Financial

A major cost reduction plan, while pursuing our growth strategy

Organic investments in $ billions

  • 2012: 24
  • 2013: 28
  • 2014: 26
  • 2015: 23-24

Adjusting to sliding oil prices

In 2015, Total is emerging from an intensive investment program that peaked with $28 billion in organic investments in 2013. In 2014, we invested some $26 billion. The reduction in capital spending is continuing in 2015 to adjust to the drop in oil prices. At the same time, the exploration budget has been cut by 30% and operating costs will be reduced by $1.2 billion in 2015, without compromising our unwavering commitment to safety. Combined with our stepped-up asset divestment program and new project start-ups, these measures will help lower our break-even point by $40 a barrel. We are responding to the situation without overreacting and are pursuing our growth strategy.

Financial Higglights
Financial Highlights 2012 2013 2014
Revenue - in $ millions 257,037 251,725 236,122
Adjusted net operating income of business segments - in $ millions 17,153 15,861 14,247
Adjusted net income, Group share - in $ millions 15,722 14,292 12,837
Dividend per share - in € 2.34 2.38 2.44
Adjusted fully diluted earnings per share - in $ 6.96 6.29 5.63
Debt to equity at December 31 - as a % 21.9 23.3 31.3
Return on average capital employed (ROACE) - as a % 15.5 13.0 11.1
Return on equity (ROE) - as a % 17.7 14.9 13.5
Cash flow from operating activities - in $ millions 28,858 28,513 25,608
Gross capital expenditure - in $ millions 29,475 34,431 30,509
Divestments at selling price - in $ millions 7,543 6,399 6,190