Total Share Discussion Threads

[maywillow] 23/2/2021 14:57

Total to supply BT with renewable power under three-year deal

BusinessGreen staff
23 February 2021




Around half of BT's total annual UK power consumption to be supplied via renewable energy certificates from French oil and gas giant

Total has struck a three-year deal to supply BT with 100 per cent renewable electricity from a mix of sources including solar, wind and hydropower from across the UK, the French oil and gas giant announced today.

The contract, which runs for three years from April 2022, will supply around 3,100 BT Group sites with an estimated 1,124GWh of electricity per year via Renewable Energy Guarantee of Origin (REGO) certificates, accounting for around half of BT's total annual UK power consumption, it said.

The deal makes BT the joint-largest private purchaser of electricity in the UK, having recently announced that its network and buildings including offices and shops worldwide are now all powered with 100 per cent renewable sources.

"As an organisation that consumes nearly one per cent of the UK's electricity, it is important for BT to demonstrate its commitment to a green recovery," said Cyril Pourrat, chief procurement officer at BT. "Purchasing 100 per cent renewable electricity from Total sends a strong signal that renewables are important to the UK and today's announcement underpins our commitment to climate action and in becoming a net zero carbon emissions business by 2045."

Both companies have pledged to become net zero businesses by mid-century, with BT having set science-based targets to achieve net zero by 2045, while Total has set a more broad ambition for net zero by 2050.

The oil and gas firm is already one of the UK's largest electricity suppliers, and is seeking to transition towards becoming a "broad-energy company" that integrates fossil fuels energy alongside low carbon power and clean tech solutions.

Dave Cranfield, general manager of Total Gas & Power said the company would "continue to work closely with our UK customers as the demand for renewable electricity grows, and Total will continue to evolve and invest significantly in carbon neutral initiatives over the coming years".

Total one of a growing number of European oil and gas giants to have set its sights on net zero emissions over the past 18 months, with the likes of Shell, BP and Repsol also setting out decarbonisation strategies. However, widespread concerns remain about whether these plans contain sufficient ambition to truly align with the climate goals set out in the Paris Agreement.

Today's announcement also came as rival oil and gas giant Shell announced plans to offer its customers 'carbon neutral' petrochemical lubricants across a range of products for passenger cars, heavy duty diesel engines and industrial applications by offsetting the associated CO2 generated.

The company said it aimed to offset the annual emissions of more than 200 million litres of advanced synthetic lubricants through the move, accounting for around 700,000 tonnes of CO2 equivalent emissions per year. That would roughly equate to taking 340,000 cars of the roads for a year, Shell added.

It follows a flurry of new green announcements from Shell earlier this month to ramp up its investments in green energy as it promised to work towards setting science-aligned net zero goals, although critics have pointed out that the firm still intends to grow its fossil fuel investment in the coming years.

Carlos Maurer, executive vice president for global commercial at Shell, said the announcement marked a key milestone for the firm's lubricants business, and would support the firm's overall 2050 net zero efforts.

"We know our customers are looking for ways to reduce their net carbon footprint, and as the world's leading lubricants supplier we have an important role to play," he said. "That is why I am pleased to announce the largest carbon neutral programme in the lubricants industry, and one that compensates for the full lifecycle emissions of our products. From today, our consumers, commercial drivers and industrial customers can now enjoy the benefits of improved engine performance and better fuel efficiency in a carbon neutral way."

[maywillow] 23/2/2021 08:03

Total SE said Tuesday that it is selling half its equity in two French renewables portfolios to Banque des Territoires and Credit Agricole Assurances.

The French oil-and-gas major said the portfolios in full have a total capacity close to 340 megawatts and are valued at around $600 million.

Banque des Territoires will acquire a 50% stake in a portfolio of eight solar farms in the French territory of New Caledonia, while Credit Agricole Assurances a 50% stake in a portfolio of nine wind farms and 44 solar power plants.

"These farm downs are the implementation of the business model we have defined for the development of renewable energies aiming to achieve over 10% return on equity," said Julien Pouget, senior vice president of Renewables at Total.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

February 23, 2021 02:43 ET (07:43 GMT)

[waldron] 21/2/2021 09:20

subsurface
20 Feb '21 - 22:47 - 53249 of 53250
0 0 0
Oil Report

[maywillow] 17/2/2021 08:10

Already a buyer, Goldman Sachs continues to advise the stock to buy in a research note published by Michele della Vigna. The price target is unchanged at EUR 46.

[waldron] 15/2/2021 12:36

By Emmanuel Tumanjong

Special to Dow Jones Newswires

Total Gabon SA said Monday that revenue for 2020 fell by 46% from the year before as oil prices were hit by the coronavirus pandemic.

