Masters Programmes

Assignment Cover Sheet

Submitted by: 1667073

Date Sent: 13th February 2017

Module Title: Managing in a New World

Module Code: IB9BT0

Date/Year of Module: 2016/2017

Submission Deadline: 13th February 2017 at 17:30

Word Count: 3,000

Number of Pages: 28

Question:
Write your own mini case study together with a briefing note. The entire document should be no more
than 3,000 words with around 1,000 words devoted to the case study and the rest to analysis. The
mini case should describe an economic or strategic situation/problem/issue either in the past or today
which needs resolution. The analysis should make use of the theory taught during the module to
provide deeper understanding and assist with developing solutions and recommendations. The
briefing note will begin by critically evaluating 'the issue' and its causes in order that it can be subject
to further analysis. Whilst the consequences of the issue may be straightforward such as declining
sales and margins this may conceal underlying causes which need to be addressed. The briefing note
will select and apply appropriate tools, techniques and frameworks from the module to provide insight
and potential solutions.
The write up will conclude with the broader implications of the case for other companies in similar
situations and reflect on broader economic and strategic lessons.

I declare that this work is entirely my own in accordance with the University's Regulation 11
and the WBS guidelines on plagiarism and collusion. All external references and sources are
clearly acknowledged and identified within the contents.

No substantial part(s) of the work submitted here has also been submitted by me in other
assessments for accredited courses of study, and I acknowledge that if this has been done it
may result in me being reported for self-plagiarism and an appropriate reduction in marks may
be made when marking this piece of work.
TABLE OF CONTENTS
1. Mini Case Study............................................................................................................. 3
1.1. Summary.................................................................................................................... 3
1.2. Technip and FMC Technologies................................................................................. 3
1.3. Oil and Gas Industry................................................................................................... 4
1.4. Reasons Behind the Merger ....................................................................................... 5
2. Briefing Notes ................................................................................................................ 6
2.1. Macroeconomic Environment ..................................................................................... 6
2.2. Financial Performance................................................................................................ 7
2.3. Oil and Gas as a Turbulent Industry ........................................................................... 7
2.4. Merger of Equals ........................................................................................................ 8
2.5. Conclusion and Recommendations ............................................................................ 9
3. Appendices .................................................................................................................. 11
3.1. Technip Income Statement History........................................................................... 11
3.2. Technip Balance Sheet History ................................................................................ 12
3.3. Technip Financial Ratios History .............................................................................. 13
3.4. FMC Technologies Income Statement History.......................................................... 14
3.5. FMC Technologies Balance Sheet History ............................................................... 15
3.6. FMC Technologies Financial Ratios History ............................................................. 16
3.7. Backlog and Order Intake History............................................................................. 17
3.8. Shares Price History................................................................................................. 18
3.9. WTI and Brent Crude Price History........................................................................... 19
3.10. Global Oil Production History ................................................................................ 20
3.11. Global Oil Consumption History ............................................................................ 21
3.12. Global Oil Reserves History .................................................................................. 22
3.13. Global Oil Trade Movements History..................................................................... 23
3.14. GDP History.......................................................................................................... 24
3.15. Inflation History ..................................................................................................... 25
4. Bibliography ................................................................................................................. 26

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1. MINI CASE STUDY

1.1. SUMMARY
In 2014, prior the oil price plunge that seen the crude barrel price drop from values over
$100 to a minimum of $30, both Technip and FMC Technologies were at their best financial
performance, with a strong market position and revenues of 10bn and $9bn respectively.
Now, and after a 50/50 joint venture between both companies (Forsys Subsea), they decided
to face the market as a merger of equals, creating TechnipFMC, the worlds second-largest
oil service group by revenues, with current market capitalization of $13bn (TechnipFMC plc,
2017). Though this new company is domiciled in London, the operational headquarters are
based in Paris and Houston, with Thierry Pilenko as the Executive Chairman in Paris and
Doug Pferdehirt as the Chief Executive Officer (CEO) in Houston.
Could this merger of equals be the best way for Technip and FMC to tackle this long-term
industry crisis that is going into its third year, or should they have continued with the joint
venture? Will the new organisational structure be able to handle the current scenario, or only
create more challenges? How to make this a successful merger, and what can go wrong?

1.2. TECHNIP AND FMC TECHNOLOGIES

Prior to the merger, Thierry Pilenko was the Chairman and CEO of Technip, with large
industry experience, including of managing a successful merger prior joining Technip. Taking
the role of CEO in September 2016 and with the responsibility to lead FMC through the merger,
Doug Pferdehirt was previously the companys Chief Operating Officer (COO).
Both companies have a long and strong presence in the industry. FMC origins in 1884,
manufacturing equipment for agriculture, and entering the oilfield service industry in 1955 after
acquiring WECO, Chiksan and Oil Center Tools. Before the merger, it had a global presence
with facilities in 18 countries, approximately 14,500 employees and headquarters in Houston.
Technips history dates to 1958. With headquarters in Paris, its global footprint is considerable:
a presence in 48 countries, a workforce of 23,000 people worldwide, and a fleet of 18 vessels
of which two are under the long-term charter, plus 4 new vessels under construction.
Technip is active in two oil and gas industry segments: Subsea, responsible for the design,
manufacture, and installation of rigid and flexible subsea pipelines and umbilicals;
Onshore/Offshore, responsible for the studies, engineering, procurement, construction, and
project management of the entire range of onshore industry facilities and fixed and floating
offshore facilities, together with several activities such as mining and metal, industrial sector,
biofuels, and renewable energies. FMC business comprises three segments: Subsea
Technologies, responsible for the design and manufacture of products and systems, and to

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provide services for the deepwater exploration and production of oil and gas; Surface
Technologies, responsible for the design and manufacture of products and systems, and to
provide services for the land and offshore exploration and production of oil and gas; Energy
Infrastructure, responsible for supplying products and services for oil and gas industry
measurement solutions, loading systems and separation systems.

Both companies have faced the industry troubled water in the recent years. In 2008, with
the burst of the global financial crisis that saw the crude barrel price drop approximately 70%,
both companies shares value fell. After a quick recovery, and some of the best years in recent
history, the 2014 oil price fall brought a dark period for the companies. Revenues and profits
dropped dramatically, so as for order intake and financial performance.

1.3. OIL AND GAS INDUSTRY

Though natural gas is used mainly to produce energy, either to produce electric energy or
for commercial and industrial usage, crude oil is used for several different purposes that go
from producing fuel to usage in industries, e.g. pharmaceuticals, fertilisers, and plastics. In
such capital-intensive cyclical industry (or turbulent), its activity is directly linked to the global
economy. This was observed over the industry history, with the current downturn caused by
imbalanced supply with weak demand due to slowing economic growth in countries like China.
Even considering that the global demand continues to increase, the recent boom of new
extraction types such as shale oil and oil sands flooded the market with oversupply. The
Organization of the Petroleum Exporting Countries (OPEC), an intergovernmental
organization responsible for 42% of the world production, announced already a production cut
of 1.2 million barrels per day in 2017, but considering the likely flow of Iranian oil into the
market, together with large oil inventories created during this period, there are several
uncertainties over the market recovery capacity to go back to the same price levels prior June
2014.
Before this latest industry downturn, one of the biggest challenges faced by companies was
to find skilled workforce. Now, and after so many redundancies across the industry, its
possible to predict the same issue after a possible market recovery due to industrys brand
damage. Now, more than $200bn worth of projects have been cancelled or postponed, and
oil companies are learning on how to operate in a lower price environment, with discount
negotiations with oilfield service providers being made to reduce costs up to 30%. To survive,
many companies were forced to restructure their debt, and divestitures activities increased.
To reinforce their market position, and as seen in the past, mergers and acquisitions
increased, such as Shell/BG, Schlumberger/Cameron, Technip/FMC and the intended
between GE and Baker Hughes.

