloomberg reports that management is now concerned the company could be vulnerable to a takeover approach by a larger oil and gas producer.
- Tullow offers “a significant operating position that would not look out of place in the portfolio of a larger company,” says Societe Generale's David Mirzai, adding that the drop in oil prices “would certainly make it a lot easier to win the investor base around than in previous years.”
- Total (NYSE:TOT), Cnooc (NYSE:CEO) and Exxon (NYSE:XOM) would be among logical bidders since they’ve expressed interest in African assets before, BMO says, adding that a buyer would not need to contend with obstacles such as a poison pill or dual-class stock structure.
Sep. 19, 2014, 4:31 AM
- Arkema (OTC:ARKAF) has made a €1.7B ($2.2B) offer for Total's (NYSE:TOT) adhesives business Bostik, which follows last week's reports that the French oil major was looking to sell the business. Arkema itself was spun out of Total in 2006.
- In recent years Total has announced its plans to sell between $15B-$20B of non-oil-producing assets and others with falling profitability by 2015, as part of a program to improve its cash flow and profitability.
Aug. 27, 2014, 6:11 AM
- Royal Dutch Shell (RDS.A, RDS.B) is leading a consortium to sell several Nigerian oilfields for approximately $5B, as foreign companies reduce their onshore oil presence in the country due to theft, sabotage and local disruptions.
- The four oilfields and a key pipeline are co-owned by Shell, France’s Total (NYSE:TOT) and Eni (NYSE:E) of Italy.
- A deal is expected in the next few weeks after which all potential buyers will require government approval.
Aug. 24, 2014, 10:57 AM
- Occidental Petroleum (NYSE:OXY) is in talks to sell as much as a $3B stake of the Shah natural gas field to Abu Dhabi-owned Mubadala Development.
- The company is looking to individually sell several of its Middle East assets after it failed to cut 40% of its operations in the region earlier this year.
- Separately, Occidental Petroleum is looking to sell part of its stake in Dolphin Energy, a joint venture that operates a pipeline transporting gas from Qatar to the UAE and Oman. Mubadala and Total (NYSE:TOT) are partners in the project.
Jul. 28, 2014, 11:12 AM
- Total (TOT +0.9%) agrees to sell its South African coal unit to Exxaro Resources (OTC:EXXAF) in a $472M cash and stock deal.
- The transaction includes TOT’s export rights at the Richards Bay coal terminal, the world’s biggest, and the Dorstfontein and Forzando mines east of Johannesburg, with annual sales of ~4.5M metric tons.
- This is the latest in a series of disposals for TOT as it focuses on core activities; by the end of May, TOT had sold ~$16B of assets under a program that started in 2012.
Jul. 2, 2014, 10:22 AM
- UGI Corp. (UGI +0.2%) says its French subsidiary has reached a preliminary deal to acquire Total's (TOT -0.8%) liquefied petroleum gas unit in France for €400M-€450M ($547M-$615M).
- UGI, which is the general partner of retail propane distributor AmeriGas Partners (APU -0.1%), has been seeking growth through international expansion; TOT is trying to sell non-core or mature assets as part of a program to improve its cash flow and profitability.
- UGI expects the deal to boost EPS in the first full year.
Mar. 26, 2014, 4:02 AM
- Total (TOT) has agreed to acquire a 40.1% holding in the Elk-Antelope gas field in Papua New Guinea (PNG) from InterOil (IOC) for $1.62-3.5B, depending on how much gas is found.
- Total was originally going to buy 61.3%, but the amount was reduced after Oil Search (OISHF, OISHY) purchased a 22.8% interest in the reserves earlier this month. InterOil will retain 35.5%
- Total will pay $401M up front and the rest in later installments based on certain factors. (PR)
Dec. 6, 2013, 8:18 AM
- InterOil (IOC) is halted after falling 21% premarket on news of the sale of a 61.3% stake in its Papua New Guinea gas fields to Total (TOT) for as much as $3.6B, as the clarity of the deal is questioned.
- The press release issued by IOC reads little like the one issued by TOT: Total says depending on the results of the delineation of the Elk and Antelope gas fields, "this could lead to a final investment decision by 2016 for the development of the fields and the construction of a liquefaction plant located onshore on the Gulf of Papua."
Dec. 6, 2013, 5:38 AM
- Total (TOT) has agreed to acquire a 61.3% holding in InterOil's (IOC) Papua New Guinea natural-gas fields for as much as $3.6B as part of a plan to develop the reserves.
- Total will pay $613M up front, with the extra money dependent on the size of the resource and a final investment decision on building an LNG export facility.
- Should the Papua New Guinean government and landowners exercise rights to acquire a 22.5% interest in the project, Total will end up with a 47% holding and InterOil 30%. (PR)
Apr. 25, 2013, 10:43 AMCobalt Energy (CIE +1.8%), which has doubled in value since going public in 2009 but still trades at a substantial discount to the value of its underlying assets, is turning into a takeover target for energy companies attracted to its oil finds from Africa to the Gulf of Mexico, Bloomberg writes. CIE’s assets are "a needle mover" for a large international player, Guggenheim says. | Apr. 25, 2013, 10:43 AM | 1 Comment
Apr. 5, 2013, 6:09 AMTotal (TOT) has signed a final agreement to sell its TIGF regional gas pipeline network to a group led by Italy's Snam in a deal valuing the business at €2.4B. The sale is part of Total's strategy to sell €20B worth of assets by 2015 as it looks to strengthen its cash flow and fund its capital investment. | Apr. 5, 2013, 6:09 AM | Comment!
Dec. 10, 2012, 10:57 AMTotal (TOT +0.3%) could have as much as $10B available for M&A, but BAML thinks the French oil giant should be wary of looking at Australia after a rush of 10 deals Down Under since 2006 has generated disappointing returns from its liquefied natural gas projects. The most logical M&A areas for TOT would be Mozambique and perhaps liquids-rich U.S. unconventional plays. | Dec. 10, 2012, 10:57 AM | 1 Comment
Nov. 19, 2012, 5:25 AMTotal (TOT) has reportedly received an offer for its TIGF gas network and storage business from a consortium that includes French power utility EDF. Potential suitors for the unit, which is valued at €2-3B, had until Friday to make offers. Total is selling the operations as part of a strategy of selling €15-20B of non-core assets by 2014. | Nov. 19, 2012, 5:25 AM | Comment!
Nov. 6, 2012, 4:46 PMChina's Sinopec (SNP) has signed a preliminary deal to buy stakes in Nigerian onshore oil blocks from Total (TOT) worth ~$2.4B, Bloomberg reports. The French group said in September it planned to sell assets worth $15B-$20B in the period up to 2014 to raise cash for oil and gas projects. | Nov. 6, 2012, 4:46 PM | 1 Comment
TOT vs. ETF Alternatives
Total SA is an integrated oil and gas company. It explores and develops oil and gas properties, liquefied natural gas, petrochemicals and specialty chemicals. It is also engaged in trading and shipping of crude oil and petroleum products.
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