Seeking Alpha: Total SA's Ambitious Goals Are A Good News/Bad News Proposition

If French integrated oil company Total SA (TOT) can do what management says it can, this could be one of the better-performing energy majors over the next five years, even with a strong 50% run over the past year that is second only to Statoil (STO), among the majors. The catch there is that what management is looking to do is not going to be easy - post one of the best five-year production rates while reducing capex, execute on multiple high-risk projects, and turn the downstream operations around so as to generate double-digit returns on capital. Although I'm not as bullish on Total's prospects as its management team, I do nevertheless think this is one of the more attractive European majors today.



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Total SA's Ambitious Goals Are A Good News/Bad News Proposition