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1.4. REASONS BEHIND THE MERGER
Announced on 19th May 2016, and based on the successful Forsys Subsea, TechnipFMC
was created on January 2017 with the intention to face the current challenges in the oil and
gas industry, which led to the financial performance decline in both Technip and FMC.
With this merger, TechnipFMC expects to explore several strategic benefits. By combining
and complementing skills, technology, and innovation; increasing the offering range to fully
integrated solutions; and integration facilitated by the successful joint venture experience, the
new company will be able to achieve savings for the customers, improve efficiency, reduce
timescales, and streamline project execution.
The combined company presents a strong consolidated backlog of approximately $20bn,
and financial strength can be obtained through an agile and mixed revenue source. From the
optimisation of supply chain and reduction of infrastructure costs, procurement costs and
overheads, together with revenue synergies from integrated subsea project execution model,
its expected to achieve $200m in synergies by 2018, value increased to $400m in 2019.

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2. BRIEFING NOTES

2.1. MACROECONOMIC ENVIRONMENT

The macroeconomic impact of the oil and gas industry is significant. In 2009, the industry
was responsible for 7.7% of the Gross Domestic Product (GDP) in the United States and
impacted jobs directly or indirectly for 9.2 million Americans (NPC Macroeconomic Subgroup,
2011).

Figure 1: AD-AS model for the oil industry

From Figure 1, point A represents the economy equilibrium, with aggregate demand (AD)
balanced with aggregate supply (AS). Considering a scenario where the oil price increases,
TechnipFMC will observe in the short-run stagflation, with AS shifting to AS with labour
requiring higher salaries, leading to higher output price. Since productivity is reduced, the
potential output will reduce also and disequilibrium is observed. After some time, with the price
increase, demand will decline and adjust to the new supply level with AD shifting to AS, and
equilibrium is achieved at point B (Taghizadeh-Hesary & Yoshino, 2015). Such scenario was
observed in 2009. In contrast, the oil price decrease will lead to the opposite result, with AS
shifting to AS in the short-run and AD to AD later, resulting in equilibrium at point C. This was
observed recently after 2014.
Another important factor of industry contribution to economics is related with taxes paid.
For FMC, since the company is based in Houston, Texas, the fiscal regime consists of a
combination of corporate income tax, severance tax and royalty tax. The corporate income tax
is currently 35% of the company income worldwide, the severance tax depends on a state by

6
state, with Texas charging around 7% in 2007, and royalty tax can go up to 18.75%. France,
where Technip is based, presents a 33.3% national rate.
Considering that although Technip is based in France and FMC in the United States,
TechnipFMC will have their headquarters in London, UK, a country with only 20% of corporate
tax (EY, 2015), providing the company with a more favourable tax treatment that will allow
increasing their so needed chest of cash for such difficult times in the industry.

2.2. FINANCIAL PERFORMANCE

When looking to the financial results for the last 10 years of both Technip and FMC, its
possible to observe the impact of the global financial crisis in 2008 and the ongoing oil price
crisis that started in 2014 and led to the merger decision by both companies.
The impact of the 2008 crisis was severe, observed in the oil price decline of more than
$90 per barrel, GDP rate and inflation growth. In this period, shares value of Technip and FMC
dropped, so as revenues and profits for Technip, with a significant 60.7% decline in the net
profit for 2009 from the previous year. As a sign of carefulness by customers, the order intake
in 2009 decreased by 20% and 46% from the previous year for Technip and FMC respectively.
Return on Capital Employed (ROCE) in 2009 was 7.5% lower for Technip and 2.6% lower for
FMC when compared with 2008.
The oil price plunge that started by mid-2014 is having a bigger impact in the business.
GDP and inflation continue to grow, although at a lower rate, but the oil price dropped to
historical minimums, continuing nowadays at low values and without signs of stabilising.
Technip and FMC shares values dropped again, FMCs revenues were strongly affected and
net profit in 2015 decline 87% and 44% for Technip and FMC respectively when compared
with previous year. Order intake in 2015 decreased by 50.5% for Technip and 41% for FMC,
while ROCE was 5.1% and 12% lower than in 2014 for Technip and FMC respectively.

2.3. OIL AND GAS AS A TURBULENT INDUSTRY

Considering the market volatility in the oil and gas industry, dependent on oil prices, it can
be considered a turbulent industry, and the offshore sector is probably the most affected due
to its high costs and break-even value. Cycles have been observed several times in the past,
most recently with market downturn in 2008 followed by recovery, and now immersed in a new
downturn that started in 2014.
To drive successfully a business through such unstable times and possibly to emerge as a
market leader, companies required strategic ability (Doz & Kosonen, 2008), the capacity to be
flexible, open to new evidence and willing to change strategy. To prevent stagnation,
companies need to apply a set of management practices to achieve strategic sensitivity,
leadership unity and resource fluidity, the foundations of strategic agility.

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 Strategic sensitivity consists in the early awareness of such challenging market scenarios
with a real-time understanding of strategic situations, a strategic process externally oriented
but internally participative and with a rich, intense, and open internal dialogue during strategy
process. Both Technip and FMC showed some level of sensitivity, by joining together to create
Forsys Subsea and some investment in research and development (R&D), but no other visible
signs of sensitivity were displayed. With the merger, its difficult to picture a more open strategy
process with high internal dialogue quality, considering the new split board of directors in
different locations, creating even more tight hierarchy and lower responsiveness.
The ability to make hard decisions without conflict in the boardroom is the foundation of
leadership unity. Managers from different divisions share the same vision and commit their
decisions not by personal agendas, but by the company main goals, with high participation of
the CEO to ensure this. As previously mentioned, TechnipFMC will display a split board of
directors, with directors from former Technip located in Paris and the directors from former
FMC located in Houston. Although the team provided by each company worked together for
several years, its expectable that this situation will create some resistance to unity, and
different agendas will be displayed while making decisions.
Finally, resource fluidity consists in the internal capability to re-shape business systems
and mobilise people and resources quickly. This will require a flexible structure, modular
processes, a closer management approach to people and incentives for collaboration. Its
expected, at least in the short-term, that this fluidity across all company is difficult to
implement, not only by the size and global footprint of the company but because its expected
that in an early stage, TechnipFMC will work almost as two distinct companies. This should
be fought with more integration between the two former organisations.

2.4. MERGER OF EQUALS

If its known that most of M&A end up in failure, how can TechnipFMC become a success?
For a merger of equals to succeed, a solid strategy and planning and execution integration
are fundamental (Handscomb et al., 2016). Not fully captured in the past, but essential for the
merger is the new business opportunities unlocked by combining both companies portfolio
and efficient resources allocation, either capital or staff. Such mergers in cyclical markets allow
greater economies of scale and scope, with high synergies and complementing product
portfolios, and although its not the case of one less market player to compete with, will
increase bargaining power due to tailor-made integrated solutions offering. Efficiency will be
achieved with lower costs by complementing resources and fixed costs reduction, so as the
integrated product catalogue (Christensen et al., 2011). Despite that, one of the main concerns
in a merger of equals is related to leadership, and the incapacity to make decisions, created
by a split board with distinct agendas.

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 TechnipFMC is a clear attempt to obtain greater economies of scope, capable of offering
tailor-made integrated solutions, increasing their market power towards customers.
Nonetheless, some argue that customers will react negatively since they want to increase the
number of competitive bids, but in such oligopoly market, seems unlikely that customers will
have other option. Synergies expected between Technip and FMC are substantial, with $200m
in 2018 and $400m in 2019, achieved through process optimisation, supply chain
improvement and infrastructures cost reduction. The biggest challenge here is the possibility
of synergies overestimate, and the difficulty to realise them, considering the expected split
organisational structure, since its expected that both companies will continue to operate at a
high level independently. With the new headquarters in London, TechnipFMC will be able to
reduce their costs with taxes (Crooks & Stacey, 2017), the decision already adopted before
by competitors such as GE Oil&Gas. Although not public announced, TechnipFMC will
increase their capacity to reduce fixed costs with staff redundancies, since it is a company
with more than 49,000 employees spread over the world (Reed, 2016). However, this can be
dangerous if resources are not fluid inside the company and create uncertainty for the
remaining ones, lowering productivity and increasing stress. Such challenge should dictate
also the pace at changes should be implemented in the new company structure, and its
argued that quick changes can minimise the stress and uncertainty to employees. This seems
unlikely in this case, where fully integration will be made over time and both companies will
continue to operate independently.
And this brings us to the last, but probably most important not in this merger of equals: the
equal split Board of Directors, with different and distant decision locations. From previous
similar businesses, its possible to speculate the complications that will occur, from different
agendas by directors, difficulties to make decisions, resulting in business deterioration and
demoralised senior managers leaving the company. The cultural shock will be high, with
French on one side and Americans on the other, displaying substantial management style,
way to operate, and corporate culture that may be simply incompatible.

