Total’s board of directors on Sept. 23 decided to accelerate dividend growth in the coming years, with a guidance of increasing the dividend by 5% to 6% per year instead of the 3% per year as previously announced. As a result, the proposed amount for the third interim dividend for 2019 will be 0.68 euro per share, an increase of 6% compared to the third interim dividend for 2018.  

The board reviewed the outlook for the group through 2025 and decided it has the ability to maintain a sustainable pre-dividend breakeven below $30/bbl and a solid financial position with a gearing objective below 20%. The group also reaffirms its strong discipline on investment and cost, according to a press release.

Delivering on its strategy for sustainable and profitable growth in oil and gas activities as well as investing in growing energy markets, notably LNG and low-carbon electricity, provide stronger visibility on the future of the group, it said.

This results notably in a projected increase in the group’s cash flow of more than $5 billion by 2025 in a $60/bbl environment, or an average increase of about $1 billion per year.