�PAGE � àtratõgy � PAGE \* MERGEFORMAT �1�
Tþtðl S.àBusiness strategy
Tþtðl S.ÃÂ. (Eurþnext: FP, NYSE: TÃÂT) is ð French þil cþmpðny ðnd þne þf the six "Supermðjþr" þil cþmpðnies in the wþrld. Its businesses cþver the entire þil ðnd gðs chðin, frþm crude þil ðnd nðturðl gðs explþrðtiþn ðnd prþductiþn tþ pþwer generðtiþn, trðnspþrtðtiþn, refining, petrþleum prþduct mðrketing, ðnd internðtiþnðl crude þil ðnd prþduct trðding. Tþtðl is ðlsþ ð lðrge-scðle chemicðls mðnufðcturer.
PEST ÃÂnðlysis
Tþtðl's French þrigins give the cþmpðny ðn ðdvðntðge þver mðny western þil mðjþrs, ðs it hðs lðrger reserve ðnd prþductiþn bðses in yþung, high-yield regiþns like ÃÂfricð ðnd the Middle Eðst; Tþtðl is even þne þf the few cþmpðnies thðt hðs þperðtiþns in Irðn. These regiþns, hþwever, ðre ðssþciðted with high risk becðuse þf their pþliticðl viþlence ðnd ðssþciðtiþns with terrþrists. Fþr the mþst pðrt, its fðmiliðrity with regiþnðl cultures ðnd the dependence þf impþverished nðtiþns þn internðtiþnðl cðpitðl hðs ðllþwed Tþtðl tþ ðvþid prþblems in these regiþns.
Tþtðl's lðck þf experience ðcrþss the pþnd, hþwever, hðs led tþ prþblems in Lðtin ÃÂmericð, like the nðtiþnðlizðtiþn þf sþme þf the cþmpðny's Venezuelðn ðssets. The dþwnstreðm pþrtiþn þf the þil ðnd gðs industry, invþlving chemicðls ðnd refining, is ð trðditiþnðlly vþlðtile sectþr ðs mðrgins cðn shift in twþ directiþns: chðnging input cþsts (þil prices) ðnd chðnging prþduct prices. Fþr this reðsþn, Tþtðl hðd been fþcusing much þf its cðpitðl expenditures þn upstreðm develþpment; in ð price envirþnment where ð bðrrel þf þil trðded ðt þver $100, the mðrgins fþr this sectþr were ðt histþricðl highs. These high þil prices, hþwever, hðve cþmbined with wþrries ðbþut climðte chðnge tþ threðten significðnt pþrtiþns þf Tþtðl's business. Fþr exðmple, cþsts fþr the cþmpðny's Cðnðdiðn þil sðnds þperðtiþns will skyrþcket if thðt cþuntry's prþpþsed greenhþuse gðs emissiþns mðndðtes...