2.5. CONCLUSION AND RECOMMENDATIONS

The oil industry plays a relevant role in economies such as Norway, with large impact in
GDP, employment rates, and salaries (IMF, 2016). This is the main reason behind the financial
performance decline by both Technip and FMC in the recent years.
The industry is facing substantial changes, with oil overproduction, technological advances,
and demographic shifts, requiring future adaptation by organisations through the
implementation of principals: organisational agility, new management ideas, decentralisation,
and redefinition of core business (Handscomb et al., 2016).

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 TechnipFMC resulted from the attempt by Technip and FMC, with the increase of their
product range, balance sheet and cost reduction, a decision that several other competitors
had already adopted, and TechnipFMC can be considered a follower in this decision. The
initial decision of a joint venture could have been prolonged, reducing the failure risk, but
considering the limited service offered and looking to the competition, it was considered
insufficient.
Theres some perception that the main reason behind the merger is a tax reduction, with
headquarters based in London, however, synergies cant be neglected and reduction of fixed
costs is important for long-term success and capacity to face future market downturns.
The challenge for TechnipFMC is not only to make a successful merger, but also to thrive
in such turbulent industry thats going through profound changes, and the recipe to achieve
both are common. TechnipFMC must accomplish a successful integration of both businesses
but seems to miss the most important fact in this entire process: split Board of Directors in
different locations will create resistance to decision making. This is a fact already observed in
the past, in cases such as the Daimler-Chrysler merger, a disastrous operation that ended
with big losses not only financial but also in brand reputation.
Based on the above analysis, one company should take the control over the other, and
complete a quick integration, avoid cultural issues, and reduce the struggle to make decisions
with only one decision location. An open and clear strategy should be communicated, to
reduce instability and maintain key resources, creating leadership unity that allows the
resources fluidity. TechnipFMC can offer integrated solutions, something that will highly
enable cost reduction and competitive bids. If integration and resource fluidity is not fully
achieved, the increase in product portfolio offering becomes irrelevant.

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3. APPENDICES

3.1. TECHNIP INCOME STATEMENT HISTORY

(in millions of Euro) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Revenues 6,926.5 7,886.5 7,481.4 6,456.0 6,081.9 6,813.0 8,203.9 8,847.7 10,073.9 10,337.9
Cost of Sales (6,202.1) (7,245.1) (6,341.7) (5,314.1) (4,897.0) (5,526.4) (6,652.3) (7,261.0) (8,606.3) (8,892.2)
Gross Margin 724.4 641.4 1,139.7 1,141.9 1,184.9 1,286.6 1,551.6 1,586.7 1,467.6 1,445.7
Research and Development Costs (34.9) (42.0) (44.9) (53.5) (56.6) (65.3) (68.7) (75.5) (82.6) (86.1)
Selling Costs (84.6) (100.2) (121.4) (149.2) (179.1) (184.6) (230.8) (219.0) (221.1) (214.5)
Administrative Costs (269.8) (251.5) (287.7) (272.7) (300.9) (331.1) (442.7) (494.7) (423.6) (403.9)
Other Operating Costs 8.4 19.6 25.5 27.7 18.1 26.4 30.7 33.9 31.0 20.3
Other Operating Expenses (10.3) (20.3) (54.3) (17.5) (46.1) (22.5) (11.4) (14.4) (11.4) (15.5)
Operating Income/(Loss) from Recurring Activities 333.2 247.0 656.9 676.7 620.3 709.5 828.7 817.0 759.9 746.0
Share of Income/(Loss) of Equity Affiliates (2.6) 2.8 2.2 4.7 0.0 0.0 1.0 35.2 40.3 54.6
Operating Income from Recurring Activities after Income/(Loss) of Equity Affiliates 330.6 249.8 659.1 681.4 620.3 709.5 829.7 852.2 800.2 800.6
Income/(Charges) from Disposals of Activities 26.9 19.9 0.0 (2.5) 16.5 0.0 0.0 0.0 (5.5) 0.0
Income/(Charges) from Non-Current Activities 0.0 0.0 0.0 (22.1) (15.7) (9.5) 0.0 (68.1) (469.8)
Provision for Litigation 0.0 0.0 (245.0) 0.0 0.0 0.0 0.0 0.0 0.0
Operating Income/(Loss) 357.5 269.7 659.1 433.9 614.7 693.8 820.2 852.2 726.6 330.8
Financial Income 14.7 20.1 456.9 478.0 409.4 349.8 300.2 344.3 450.0 625.5
Financial Expenses (76.2) (84.7) (467.9) (538.7) (429.5) (332.4) (367.5) (425.9) (577.3) (783.1)
Income/(Loss) Before Tax 296.0 205.1 648.1 373.2 594.6 711.2 752.9 770.6 599.3 173.2
Income Tax Expense (94.1) (77.1) (193.8) (194.7) (179.4) (208.7) (206.2) (200.6) (156.9) (117.0)
NET INCOME/(LOSS) FOR THE YEAR 201.9 128.0 454.3 178.5 415.2 502.5 546.7 570.0 442.4 56.2

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3.2. TECHNIP BALANCE SHEET HISTORY
(in millions of Euro) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
ASSETS
Property, Plant and Equipment 758.4 818.0 945.0 1,194.5 1,472.0 2,308.3 2,410.5 2,619.4 2,500.8 2,574.9
Intangible Assets 2,422.9 2,419.5 2,409.2 2,408.2 2,434.5 2,714.2 3,379.1 3,332.7 3,496.5 3,582.5
Investments in Equity Affiliates 2.3 4.9 6.7 9.3 0.0 0.0 8.7 6.7 195.6 131.4
Other Financial Assets 16.8 21.0 18.6 22.5 38.4 92.8 72.8 72.4 202.6 221.2
Deferred Tax Assets 111.3 183.4 201.4 263.8 324.6 306.3 333.0 274.8 366.0 430.4
Available-for-Sale Financial Assets 44.5 17.0 8.2 11.5 201.1 201.9 162.7 105.3 57.0 29.0
Total Non-Current Assets 3,356.2 3,463.8 3,589.1 3,909.8 4,470.6 5,623.5 6,366.8 6,411.3 6,818.5 6,969.4
Inventories 134.4 173.7 226.2 215.4 221.5 254.6 296.8 276.3 355.7 431.3
Construction Contracts - Amounts in Assets 591.1 280.6 140.8 158.0 378.6 588.0 454.3 405.0 755.1 637.6
Advances Paid to Suppliers 548.1 464.4 192.5 114.5 195.4 204.2 208.2 472.1 294.7 160.4
Derivative Financial Instruments 29.5 5.2 40.4 61.6 40.6 35.6 54.3 123.4 46.6 47.1
Trade Receivables 583.7 783.4 1,123.5 1,061.4 1,276.6 1,279.9 1,272.8 1,745.2 1,719.9 1,668.2
Current Income Tax Receivables 93.7 68.4 82.6 98.1 148.7 149.6 158.5 102.1 158.9 220.3
Other Current Receivables 262.4 458.4 332.1 294.9 384.3 487.9 513.5 470.6 581.6 589.2
Cash and Cash Equivalents 2,402.8 2,401.5 2,404.7 2,656.3 3,105.7 2,808.7 2,289.3 3,241.0 2,685.6 2,919.1
Total Current Assets 4,645.7 4,635.6 4,542.8 4,660.2 5,751.4 5,808.5 5,247.7 6,835.7 6,598.1 6,673.2
Assets Classified as Held for Sale 61.5 0.0 0.0 0.0 0.0 0.0 9.9 4.0 3.2 26.4
TOTAL ASSETS 8,063.4 8,099.4 8,131.9 8,570.0 10,222.0 11,432.0 11,624.4 13,251.0 13,419.8 13,669.0

