The first thing about TOTAL SA (OTCMKTS:TTFNF) to me remembered is the highly illiquid nature of the stock and that is the reason one should not consider the gaps with any special significance. The stock has lost 2.52% at the end of the last trading session but more importantly, the intraday range saw its first expansion in a long time. The volumes of the day at 119,000 against the daily average of 58,000 reflected increased activities, most probably some unloading. On the other hand, the bulls may find solace from the channel seen on the chart attached that implies a loss of bearish momentum from the long term perspective.
TOTAL SA (OTCMKTS:TTFNF) announced the financial results for 2Q2015. The biggest highlight of this announcement was company’s adjusted net income for the quarter that touched a whopping $3.1 billion level.
Insights of Financial Results
Apart from astonishing net income figure, Total SA also reported net debt to equity ratio of 25.9 percent. Total hydrocarbon production in the quarter was 2,299 kboe/d. It announced interim dividend 0.61€/share, which’s payable in January 2016. The financial result announcement was made by company’s Chairman Thierry Desmarest.
Although Total SA performed well regarding strategic executions, its sales was hit adversely due to difficult market conditions. Its sales for the quarter was $44,715 compared to last year’s $62,561. Along with sales, net cash flow from operations also got hit due to unfavorable market conditions and witnessed 10% negative growth on YOY basis.
Other Highlights of 2Q2015
To make sure that it gets the best out of global oil & gas demand, Total SA initiated the production on Termokarstovoye gas field in Russia. The company achieved its production milestone of 2 billion barrels from Angola deep offshore Block 17. It also started the first production from the Dalia Phase 1A project in Angola.
Total SA had a few assets in the United Kingdom. It announced the sale of the interest in one such asset that’s located in the West of Shetland area of UK. Along with this sale, Total also executed another sale transaction in Schwedt refinery in Germany.
The growing market opportunities in Singapore aren’t hidden from anyone. Total started a lubricant plant in Singapore to ensure that it could take advantage of the growing market.
Since The Beginning of 2015
It has taken a number of revolutionary decisions since the beginning of 2015, including the initiation of production at Eldfisk ll, which’s located in the Norwegian North Sea. The senior management of the company hopes that Total will come out of financial distress in the near future and touch new milestones with the help of such strategic decisions.
