Pra se ter uma noção da força desse caixa em 2017, basta dizer que o FCF é igual ao de 2013, quando o barril de petróleo estava cotado a US$ 100.00. Quem souber como a empresa operou esse milagre, favor apontar aqui.
Possivelmente tem a ver com os seguintes motivos:
What happened with Total this past quarter?
Upstream production grows 4% year over year. Like the prior quarter, almost all of those gains came from the natural gas side. Continued ramp ups at Angola LNG, Laggan-Tormore, and an acquisition in the Barnett shale fields in East Texas.
The company closed a deal for the sale of its Atotech specialty chemical business to a private equity firm for $3.2 billion. It also announced it would sell several mature fields in Gabon for $350 million.
Total continued to be busy on the acquisition front. It obtained seven Gulf of Mexico exploration permits; expanded its working interest in an exploration license for the Vaca Muerta shale reservoir in Argentina; completed a strategic deal with Petrobras (NYSE:PBR) for several offshore licenses and some downstream gas assets; increased its stake in an operating license in Azerbaijan; signed a new supply contract with Japans largest LNG buyer; bought a 23% equity interest Tellurian (NASDAQ:TELL), a company looking to build a new LNG export terminal in the U.S.; and committed $2.1 billion to the development of two petrochemical plants, one in the U.S. and one in South Korea.
Net debt to equity slid all the way to 22.7%, down from 30% this time last year. The boost in cash from operations and the cash injection from the Atotech sale were the major contributors. Management wants to get that number to 20% by the end of the year, which seems quite reasonable at this point.
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