LONDON, UK / ACCESSWIRE / April 13, 2018 / Active-Investors.com has just released a free research report on TOTAL S.A. (NYSE: TOT). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=TOT as the Company's latest news hit the wire. On April 11, 2018, the Company announced that in bankruptcy auction sale for Cobalt International Energy Inc.'s assets which was completed recently, the Company has acquired several assets located in the Gulf of Mexico. Total has made several offers for the assets at the auction with a combined value of approximately $300 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, TOTAL most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Detail of assets acquired
The Cobalt's assets acquired by Total at the bankruptcy auction include the following:
- 20% interest in the North Platte discovery. Total already owned 40% interest in this asset and with the additional 20% acquired from Cobalt, Total now has a 60% interest in this asset and has become the operator of this discovery. The remaining 40% interest in the North Platte discovery has been acquired by Statoil ASA (NYSE: STO). The North Platte discovery covers four blocks of the Garden Banks area, 275 kilometers off the coast of Louisiana in approximately 1,300 meters of water. It was discovered by Total and Cobalt in the Wilcox play in 2012. This field has been fully appraised and consists of total of three wells and three sidetracks.
- 20% interest in the Anchor discovery: Total had acquired 12.5% interest in this discovery in January 2018. With the current acquisition of 20% interest, Total now has 32.5% interest in the Anchor discovery. Chevron is the operator of this discovery. The Anchor discovery is also located in the Wilcox play, 225 kilometers off the coast of Louisiana in approximately 1,500 meters of water. It was discovered in 2014 and is one of the most significant discoveries in the Gulf of Mexico in recent times. Chevron has 55% interest in this discovery and is the operator and remaining interests are owned by Total with 32.5% and Venari with 12.5%.
- 13 offshore exploration blocks - to be operated by Total.
The sale of these assets has received approval from the US Bankruptcy Court on April 05, 2018.
Cobalt had filed for Chapter 11 Bankruptcy proceedings in December 2017. Following which the auction for the Company's assets was held on March 06, 2018, and the hearing for the approval of sale of the assets by the US Bankruptcy Court was to start on April 03, 2018.
Total's presence in Gulf of Mexico
The current assets add to Total's existing interest in the Gulf of Mexico.
In January 2018, the Company had made a major oil discovery in the Ballymore prospect, located deep offshore in the US Gulf of Mexico. The Ballymore prospect is in water depth of about 2,000 meters and 120 kilometers from the Louisiana coast and covers four blocks in the Norphlet play, including Block MC 607 where the discovery was made. Total owns 40% interest in this discovery with remaining 60% interest owned by Chevron which is also the operator. Apart from the interests in North Platte and Anchor, Total has working interests in three producing fields and these include Jack with 25% interest; Tahiti with 17% interest; and Chinook with 33.33% interest. Jack and Tahiti fields are operated by Chevron, while Chinook is operated by Petrobras.
About Total S.A.
Paris, France-based Total is the 4th largest oil and gas company in the world. It is also a major integrated player in low-carbon energies. The Company has operations in over 130 countries with more than 98,000 employees. The Company produces 2.5 million barrels of oil equivalent (Mboe) per day and transports 131 million metric tons of crude oil and refined products.
In the US, Total has been active in Exploration & Production since 1957. The Company's production in US in FY17 was 123,000 barrels of oil equivalent per day. Total's onshore operations include around 100,000 barrels of oil equivalent per day (shale gas production) in the Barnett play where Total is the operator and has 25% stake in JV Company operated by Chesapeake in the Utica shale play.
Stock Performance Snapshot
April 12, 2018 - At Thursday's closing bell, TOTAL's stock marginally fell 0.20%, ending the trading session at $60.30.
Volume traded for the day: 1.53 million shares.
Stock performance in the last month - up 4.58%; previous three-month period - up 4.80%; past twelve-month period - up 16.27%; and year-to-date - up 9.08%
After yesterday's close, TOTAL's market cap was at $159.36 billion.
Price to Earnings (P/E) ratio was at 18.34.
The stock has a dividend yield of 4.83%.
The stock is part of the Basic Materials sector, categorized under the Major Integrated Oil & Gas industry. This sector was up 0.1% at the end of the session.
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