EQUITY AND LIABILITIES

Share Capital 80.9 81.9 83.4 83.4 84.1 84.6 86.2 86.7 86.9 90.8
Share Premium 1,604.5 1,640.0 1,709.8 1,710.4 1,750.1 1,784.0 1,898.2 1,923.3 1,934.8 2,162.1
Retained Earnings 531.8 458.0 469.6 902.9 1,013.6 1,371.6 1,619.7 1,972.1 2,260.1 2,477.4
Treasury Shares (58.1) (144.3) (143.8) (143.8) (137.9) (109.3) (148.8) (133.6) (96.9) (55.2)
Foreign Currency Translation Reserves (19.8) (46.7) (113.9) (38.5) 11.5 (6.3) (73.6) (259.5) (19.2) 103.8
Fair Value Reserves 61.9 63.2 20.3 1.9 40.8 19.7 23.9 4.7 (238.9) (287.6)
Net Income 200.1 126.3 448.0 170.4 417.6 507.3 543.3 563.1 436.6 45.1
Total Equity Attributable to Shareholders of the Parent Company 2,401.3 2,178.4 2,473.4 2,686.7 3,179.8 3,651.6 3,948.9 4,156.8 4,363.4 4,536.4
Non-Controlling Interests 15.5 18.4 22.3 30.4 22.3 21.7 13.2 17.3 11.8 8.5
Total Equity 2,416.8 2,196.8 2,495.7 2,717.1 3,202.1 3,673.3 3,962.1 4,174.1 4,375.2 4,544.9
Non-Current Financial Debts 676.7 653.3 734.2 844.5 1,092.1 1,543.5 1,705.7 2,403.4 2,356.6 1,626.0
Non-Current Provisions 124.1 109.7 104.2 100.4 110.2 139.2 229.0 261.8 231.6 242.0
Deferred Tax Liabilities 142.4 128.7 100.8 96.5 93.4 172.0 209.6 179.3 196.2 175.4
Other Non-Current Liabilities 18.9 45.5 41.2 28.4 51.3 93.0 76.2 74.8 40.6 32.2
Total Non-Current Liabilities 962.1 937.2 980.4 1,069.8 1,347.0 1,947.7 2,220.5 2,919.3 2,825.0 2,075.6
Current Financial Debts 185.9 43.9 25.9 28.2 681.3 544.4 400.4 174.5 256.4 937.1
Trade Payables 1,658.3 1,866.3 1,703.9 1,476.2 1,862.1 2,135.0 2,094.5 2,481.0 2,312.9 2,480.4
Construction Contracts - Amounts in Liabilities 2,138.4 1,860.2 1,253.0 975.6 694.9 644.5 873.0 1,721.4 1,256.1 908.4
Derivative Financial Instruments 5.3 5.1 119.9 64.0 98.7 104.0 38.5 32.7 300.5 334.4
Current Provisions 73.8 123.0 182.0 484.1 236.7 344.6 361.0 220.9 326.3 433.7
Current Income Tax Payables 122.0 201.7 99.8 126.3 145.2 173.1 140.5 165.1 137.7 200.0
Other Current Liabilities 482.0 865.2 1,271.3 1,628.7 1,954.0 1,865.4 1,533.9 1,362.0 1,629.7 1,754.5
Total Current Liabilities 4,665.7 4,965.4 4,655.8 4,783.1 5,672.9 5,811.0 5,441.8 6,157.6 6,219.6 7,048.5
Total Liabilities 5,627.8 5,902.6 5,636.2 5,852.9 7,019.9 7,758.7 7,662.3 9,076.9 9,044.6 9,124.1
Liabilities Directly Associated with the Assets Classified as Held for Sale 18.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
TOTAL EQUITY AND LIABILITIES 8,063.4 8,099.4 8,131.9 8,570.0 10,222.0 11,432.0 11,624.4 13,251.0 13,419.8 13,669.0

12
3.3. TECHNIP FINANCIAL RATIOS HISTORY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Profitability Ratios
Return on Capital Employed 10.52% 8.61% 18.96% 11.46% 13.51% 12.34% 13.27% 12.01% 10.09% 5.00%
Return on Equity 8.35% 5.83% 18.20% 6.57% 12.97% 13.68% 13.80% 13.66% 10.11% 1.24%
Profit Margin 5.16% 3.42% 8.81% 6.72% 10.11% 10.18% 10.00% 9.63% 7.21% 3.20%
Gross Margin 10.46% 8.13% 15.23% 17.69% 19.48% 18.88% 18.91% 17.93% 14.57% 13.98%

Operational Ratios
Inventory Turnover 46.15 41.71 28.04 24.67 22.11 21.71 22.41 26.28 24.20 20.62
Receivables Days 31 36 55 60 77 69 57 72 62 59
Creditors Days 98 94 98 101 139 141 115 125 98 102
Interest Cover 5.81 4.17 59.92 7.15 30.58 39.87 12.19 10.44 5.71 2.10

Structure Ratios
Gearing 35.69% 31.74% 30.46% 32.12% 55.38% 56.84% 53.16% 61.76% 59.72% 56.40%
Current Ratio 1.00 0.93 0.98 0.97 1.01 1.00 0.96 1.11 1.06 0.95
Liquidity Ratio 0.97 0.90 0.93 0.93 0.97 0.96 0.91 1.07 1.00 0.89

13
3.4. FMC TECHNOLOGIES INCOME STATEMENT HISTORY
(in millions of U.S. dollars) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Revenues 3,790.7 3,648.9 4,550.9 4,405.4 4,125.6 5,099.0 6,151.4 7,126.2 7,942.6 6,362.7
Cost of Sales (3,026.4) (2,921.9) (3,623.1) (3,434.5) (3,074.0) (3,966.2) (4,832.9) (5,571.4) (5,994.9) (4,894.8)
Gross Margin 764.3 727.0 927.8 970.9 1,051.6 1,132.8 1,318.5 1,554.8 1,947.7 1,467.9
Selling, General and Administrative Expense (410.4) (310.6) (351.7) (389.5) (432.0) (479.9) (596.9) (694.8) (750.6) (628.3)
Research and Development Expense (49.9) (40.8) (45.3) (51.3) (68.0) (90.5) (116.8) (112.4) (123.7) (135.3)
Restructuring and Impairment Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (4.9) (112.2)
Gain on Sale of Material Handling Products 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84.3 0.0
Other Income (Expense) (1.3) 29.9 (23.0) (2.7) (4.9) (1.4) 23.0 5.3 (54.0) (57.2)
Income Before Interest Income, Interest Expense and Income Taxes 302.7 405.5 507.8 527.4 546.7 561.0 627.8 752.9 1,098.8 534.9
Interest Income 5.1 6.8 6.6 2.4 2.3 2.8 (0.4) 0.7 1.1 0.8
Interest Expense (11.8) (16.1) (8.1) (11.9) (11.1) (11.0) (26.2) (34.4) (33.6) (33.1)
Income from Continuing Operations Before Income Taxes 296.0 396.2 506.3 517.9 537.9 552.8 601.2 719.2 1,066.3 502.6
Provision for Income Taxes (84.5) (134.5) (152.0) (155.1) (159.6) (149.3) (166.4) (212.6) (361.0) (107.8)
Income from Continuing Operations 211.5 261.7 354.3 362.8 378.3 403.5 434.8 506.6 705.3 394.8
Income (Loss) from Discontinued Operations, Net of Income Taxes 64.8 42.2 8.4 0.5 (0.4) 0.0 0.0 0.0 0.0 0.0
Net Income 276.3 303.9 362.7 363.3 377.9 403.5 434.8 506.6 705.3 394.8
Net Income Attributable to Non-Controlling Interests 0.0 (1.1) (1.4) (1.5) (2.4) (3.7) (4.8) (5.2) (5.4) (1.7)
NET INCOME ATTRIBUTABLE TO FMC TECHNOLOGIES, INC. 276.3 302.8 361.3 361.8 375.5 399.8 430.0 501.4 699.9 393.1

