HALISTER: Total 2Q Adj. Net $2.2b Beats Ests.; Keeps Div. at EU0.61/Share

Total 2Q Adj. Net $2.2b Beats Ests.; Keeps Div. at EU0.61/Share

(Bloomberg) -- 2Q adj. net income $2.2b vs est. $1.82b; adj. net operating income from segments $2.52b vs est. $2.14b.
  • Adj. operating income from Upstream $1.13b down 28% y/y; from Refining & Chems $1.02b down 25% y/y; from Marketing & Services $378m down
  • 2Q div. matches Bloomberg forecast
  • Operating cash flow before WC changes $4b falls 25% y/y
  • CEO Patrick Pouyanne says that efforts to cut operating costs “continuing to bear fruit”; co. will surpass $2.4b cost reduction target for 2016
    • 1H organic investments $8.7b; seen in range $18b-$19b for 2016
  • 2Q LNG sales 2.76mt rise 15% y/y
  • Net debt at end-1H $29.8b
  • Call 3:30pm CET, +1 212 444 0412, pw:9046552; webcast here
  • NOTE: Sees 2Q preview here
Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

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