Yearly profit slumped 66% as the pandemic hit fuel demand
One of the “supermajor” oil companies, the Paris-based Total, posted mixed quarterly and full-year figures.
Total reported a net profit of $1.3 billion at a quarterly level, topping the $1.1 billion expected. The dividends payment is in line with the previous quarters, at $0.8 per share.
Compared to last year’s figures, the 2020 net profit came in 66% lower at $4.06 billion. However, it beat the $3.86 billion expected by the markets.
The figures are a result of a tumultuous 2020 when commodities prices fell amid the COVID-19 pandemic. “Total faced two major crises in 2020: the Covid-19 pandemic that severely affected global energy demand, and the oil crisis that drove the Brent price below $20 per barrel in the second quarter,” stated Patrick Pouyanne, Total CEO.
Total’s report follows those of BP, and Exxon Mobil, which reported its first full-year net loss in a decade, and its fourth consecutive quarter of losses, respectively.
Year-to-date, Total share price lost 0.8%. In 2020, they tumbled more than 28%.
Read here and here about how BP and Exxon have performed!
Source: cnbc.com
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