Total to increase divi by 10% over next three years
Source - SMW
Total has revealed plans to increase its dividend by 10% over the next three years.
The full-year 2017 dividend will be proposed to the combined shareholders' meeting at €2.48/share, corresponding to a final quarterly dividend of €0.62/share and an increase of 1.2% compared to the full-year 2016 dividend.
The 2018 interim dividends will be increased by 3.2% to €0.64/share, with the intention of proposing a full-year 2018 dividend of €2.56/share.
The target for the full-year 2020 dividend would be €2.72/share.
Total said despite a volatile environment over the past three years, it has reset its business model, delivering solid results in 2017 thanks to strong operational performance and reducing its pre-dividend organic breakeven to $27/b Brent.
It said after five years of heavy investment, Total is now delivering strong cash-accretive production growth. The group has also invested counter-cyclically to acquire resources at attractive prices.
It has confirmed a capital investment programme of $15-17bn per year, set an objective to maintain the net-debt-to-capital ratio below 20%, and maintain its grade A credit rating.
It also plans to buy back up to $5bn of shares over the period 2018-20 in order to share with investors the benefits of the oil price upside. The amount of buyback will be adjusted to the oil price.
This is in addition to a scrip share buyback.
At 9:54am: (LON:TTA) Total SA share price was +0.68p at 45.54p