14
3.5. FMC TECHNOLOGIES BALANCE SHEET HISTORY
(in millions of U.S. dollars) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
ASSETS
Cash and Cash Equivalents 79.5 129.5 340.1 460.7 315.5 344.0 342.1 399.1 638.8 916.2
Trade Receivables 898.1 956.6 996.1 879.2 1,103.4 1,341.6 1,765.5 2,067.2 2,127.0 1,522.4
Inventories 584.4 675.2 559.3 591.8 566.5 712.2 965.1 980.4 1,021.2 744.6
Derivative Financial Instruments 13.7 159.2 354.6 108.0 73.8 69.9 73.4 165.9 197.6 371.9
Prepaid Expenses 28.0 23.2 24.2 20.5 18.9 37.2 31.7 41.5 48.5 48.9
Deferred Income Taxes 0.0 0.0 0.0 0.0 61.7 77.8 55.9 59.1 0.0 0.0
Income Taxes Receivable 0.0 0.0 12.8 0.0 41.2 21.2 17.6 14.6 23.4 68.7
Assets of Discontinued Operations 26.3 2.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets 62.1 157.9 151.2 165.4 164.3 184.0 237.0 295.2 379.9 276.0
Total Current Assets 1,692.1 2,104.0 2,438.3 2,225.6 2,345.3 2,787.9 3,488.3 4,023.0 4,436.4 3,948.7
Investments 26.0 33.6 151.2 141.8 148.2 161.4 37.4 44.3 35.9 29.6
Property, Plant and Equipment 444.4 579.1 494.9 581.9 609.0 767.9 1,243.5 1,349.1 1,458.4 1,371.5
Goodwill 122.8 172.6 128.7 272.7 274.8 265.8 597.7 580.7 552.1 514.7
Intangible Assets 64.6 100.8 70.2 154.6 140.5 128.0 347.4 315.3 314.5 246.3
Deferred Income Taxes 72.1 67.8 123.4 69.8 26.8 67.1 60.0 36.9 106.5 183.3
Derivative Financial Instruments 0.0 0.0 142.4 28.5 60.1 44.6 9.2 68.5 134.9 0.1
Other Assets 65.8 153.2 31.8 34.6 39.5 48.3 119.4 187.8 133.4 143.7
Total Non-Current Assets 795.7 1,107.1 1,142.6 1,283.9 1,298.9 1,483.1 2,414.6 2,582.6 2,735.7 2,489.2
TOTAL ASSETS 2,487.8 3,211.1 3,580.9 3,509.5 3,644.2 4,271.0 5,902.9 6,605.6 7,172.1 6,437.9

EQUITY AND LIABILITIES

Short-Term Debt and Current Portion of Long-Term Debt 5.8 7.2 23.0 28.5 12.2 587.6 60.4 42.5 11.7 21.9
Accounts Payable, Trade 420.4 504.3 439.8 343.9 344.1 546.8 664.2 750.7 723.5 519.3
Advance Payments and Progress Billings 444.9 766.8 770.3 670.4 556.4 450.2 501.6 803.2 965.2 664.6
Accrued Payroll 102.2 122.5 102.4 139.8 145.8 153.5 202.0 222.0 256.8 185.8
Derivative Financial Instruments 16.7 110.0 444.4 111.5 74.9 66.6 50.4 171.3 230.2 554.9
Income Taxes Payable 29.8 55.8 0.0 49.7 39.2 117.7 40.2 138.1 152.9 57.2
Current Portion of Accrued Pension and Other Post-Retirement Benefits 6.0 15.1 20.8 2.0 3.9 20.6 20.9 11.0 0.0 0.0
Deferred Income Taxes 11.1 31.1 0.1 59.3 64.3 5.1 67.5 66.4 0.0 0.0
Liabilities of Discontinued Operations 15.3 3.3 3.5 1.1 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities 156.7 169.1 159.0 272.3 254.6 284.8 363.2 409.5 443.3 339.6
Total Current Liabilities 1,208.9 1,785.2 1,963.3 1,678.5 1,495.4 2,232.9 1,970.4 2,614.7 2,783.6 2,343.3
Long-Term Debt, Less Current Portion 212.6 112.2 472.0 391.6 351.1 36.0 1,580.4 1,329.8 1,293.7 1,134.1
Accrued Pension and Other Post-Retirement Benefits 97.8 92.4 182.1 140.0 177.7 272.4 266.5 84.0 236.7 230.4
Derivative Financial Instruments 0.0 0.0 175.8 29.6 46.1 37.0 11.1 47.1 220.2 0.5
Deferred Income Taxes 0.0 0.0 0.0 0.0 93.9 111.9 57.9 90.3 54.3 98.2
Minority Interests in Consolidated Companies 8.3 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Liabilities 74.2 192.0 89.0 158.0 157.7 143.1 163.4 103.4 105.9 100.5
Total Non-Current Liabilities 392.9 404.2 918.9 719.2 826.5 600.4 2,079.3 1,654.6 1,910.8 1,563.7
Common Stock 0.7 1.4 1.4 1.4 1.4 1.4 1.4 1.4 2.9 2.9
Common Stock Held in Employee Benefit Trust (4.5) (5.4) (6.3) (5.7) (3.4) (5.8) (7.8) (7.7) (8.0) (7.0)
Treasury Stock (195.9) (422.7) (706.0) (816.1) (947.8) (1,041.9) (1,102.6) (1,196.6) (1,431.1) (1,607.8)
Capital in Excess of Par Value of Common Stock 728.4 724.0 728.7 710.1 698.7 700.0 697.2 714.7 731.9 759.0
Retained Earnings 469.5 771.6 1,081.0 1,438.9 1,814.9 2,214.7 2,644.7 3,146.1 3,844.3 4,237.4
Accumulated Other Comprehensive Loss (112.2) (47.2) (408.4) (225.8) (252.1) (443.8) (396.0) (340.7) (683.7) (872.7)
Total FMC Technologies, Inc. Stockholders' Equity 886.0 1,021.7 690.4 1,102.8 1,311.7 1,424.6 1,836.9 2,317.2 2,456.3 2,511.8
Non-Controlling Interests 0.0 0.0 8.3 9.0 10.6 13.1 16.3 19.1 21.4 19.1
Total Equity 886.0 1,021.7 698.7 1,111.8 1,322.3 1,437.7 1,853.2 2,336.3 2,477.7 2,530.9
TOTAL EQUITY AND LIABILITIES 2,487.8 3,211.1 3,580.9 3,509.5 3,644.2 4,271.0 5,902.9 6,605.6 7,172.1 6,437.9

15
3.6. FMC TECHNOLOGIES FINANCIAL RATIOS HISTORY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Profitability Ratios
Return on Capital Employed 23.67% 28.44% 31.39% 28.80% 25.44% 27.53% 15.96% 18.87% 25.04% 13.06%
Return on Equity 31.19% 29.64% 51.71% 32.54% 28.40% 27.81% 23.20% 21.46% 28.25% 15.53%
Profit Margin 7.99% 11.11% 11.16% 11.97% 13.25% 11.00% 10.21% 10.57% 13.83% 8.41%
Gross Margin 20.16% 19.92% 20.39% 22.04% 25.49% 22.22% 21.43% 21.82% 24.52% 23.07%

Operational Ratios
Inventory Turnover 5.18 4.33 6.48 5.80 5.43 5.57 5.01 5.68 5.87 6.57
Receivables Days 86 96 80 73 98 96 105 106 98 87
Creditors Days 51 63 44 37 41 50 50 49 44 39
Interest Cover 45.18 43.60 338.53 55.52 62.13 68.41 23.60 22.34 33.81 16.56

Structure Ratios
Gearing 24.65% 11.69% 70.85% 37.79% 27.47% 43.37% 88.54% 58.74% 52.69% 45.68%
Current Ratio 1.40 1.18 1.24 1.33 1.57 1.25 1.77 1.54 1.59 1.69
Liquidity Ratio 0.92 0.80 0.96 0.97 1.19 0.93 1.28 1.16 1.23 1.37

16
3.7. BACKLOG AND ORDER INTAKE HISTORY
(in millions of Euro) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Technip
Total Backlog 10,272.8 9,389.5 7,208.4 8,018.3 9,227.9 10,416.1 14,250.6 16,581.0 20,936.2 16,970.2
Total Order Intake 6,143.1 7,197.8 5,754.7 7,175.7 6,957.4 7,974.8 11,648.6 11,999.4 15,295.8 7,565.1

