Managing in the COVID-19 Era
April 09 2020 - 12:09PM
Business Wire
Exclusive Interview—TOTAL Chairman and Chief Executive
Patrick Pouyanné Speaks with IHS Markit Vice Chairman Daniel
Yergin for New CERAWeek Conversations Video Series
The CERAWeek Conversations series features interviews and
insights by senior executives, government officials and thought
leaders on the energy future – available exclusively at
www.ceraweek.com/conversations
Patrick Pouyanné, chairman and chief executive of TOTAL SA sits
down for an exclusive interview with Daniel Yergin, IHS Markit vice
chairman, available today at www.ceraweek.com/conversations.
The one-on-one interview is part of the new CERAWeek
Conversations video series produced by the team responsible for the
world’s preeminent energy conference, CERAWeek by IHS Markit.
CERAWeek Conversations features original interviews and
discussion with energy industry leaders, government officials and
policymakers, leaders from the technology, financial and industrial
communities – and energy technology innovators.
New installments will be added weekly at
www.ceraweek.com/conversations.
During his conversation with Daniel Yergin, Patrick Pouyanné
talks about managing an international energy company through a
global pandemic, including:
(Excerpts follow slightly edited for brevity only)
- The lasting effect of the oil price
shock and his longer-term views on balancing the market:
“Inventories are continuing to grow. People think that we don’t
have enough storage in the world. That will be the main effect for
me. As we are growing inventories, this crisis in the oil price
could last longer than Covid-19, because it will take time to empty
storages and get the markets rebalanced.” "Between $35 per barrel
as an average of the year, compared to $50-60 per barrel, it makes
a difference of $9 billion. You come back to what you control. We
control the delivery of the asset, which is why our priority today
is to maintain as much as we can for as long as we can [with] the
production of our assets around the world.” “We need to take action
immediately in order to prepare the company to face a low price of
oil for two years. In 2015-16 it took two and a half years for
prices to come back to more acceptable prices by the middle of
2017.”
- Whether present circumstances have
impacted his thinking about TOTAL’s long-term goal of transition
beyond an oil company to a broader energy company: “No.
It even reinforced my conviction. We face another crisis: the
climate challenge crisis. This is the reality. As a global society
there are clear expectations. We need to take that into account.
Our strategy is to extend to be a broad energy company – oil and
gas but also low-carbon electricity and carbon neutrality
solutions.” “The energy markets are changing because of climate
change; because of technological evolution and innovation; and
because of societal expectations. For a company like TOTAL it’s a
matter of how energy markets are moving." “Our strategy is to
anticipate these market trends and to be a major player in these
new gases or new electrons. The energy transition is not just a
transition, it’s adding new markets, new technologies. You don’t
get rid of the past; you see an evolution in the markets.”
Watch the complete video at: www.ceraweek.com/conversations
Additional segments currently available include:
- How COVID-19 Will Change Global Politics – featuring William
Burns, president of the Carnegie Endowment for International Peace
and Carlos Pascual, senior vice president, global energy, IHS
Markit.
- Russia, Oil and Geopolitics in the COVID-19 Era – featuring
Angela Stent, director, Center for Eurasian, Russian, and East
European Studies at Georgetown University
- Global Oil Markets in Turmoil – Featuring Dan Yergin, vice
chairman, IHS Markit and Jim Burkhard, vice President, oil markets,
IHS Markit. Moderated by Atul Arya, senior vice president, energy,
IHS Markit.
About IHS Markit
(www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical
information, analytics and solutions for the major industries and
markets that drive economies worldwide. The company delivers
next-generation information, analytics and solutions to customers
in business, finance and government, improving their operational
efficiency and providing deep insights that lead to well-informed,
confident decisions. IHS Markit has more than 50,000 business and
government customers, including 80 percent of the Fortune Global
500 and the world’s leading financial institutions. Headquartered
in London, IHS Markit is committed to sustainable, profitable
growth.
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version on businesswire.com: https://www.businesswire.com/news/home/20200409005642/en/
News Media: Jeff Marn IHS Markit +1 202 463 8213
Jeff.marn@ihsmarkit.com
Press Team +1 303 858 6417 press@ihsmarkit.com
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