‘Patient’ Total CEO eyes asset market values

摘要

Abu Dhabi—The CEO of French oil major Total sees no shortage of upstream opportunities for the company amid the industry downturn, but is in no rush to pursue corporate acquisitions as falling market values have yet to reflect current oil price levels. Patrick Pouyanne said Tuesday he believes stock markets are currently valuing the assets of most upstream companies at an oil price of $70-$80/b, above current mid-$40/b levels. In addition to buyout premiums, a typical upstream acquisition would take the assumed asset value to about $90-$100/b, he said.