(in millions of U.S. dollars) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
FMC Technologies
Total Backlog 2,645.2 4,881.7 3,651.2 2,545.4 4,171.5 4,876.4 5,377.8 6,998.2 6,619.4 4,355.6
Total Order Intake 4,522.8 6,851.8 3,711.5 3,298.9 5,674.8 5,960.7 6,721.9 9,120.7 8,084.6 4,754.5

17
3.8. SHARES PRICE HISTORY

18
3.9. WTI AND BRENT CRUDE PRICE HISTORY

19
3.10. GLOBAL OIL PRODUCTION HISTORY
(thousand barrels daily) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Share
US 6,825.6 6,860.4 6,785.1 7,264.1 7,549.6 7,853.3 8,882.7 10,059.2 11,722.7 12,703.6 13.9%
Canada 3,208.4 3,290.2 3,207.0 3,202.4 3,332.1 3,514.8 3,740.2 3,999.6 4,277.9 4,385.1 4.8%
Mexico 3,691.9 3,480.6 3,167.0 2,980.2 2,961.5 2,942.1 2,912.0 2,875.7 2,785.0 2,587.7 2.8%
Total North America 13,725.9 13,631.2 13,159.2 13,446.7 13,843.1 14,310.2 15,535.0 16,934.4 18,785.6 19,676.4 21.5%
Brazil 1,809.1 1,832.7 1,898.9 2,029.0 2,137.4 2,192.9 2,149.3 2,114.1 2,346.3 2,527.0 2.8%
Venezuela 3,335.6 3,229.7 3,221.7 3,033.4 2,838.2 2,757.8 2,700.9 2,677.6 2,685.1 2,626.4 2.9%
Other South & Central America 2,318.5 2,232.3 2,255.6 2,259.9 2,372.3 2,450.2 2,472.0 2,552.4 2,573.6 2,558.6 2.8%
Total South & Central America 7,463.2 7,294.6 7,376.2 7,322.3 7,347.9 7,400.9 7,322.1 7,344.0 7,605.0 7,712.0 8.4%
Russian Federation 9,818.4 10,043.4 9,950.3 10,138.9 10,365.8 10,518.0 10,638.8 10,778.7 10,837.6 10,980.1 12.0%
Other Europe & Eurasia 7,768.7 7,756.1 7,627.0 7,621.2 7,332.8 6,872.4 6,485.0 6,387.1 6,368.4 6,482.6 7.1%
Total Europe & Eurasia 17,587.1 17,799.6 17,577.2 17,760.1 17,698.6 17,390.4 17,123.8 17,165.8 17,206.0 17,462.7 19.0%
Saudi Arabia 10,670.9 10,267.7 10,662.7 9,663.3 10,074.6 11,143.7 11,634.5 11,393.1 11,504.7 12,013.9 13.1%
Other Middle East 15,092.9 15,054.6 15,709.2 15,060.1 15,752.5 17,016.4 16,897.5 16,788.1 17,051.9 18,083.8 19.7%
Total Middle East 25,763.8 25,322.3 26,371.9 24,723.5 25,827.0 28,160.2 28,532.0 28,181.2 28,556.7 30,097.6 32.8%
Angola 1,431.6 1,699.4 1,915.9 1,804.0 1,863.1 1,726.4 1,784.2 1,799.1 1,712.1 1,826.0 2.0%
Nigeria 2,433.0 2,314.0 2,134.3 2,234.2 2,534.8 2,476.0 2,430.4 2,321.3 2,388.5 2,352.1 2.6%
Other Africa 6,146.3 6,255.4 6,195.7 5,851.7 5,744.2 4,345.3 5,112.5 4,590.2 4,270.1 4,197.1 4.6%
Total Africa 10,010.9 10,268.7 10,245.9 9,889.9 10,142.1 8,547.7 9,327.1 8,710.6 8,370.7 8,375.3 9.1%
China 3,710.5 3,741.7 3,814.0 3,805.4 4,077.0 4,074.2 4,155.2 4,216.4 4,246.0 4,308.8 4.7%
Other Asia Pacific 4,226.1 4,219.2 4,273.8 4,233.9 4,347.4 4,213.0 4,222.4 4,038.0 4,064.4 4,037.5 4.4%
Total Asia Pacific 7,936.6 7,960.8 8,087.8 8,039.2 8,424.4 8,287.2 8,377.7 8,254.4 8,310.3 8,346.3 9.1%
TOTAL WORLD 82,487.4 82,277.2 82,818.2 81,181.8 83,283.1 84,096.6 86,217.7 86,590.5 88,834.2 91,670.3 100.0%

OECD 19,458.4 19,141.3 18,433.8 18,442.9 18,535.1 18,571.1 19,474.2 20,623.0 22,541.4 23,534.0 25.7%
Non-OECD 63,029.0 63,135.9 64,384.4 62,738.9 64,748.0 65,525.5 66,743.6 65,967.5 66,292.8 68,136.3 74.3%
OPEC 35,569.6 35,241.4 36,269.4 33,997.8 35,148.8 36,061.1 37,536.0 36,620.5 36,652.3 38,225.5 41.7%
Non-OPEC 46,917.9 47,035.7 46,548.8 47,184.0 48,134.3 48,035.5 48,681.8 49,970.0 52,181.9 53,444.8 58.3%
European Union 2,471.5 2,425.1 2,264.4 2,126.6 1,987.1 1,724.0 1,528.2 1,436.5 1,414.3 1,506.5 1.6%

20
3.11. GLOBAL OIL CONSUMPTION HISTORY
(thousand barrels daily) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Share
US 20,687.4 20,680.4 19,490.4 18,771.4 19,180.1 18,882.1 18,490.2 18,961.1 19,105.6 19,395.9 20.4%
Canada 2,295.3 2,361.2 2,315.0 2,189.3 2,323.6 2,404.5 2,372.1 2,383.3 2,371.3 2,321.6 2.4%
Mexico 2,019.1 2,067.3 2,054.2 1,996.2 2,014.4 2,043.1 2,063.4 2,020.3 1,941.1 1,926.1 2.0%
Total North America 25,001.8 25,108.9 23,859.6 22,956.9 23,518.1 23,329.7 22,925.7 23,364.8 23,418.0 23,643.6 24.9%
Brazil 2,155.2 2,312.8 2,485.0 2,501.9 2,720.5 2,842.4 2,905.2 3,105.7 3,241.9 3,156.8 3.3%
Other South & Central America 3,348.9 3,466.9 3,571.7 3,552.2 3,663.2 3,781.9 3,876.5 3,929.5 3,948.0 3,926.0 4.1%
Total South & Central America 5,504.1 5,779.8 6,056.7 6,054.1 6,383.7 6,624.4 6,781.8 7,035.2 7,189.9 7,082.8 7.5%
Germany 2,609.2 2,380.4 2,502.1 2,408.8 2,444.9 2,368.7 2,355.8 2,408.1 2,347.8 2,338.4 2.5%
Russian Federation 2,762.4 2,780.2 2,860.9 2,774.7 2,877.8 3,073.8 3,119.3 3,145.1 3,255.1 3,113.2 3.3%
United Kingdom 1,813.4 1,752.3 1,719.8 1,645.7 1,623.3 1,590.9 1,530.1 1,524.8 1,512.6 1,559.3 1.6%
Other Europe & Eurasia 13,240.9 13,253.3 13,003.6 12,446.7 12,276.8 12,041.6 11,599.8 11,293.7 11,150.6 11,368.9 12.0%
Total Europe & Eurasia 20,425.8 20,166.2 20,086.5 19,275.8 19,222.8 19,074.9 18,605.0 18,371.7 18,266.1 18,379.7 19.3%
Iran 1,850.6 1,879.0 1,954.2 2,008.1 1,875.1 1,904.4 1,914.5 2,048.2 2,013.3 1,947.0 2.0%
Saudi Arabia 2,274.0 2,406.6 2,622.1 2,913.6 3,217.8 3,294.9 3,462.4 3,469.3 3,732.0 3,894.7 4.1%
Other Middle East 2,585.9 2,649.0 2,863.3 2,933.4 3,108.0 3,255.9 3,393.3 3,493.6 3,607.9 3,728.0 3.9%
Total Middle East 6,710.5 6,934.6 7,439.6 7,855.1 8,200.9 8,455.2 8,770.2 9,011.1 9,353.1 9,569.8 10.1%
Total Africa 2,928.1 3,062.8 3,236.1 3,314.8 3,485.5 3,412.9 3,578.7 3,677.7 3,763.1 3,888.0 4.1%
China 7,431.6 7,808.3 7,941.3 8,278.6 9,436.5 9,790.9 10,229.5 10,731.8 11,201.4 11,967.8 12.6%
India 2,736.7 2,940.8 3,076.9 3,236.7 3,319.3 3,488.3 3,685.4 3,727.2 3,848.9 4,158.8 4.4%
Japan 5,173.7 5,013.8 4,847.7 4,389.0 4,441.9 4,440.9 4,687.8 4,531.4 4,308.5 4,150.3 4.4%
Other Asia Pacific 9,815.4 10,272.1 10,034.0 10,339.3 10,756.2 11,173.2 11,398.6 11,598.0 11,760.4 12,167.3 12.8%
Total Asia Pacific 25,157.4 26,035.0 25,899.9 26,243.7 27,953.9 28,893.3 30,001.4 30,588.4 31,119.2 32,444.2 34.1%
TOTAL WORLD 85,727.8 87,087.3 86,578.4 85,700.4 88,764.8 89,790.3 90,662.7 92,048.9 93,109.5 95,008.1 100.0%

