{"id":3048,"date":"2008-02-13T13:04:39","date_gmt":"2008-02-13T13:04:39","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/02\/13\/total-les-produ\/"},"modified":"2012-07-12T10:24:53","modified_gmt":"2012-07-12T10:24:53","slug":"total-les-produ","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/02\/13\/total-les-produ\/","title":{"rendered":"TOTAL : les productions r\u00e9sistent dans un environnement peu favorable"},"content":{"rendered":"

                      L<\/span><\/strong>es volumes de productions de liquides (p\u00e9trole + condensats) de Total on cr\u00fb en 2007, par rapport \u00e0 ceux de l’ann\u00e9e pr\u00e9c\u00e9dente, de 1,6%, \u00e0 1520 milliers de barils par jour<\/u>. Ceux de gaz ont augment\u00e9 de 9,5% \u00e0 931 milliers de barils<\/u> \u00e9quivalents de p\u00e9trole par jour. Les volumes de produits raffin\u00e9s sont rest\u00e9s stables \u00e0 2461 milliers de barils (+0,3%) et le volumes de produits commercialis\u00e9s ont cr\u00fb de 3,3% \u00e0 3911 milliers de barils<\/u> par jour.\"Total1\"<\/a> Ces r\u00e9sultats op\u00e9rationnels montrent la bonne tenue des productions de gaz et de liquides malgr\u00e9 des pertes de production au Nigeria et les effets d\u00e9favorables des cours du brut sur les volumes allou\u00e9s par les accords de partage de production. Par contre les volumes raffin\u00e9s, compte tenu des investissements r\u00e9alis\u00e9s par Total dans ce domaine, sont tr\u00e8s d\u00e9cevants. La stagnation du raffinage serait due aux nombreuses op\u00e9rations de maintenance. Cette non ma\u00eetrise des volumes raffin\u00e9s \u00e0 entra\u00een\u00e9 une plus grande quantit\u00e9 de produits achet\u00e9s pour alimenter la distribution et donc une baisse des marges de l’aval.<\/p>\n

                            Un examem des volumes trimestriels des productions de gaz et de liquides \"Total2\"<\/a>montre la stabilisation des volumes de liquides produits depuis mi-2006 autour de 1,5 millions de barils par jour. Depuis cette m\u00eame date les productions de gaz croissent et ont m\u00eame d\u00e9pass\u00e9 0,9 million de baril \u00e9quivalent par jour. <\/p>\n

               Ces r\u00e9sultats expliquent la croissance des r\u00e9sultats de TOTAL, qu’il faut valoriser en dollars pour comparer la performance de cette Soci\u00e9t\u00e9 \u00e0 celles des concurrentes.<\/p>\n

                     Le Chiffre d’affaire s’est accr\u00fb de 13% \u00e0 217 millards de dollars, le r\u00e9sultat net a progress\u00e9 de 22% \u00e0 18 mds$ et le cash g\u00e9n\u00e9r\u00e9 par les op\u00e9rations s’est \u00e9lev\u00e9 \u00e0 plus de 24 milliards de dollars en croissance de 20%. <\/p>\n

                   A titre de comparaison avec la r\u00e9f\u00e9rence de la profession, Exxon d\u00e9gage 10% de R\u00e9sutat Net sur CA et TOTAL 8.3%. Exxon d\u00e9gage 12.9% de Cash g\u00e9n\u00e9r\u00e9 par les op\u00e9rations sur CA et TOTAL  11.1%. On voit donc que les ratios de Total ne sont pas stupides, malgr\u00e9 un aval et une chimie probablement mal g\u00e9r\u00e9s.<\/p>\n

                    Une seule ombre s\u00e9rieuse au tableau, les r\u00e9serves prouv\u00e9es de liquides se sont r\u00e9duites de 11%<\/u> \u00e0 fin 2007 par rapport \u00e0 fin 2006, \u00e0 5.8 milliards de barils essentiellement en raison de la cession forc\u00e9e de 16.7% du gisement d’huiles lourdes Sincor au venezu\u00e9lien PDVSA et de l’impact  l’accroissement des prix sur les accords de partage. Les r\u00e9serves prouv\u00e9es de gaz ont cr\u00fb de 1% \u00e0 4.7 milliards de barils \u00e9quivalents.<\/p>\n

                Ces baisses de r\u00e9serves qui expliquent l’essentiel de la d\u00e9cote actuelle des cours des Soci\u00e9t\u00e9s p\u00e9troli\u00e8res, n’est qu’une photographie instantan\u00e9e. Les analystes qui pr\u00e9voient un d\u00e9clin in\u00e9luctable des p\u00e9troli\u00e8res ind\u00e9pendantes sous estiment l’aptitude de ces grandes Soci\u00e9t\u00e9s \u00e0 r\u00e9agir. Les Soci\u00e9t\u00e9s nationales poss\u00e8dent les r\u00e9serves mais ont un tr\u00e8s faible niveau de know-how pour les valoriser. Elles sont donc elles aussi tr\u00e8s fragiles. Un \u00e9quilibre est donc n\u00e9cessaire. Les financiers oublient trop souvent que 40% du p\u00e9trole mondial est distribu\u00e9 par les grosses Soci\u00e9t\u00e9s p\u00e9troli\u00e8res ind\u00e9pendantes.<\/p>\n

                 L’action Total a ouvert en hausse de 1.9% \u00e0 New York \u00e0 72.6$  ce jour, 13\/02\/2008.<\/p>\n

– <\/p>\n","protected":false},"excerpt":{"rendered":"

                      Les volumes de productions de liquides (p\u00e9trole + condensats) de Total on cr\u00fb en 2007, par rapport \u00e0 ceux de l’ann\u00e9e pr\u00e9c\u00e9dente, de 1,6%, \u00e0 1520 milliers de barils par jour. Ceux de gaz ont augment\u00e9 de 9,5% \u00e0 931 milliers de barils \u00e9quivalents de p\u00e9trole par […]<\/p>\n","protected":false},"author":341,"featured_media":7810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"\nTOTAL : les productions r\u00e9sistent dans un environnement peu favorable - leblogenergie.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/02\/13\/total-les-produ\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"TOTAL : les productions r\u00e9sistent dans un environnement peu favorable - leblogenergie.com\" \/>\n<meta name=\"twitter:description\" content=\"                      Les volumes de productions de liquides (p\u00e9trole + condensats) de Total on cr\u00fb en 2007, par rapport \u00e0 ceux de l’ann\u00e9e pr\u00e9c\u00e9dente, de 1,6%, \u00e0 1520 milliers de barils par jour. 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