We operate in more than 130 countries and produce almost 2.7m boe/d of hydrocarbons, making us one of the world's largest international oil and gas companies and a major player in low-carbon energies.
Our ambition is to become the responsible energy major.
Once again, the Group was the most profitable of all the oil majors in 2017. We confirm our objective to grow our production by 5% per year on average between 2016 and 2022.
The strength of our integrated business model
- The very fast growth we are achieving in oil and natural gas production (+20% of growth between 2014 and 2017): we started 5 major projects in 2017 and 9 are planned in 2018, integrating Maersk Oil Q1 2018.
- Our Downstream businesses (Refining & Chemicals and Marketing & Services), which generate around $7 billion of cash flow per year and show little sensitivity to movements in oil prices.
- Our strong position as second largest global Liquefied Natural Gas player.
Our development into renewable power market.
- Give you visibility on shareholder return over the period 2018-2020, with a 10% dividend growth forecast.
- Offer you a dividend yield of 5.5% per year on average over the last 10 years.
- Maintain a solid financial position (ending the year 2017 with a 15.1% gearing - net-debt-to-capital ratio).
- Continue investing in our future growth (15-17 G$ of investment per year).
Solid fundamentals underpinning sustainable growth
- In Exploration & Production, we confirm the objective to grow our production by 5% per year on average between 2016 and 2022 with production costs of $5.5 /boe expected in 2018, among the lowest of the majors.
- In the Downstream business, we can rely on the high quality and strong potential of our major Refining & Chemicals platforms, along with service-station and lubricant sales growth.
We are maintaining our discipline regarding costs with the objective of achieving over 4 B$ of savings in 2018 and our discipline regarding investments.