OECD 49,885.6 49,685.0 48,067.3 46,073.3 46,607.7 46,067.8 45,508.6 45,545.6 45,127.9 45,642.6 48.0%
Non-OECD 35,842.2 37,402.3 38,511.1 39,627.1 42,157.1 43,722.5 45,154.1 46,503.4 47,981.6 49,365.4 52.0%
European Union 15,153.4 14,860.0 14,735.1 14,019.7 13,943.9 13,505.6 12,948.5 12,707.4 12,508.4 12,711.9 13.4%

21
3.12. GLOBAL OIL RESERVES HISTORY
(thousand million barrels) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Share
US 29.4 30.5 28.4 30.9 35.0 39.8 44.2 48.5 55.0 55.0 3.2%
Canada 179.4 178.8 176.3 175.0 174.8 174.2 173.7 173.0 172.2 172.2 10.1%
Mexico 12.8 12.2 11.9 11.9 11.7 11.4 11.4 11.1 10.8 10.8 0.6%
Total North America 221.7 221.5 216.6 217.8 221.5 225.3 229.3 232.6 238.0 238.0 14.0%
Venezuela 87.3 99.4 172.3 211.2 296.5 297.6 297.7 298.3 300.0 300.9 17.7%
Other South & Central America 23.5 23.6 26.0 25.8 27.7 29.3 31.0 31.5 31.8 28.4 1.7%
Total South & Central America 110.8 122.9 198.3 237.0 324.2 326.9 328.8 329.8 331.7 329.2 19.4%
Russian Federation 104.0 106.4 106.4 105.6 105.8 105.7 105.5 105.0 103.2 102.4 6.0%
Other Europe & Eurasia 33.6 53.9 52.6 52.4 52.1 52.3 52.7 52.1 51.4 52.8 3.1%
Total Europe & Eurasia 137.6 160.4 159.0 158.0 157.9 158.0 158.2 157.2 154.6 155.2 9.1%
Iran 138.4 138.2 137.6 137.0 151.2 154.6 157.3 157.8 157.8 157.8 9.3%
Iraq 115.0 115.0 115.0 115.0 115.0 143.1 140.3 144.2 143.1 143.1 8.4%
Kuwait 101.5 101.5 101.5 101.5 101.5 101.5 101.5 101.5 101.5 101.5 6.0%
Saudi Arabia 264.3 264.2 264.1 264.6 264.5 265.4 265.9 265.9 267.0 266.6 15.7%
United Arab Emirates 97.8 97.8 97.8 97.8 97.8 97.8 97.8 97.8 97.8 97.8 5.8%
Other Middle East 38.9 38.2 37.7 37.2 36.0 35.6 36.5 35.8 36.6 36.7 2.2%
Total Middle East 755.9 754.9 753.7 753.1 765.9 797.9 799.3 803.0 803.8 803.5 47.3%
Libya 41.5 43.7 44.3 46.4 47.1 48.0 48.5 48.4 48.4 48.4 2.8%
Nigeria 37.2 37.2 37.2 37.2 37.2 37.2 37.1 37.1 37.1 37.1 2.2%
Other Africa 38.3 38.4 38.5 38.9 40.7 40.0 45.0 44.7 43.9 43.6 2.6%
Total Africa 116.9 119.2 119.9 122.6 125.0 125.2 130.6 130.1 129.3 129.1 7.6%
China 15.6 15.5 15.6 15.9 17.3 17.8 18.1 18.5 18.5 18.5 1.1%
Other Asia Pacific 25.2 24.6 26.8 24.9 24.7 24.1 24.1 24.4 24.1 24.1 1.4%
Total Asia Pacific 40.9 40.0 42.4 40.8 42.0 41.9 42.2 42.9 42.6 42.6 2.5%
TOTAL WORLD 1,383.7 1,419.0 1,490.0 1,529.2 1,636.5 1,675.3 1,688.3 1,695.5 1,700.0 1,697.6 100.0%

OECD 240.2 239.3 234.0 234.7 237.9 242.0 246.4 249.2 253.9 255.3 15.0%
Non-OECD 1,143.5 1,179.7 1,256.0 1,294.5 1,398.6 1,433.3 1,441.8 1,446.3 1,446.1 1,442.3 85.0%
OPEC 936.1 949.5 1,024.4 1,064.6 1,163.3 1,197.5 1,204.6 1,209.1 1,211.1 1,211.6 71.4%
Non-OPEC 447.6 469.5 465.6 464.6 473.2 477.8 483.7 486.5 488.9 486.0 28.6%
European Union 6.6 6.4 5.7 6.0 6.0 6.2 6.0 5.8 5.6 5.6 0.3%

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3.13. GLOBAL OIL TRADE MOVEMENTS HISTORY
(thousand barrels daily) 2006 2007 2008 2009 2010 2011 2013 2013 2014 2015 Share
Imports
US 13,612.4 13,632.3 12,872.2 11,453.2 11,689.3 11,337.6 10,587.4 9,859.3 9,240.1 9,400.6 15.4%
Europe 13,530.0 14,033.7 13,885.2 12,608.4 12,201.2 12,272.2 12,569.0 12,814.7 12,618.8 13,648.5 22.3%
China 3,883.5 4,172.4 4,493.8 5,100.2 5,885.8 6,294.6 6,674.7 6,978.1 7,398.2 8,196.4 13.4%
Japan 5,200.8 5,031.9 4,924.8 4,262.6 4,566.6 4,494.2 4,743.1 4,636.8 4,383.1 4,345.8 7.1%
Rest of World 17,351.6 19,748.5 19,549.8 20,022.9 20,025.2 20,773.0 21,212.6 23,668.2 24,541.9 25,631.3 41.9%
TOTAL WORLD 53,578.4 56,618.8 55,725.7 53,447.3 54,368.2 55,171.5 55,786.8 57,957.2 58,182.0 61,222.5 100.0%

