Related Articles
Free access
Forward article link
Share PDF with colleagues

Energy Company of the Year—large cap


Total's multi-billion-dollar acquisition of Danish firm Maersk Oil shows it is a company committed to building economies of scale and that oil and gas M&A was back with a vengeance.

The $7.45bn deal announced in August, in which AP Moller-Maersk will receive $4.95bn in Total shares while Total will take on $2.5bn of Maersk Oil debt, reinforced Total's position as one of the major players in the North Seaand beyond. The deal is expected to close in the first quarter of 2018.

The firm's financial results show it is one of the most resilient of the oil and gas majors. Adjusted net income for the first nine months of this year was over 30% higher than a year earlier, at $7.7bn. Third quarter income was $2.7bna 29% rise from a year earlier. While 2017's higher Brent prices have helped, the company's average 10% return on equity and a sharp rise in upstream profits.

In the third quarter alone Total signed a historic deal for the development of the giant South Pars gas field in Iran, started up operations at the Al-Shaheen oilfield in Qatar, entered Mexico's retail fuel sector and expanded its presence in the green energy sector by acquiring a 23% interest in EREN Renewable Energy.

Also in this section
Venezuela catches the crypto craze
16 March 2018
Is "The Petro" a leap forward or just a cash grab?
A slimmer, fitter Adnoc
12 March 2018
With an eye on new paths being followed by NOCs in the neighbourhood, Abu Dhabi is injecting new energy into the firm
BP sees increasing energy sector competition
1 March 2018
The UK company's latest energy outlook flags up more diversity, but doesn’t predict an imminent collapse in oil demand