We operate in more than 130 countries and produce almost 2.5m boe/d of hydrocarbons, making us one of the world's largest international oil and gas companies. Our ambition is to provide affordable and environmentally friendly energy to a growing world population.
In 2016, the Group was the most profitable of all the oil majors. We now have all the strengths we need to take advantage of market opportunities
The strength of our integrated business model
We operate in all parts of the oil and gas value chain, as well as in low-carbon energies. Our success is based on:
- the very fast growth we are achieving in oil and natural gas production: we started 14 major projects in 2015-2016, which should result in average annual growth of 5% between 2014 and 2020
- our Downstream businesses (Refining & Chemicals and Marketing & Services), which generate around $7 billion of cash flow per year and show little sensitivity to movements in oil prices
- our unique position in the promising markets of gas, electricity and renewable energies.
This business model enables us to:
- offer you an attractive dividend that has either remained stable or increased each year since 1982,
- maintain a solid financial position,
- continue investing in our future growth.
Solid fundamentals underpinning sustainable growth
In all of our business areas, we have shown operational excellence and an ability to cut costs and acquire the best assets. We are confident in our ability to maintain our growth:
- In Exploration & Production, we have numerous projects delivering returns appropriate to the economic environment: we will start 12 major projects in 2017-2018, and we have decided to go ahead with a further 10 projects.
- In the Downstream business, we can rely on the high quality and strong potential of our major Refining & Chemicals platforms, along with service-station and lubricant sales growth of 4% per year.
- We are maintaining our discipline regarding costs and capital expenditure, thus ensuring that our earnings remain robust.
This is how we intend to deliver on our commitment to being the most profitable European major and creating value for you, the shareholders and investors in our Group.