Exports
US 1,316.5 1,439.4 1,967.1 1,946.6 2,154.3 2,495.1 2,682.1 3,563.0 4,033.9 4,636.2 7.6%
Canada 2,329.5 2,457.4 2,497.9 2,517.8 2,598.7 2,798.4 3,056.2 3,295.8 3,533.7 3,827.6 6.3%
Mexico 2,101.8 1,975.1 1,608.8 1,449.3 1,539.3 1,487.3 1,366.0 1,346.7 1,292.6 1,371.7 2.2%
South & Central America 3,681.3 3,570.5 3,615.9 3,748.5 3,567.9 3,754.5 3,830.0 3,789.5 3,921.8 4,068.0 6.6%
Europe 2,240.8 2,305.4 2,085.9 2,074.3 1,949.0 2,105.9 2,192.7 2,577.7 2,531.0 2,904.9 4.7%
Russia 6,792.1 7,827.4 7,539.8 7,256.6 7,397.1 7,448.1 7,456.6 7,947.9 7,842.0 8,253.1 13.5%
Other CIS 1,312.2 1,538.4 1,680.0 1,789.8 1,944.3 2,080.0 1,848.1 2,101.7 1,939.9 1,875.2 3.1%
Middle East 20,204.3 19,680.4 20,127.8 18,409.0 18,882.8 19,687.0 19,581.2 20,000.3 19,944.9 20,618.7 33.7%
North Africa 3,225.5 3,335.8 3,259.9 2,938.1 2,870.6 1,945.1 2,596.4 2,124.6 1,694.8 1,632.5 2.7%
West Africa 4,703.7 4,829.6 4,587.2 4,363.5 4,601.5 4,636.7 4,557.2 4,427.6 4,515.5 4,457.5 7.3%
Asia Pacific * 4,311.7 6,003.7 5,391.9 5,631.0 6,226.2 6,087.6 6,298.7 6,306.7 6,424.9 7,006.0 11.4%
Rest of World 1,359.0 1,655.8 1,363.5 1,322.8 636.6 645.7 321.6 475.6 507.2 571.2 0.9%
TOTAL WORLD 53,578.4 56,618.8 55,725.7 53,447.3 54,368.2 55,171.5 55,786.8 57,957.2 58,182.0 61,222.5 100.0%
* Excludes Japan.

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3.14. GDP HISTORY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Real GDP grouth (annual percentage change)
Africa 6.10 6.50 5.50 3.60 5.80 2.90 6.40 3.90 3.60 3.40 2.10 3.40 3.80 4.40 4.70 4.50
Asia and Pacific 7.90 8.80 5.10 4.20 8.50 6.30 5.70 5.70 5.50 5.30 5.20 5.20 5.30 5.40 5.40 5.50
Europe 4.30 4.20 1.50 -4.90 2.50 2.20 0.30 0.50 1.30 1.20 1.50 1.60 1.70 1.80 1.80 1.80
North America 2.90 1.90 0.00 -3.00 2.80 1.90 2.40 1.70 2.30 2.50 1.60 2.20 2.10 2.00 1.90 1.80
South America 5.70 6.80 5.00 -1.00 6.70 4.90 2.60 3.40 0.30 -1.30 -2.00 1.10 1.70 2.30 2.50 2.50
France 2.40 2.40 0.20 -2.90 2.00 2.10 0.20 0.60 0.60 1.30 1.30 1.30 1.60 1.70 1.80 1.80
United States 2.70 1.80 -0.30 -2.80 2.50 1.60 2.20 1.70 2.40 2.60 1.60 2.20 2.10 1.90 1.70 1.60

Nominal GDP (billions of U.S. dollars)

Africa 1257.10 1475.12 1741.58 1672.27 1948.93 2162.10 2312.49 2405.21 2480.85 2273.06 2190.76 2247.32 2402.70 2571.64 2759.78 2947.59
Asia and Pacific 12697.32 14556.79 16487.46 16975.39 19858.40 22793.83 24217.37 24529.57 25442.51 25164.86 26323.69 28433.68 30535.28 32910.61 35508.86 38197.56
Europe 17458.33 20365.68 22368.50 19635.80 19939.53 21917.16 20980.64 21820.23 22140.01 18926.66 19069.37 19749.68 20476.42 21260.84 22117.22 22815.98
North America 16225.56 17075.60 17462.56 16781.21 17727.37 18578.11 19267.71 19893.38 20577.15 20833.89 21258.74 22229.29 23233.91 24232.65 25207.40 26194.72
South America 2017.11 2497.04 3029.08 2903.35 3739.11 4417.31 4399.77 4386.03 4270.37 3610.31 3564.49 3859.41 3940.94 4147.38 4379.70 4635.61
France 2327.05 2666.81 2937.32 2700.66 2651.77 2865.30 2682.90 2809.39 2843.67 2420.16 2488.28 2570.02 2649.55 2741.36 2850.67 2941.08
United States 13855.90 14477.63 14718.58 14418.73 14964.40 15517.93 16155.25 16691.50 17393.10 18036.65 18561.93 19377.20 20250.83 21104.77 21926.51 22766.78

Nominal GDP per capita (U.S. dollars per capita)

Africa 1371.52 1570.29 1809.43 1695.92 1929.70 2087.60 2173.76 2205.59 2219.53 1984.18 1866.27 1868.26 1949.30 2036.15 2132.83 2223.52
Asia and Pacific 3372.42 3823.83 4287.45 4370.79 5060.28 5737.93 6019.59 6037.58 6201.47 6075.35 6295.68 6737.14 7168.04 7655.06 8185.12 8727.45
Europe 23987.32 27919.98 30601.68 26808.97 27183.81 29895.09 28574.85 29672.23 30114.08 25677.46 25810.51 26679.44 27611.99 28625.11 29737.56 30642.36
North America 36571.02 38087.87 38550.71 36676.41 38396.16 39889.76 41014.29 41987.92 43059.70 43232.24 43748.31 45384.05 47063.58 48705.97 50276.16 51847.64
South America 5390.22 6589.57 7898.77 7482.63 9519.94 11125.52 10961.90 10810.94 10417.67 8719.11 8523.71 9139.44 9243.81 9637.02 10083.57 10576.34
France 37900.03 43155.50 47273.32 43234.25 42249.06 45430.28 42333.09 44104.92 44444.84 37653.28 38536.71 39621.24 40661.16 41878.35 43349.80 44520.86
United States 46351.67 47954.53 48302.28 46909.42 48309.53 49725.50 51385.49 52704.85 54501.59 56083.97 57293.79 59407.47 61667.78 63835.42 65874.33 67938.17

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3.15. INFLATION HISTORY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Inflation rate, average consumer prices (annual percent change)
Africa 5.70 6.10 11.10 9.70 7.90 9.00 9.20 6.70 7.00 7.50 9.90 11.00 9.10 8.20 7.40 7.10
Asia and Pacific 3.80 4.50 6.70 2.60 4.30 5.50 4.10 4.00 3.50 2.60 2.90 3.20 3.20 3.40 3.60 3.50
Europe 3.50 3.50 5.70 2.80 2.90 4.20 3.20 2.40 2.00 2.90 1.60 2.10 2.10 2.10 2.20 2.20
North America 3.20 2.90 3.80 0.30 1.90 3.10 2.20 1.70 1.90 0.40 1.40 2.40 2.60 2.50 2.40 2.40
Brazil 4.20 3.60 5.70 4.90 5.00 6.60 5.40 6.20 6.30 9.00 9.00 5.40 4.80 4.60 4.50 4.50
France 1.90 1.60 3.20 0.10 1.70 2.30 2.20 1.00 0.60 0.10 0.30 1.00 1.10 1.30 1.50 1.70
United States 3.20 2.90 3.80 -0.30 1.60 3.10 2.10 1.50 1.60 0.10 1.20 2.30 2.60 2.50 2.40 2.30

Inflation rate, end of period consumer prices (annual percent change)

Africa 7.10 7.10 12.90 8.10 7.40 9.70 8.30 6.70 6.60 8.20 11.50 10.30 8.60 8.00 7.30 7.00
Asia and Pacific 4.00 5.50 4.60 3.60 5.00 4.80 3.90 4.00 3.10 2.60 3.00 3.10 3.30 3.40 3.50 3.50
Europe 3.30 4.70 4.30 2.70 3.60 4.00 3.10 2.00 2.20 2.60 1.70 2.00 2.10 2.10 2.10 2.20
North America 2.30 3.90 1.30 2.00 2.00 3.10 1.90 1.60 1.00 0.90 1.90 2.60 2.60 2.40 2.40 2.40
Brazil 3.10 4.50 5.90 4.30 5.90 6.50 5.80 5.90 6.40 10.70 7.20 5.00 4.80 4.50 4.50 4.50
France 1.70 2.80 1.20 1.00 2.00 2.60 1.50 0.80 0.10 0.30 0.00 0.20 0.60 0.70 0.80 1.00
United States 2.20 4.10 0.70 1.90 1.70 3.10 1.80 1.30 0.60 0.70 1.80 2.60 2.70 2.40 2.40 2.30

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