Revenue for last year was $435 million compared with $808 million for 2019, the company said.

Total Gabon said its Brent crude sold for $36.5 a barrel in 2020, a drop of 41% from the previous year.

Meanwhile, the company's crude oil output fell by 14% to 10.2 million barrels, it said.

Write to Barcelona Editors at [e-mail]

(END) Dow Jones Newswires

02-15-21 0629ET

[la forge] 15/2/2021 09:20

(MT Newswires) -- Total (TTA.L, FP.PA, FP.BR) on Feb. 12 inaugurated the largest filling station in France for natural gas vehicles, or NGV, and bioNGV.

The concession was attributed to the French oil giant by Sigeif Mobilités through a tender, and Total will operate the station for the next 10 years.

Total's stock was up marginally at the close of trading on Feb. 12.

Price (GBP): £34.42, Change: £0.11, Percent Change: +0.33%

[gibbs1] 14/2/2021 16:27

14 Feb, 13:24
Nord Stream 2 gas pipeline will be built despite US attempts to delay construction - Novak
According to Russian Deputy Prime Minister, the project is "absolutely in line with the law and meets all the requirements of European legislation"
Russian Deputy Prime Minister Alexander Novak Anton Novoderzhkin/TASS
Russian Deputy Prime Minister Alexander Novak
© Anton Novoderzhkin/TASS

MOSCOW, February 14. /TASS/. The Nord Stream 2 gas pipeline will be built despite Washington’s destructive steps aimed at hindering this effort, Russian Deputy Prime Minister Alexander Novak said in an interview broadcast by Rossiya-1 TV channel on Sunday.

"European countries and European companies are interested in it. We are sure that it will be built despite those destructive approaches, which we have seen on the part of the US that certainly, in its turn, has been delaying the implementation of this project," Novak said.

"This project is fully in accordance with European legislation. Here there is rivalry fueled by American partners, who want to supply their liquefied natural gas to Europe, and basically, these are non-market methods of competition. And speaking about legislation and the legal issue, this project is absolutely in line with the law and meets all the requirements of European legislation. That’s why the countries taking part in it are absolutely interested in fulfilling this project," Novak said.

The Nord Stream 2 pipeline will not stand idle after its construction is completed, as European partners are interested in pumping gas through it, Novak added.

"I don't think there are such risks, because, again, our European partners are interested in it," he said, answering a question whether there was any chance that Russia would not be able to use the gas pipeline due to the pressure on the project.

According to Novak, Nord Stream 2 is 95% complete to date and is absolutely in compliance with European legislation.

The Nord Stream 2 project contemplates construction of two gas pipeline strings with the total capacity of 55 bln cubic meters per year from the Russian coast to Germany across the Baltic Sea. The construction was suspended in December 2019 after Allseas, a Swiss company laying the pipes for the Nord Stream 2 pipeline, suspended pipe-laying work over possible US sanctions and recalled its ships. Nord Stream 2 AG resumed pipe-laying work in December 2020, with 2.6 kilometers of the pipeline being laid in Germany’s exclusive economic zone. By now, more than 2,300 out of 2,460 kilometers of pipes, or 94% of the pipeline’s overall length, have been laid, with 120 kilometers are yet to be laid in Danish waters and more than 28 kilometers - in German waters.

[grupo guitarlumber] 12/2/2021 21:35

Total inaugurates France’s largest NGV and bioNGV filling station for trucks
New Europe Online/KG By New Europe Online/KG

Vehicles running on NGV have access to restricted traffic zones set up in cities to fight against greenhouse gases.


French energy giant Total has inaugurated France’s largest filling station exclusively dedicated to Natural Gas for Vehicle (NGV) and bioNGV, with the onsite presence of French Minister Delegate for Transport Jean-Baptiste Djebbari, Total said on February 12.

Located at the heart of the logistics platform of Gennevilliers, the second largest fluvial port in Europe, this station is now open 24/7 to professionals (B2B) and B2C customers. It will be operated by Total for the next 10 years.

This concession has been attributed to Total by Sigeif Mobilités (a semi-public company founded by Sigeif and the Caisse des Dépôts) through a tender, Total said, adding that it will support the development of new mobilities in the Île-de-France region and will become a strategic location for NGV and bioNGV supply for the Grand Paris area (which includes the City of Paris & its 130 surrounding cities) and beyond.

This Total-branded station will distribute NGV as Compressed Natural Gas (CNG) and will be supplied to the site by GRTgaz, for the first time in France through its high-pressure gas delivery network, the French energy giant said, adding that the station will be able to distribute up to 100% of bioNGV, as users have the possibility to choose and adjust -directly at the pump and contractually for B2B customers- between several rates of biomethane incorporation.

“This opening of France largest NGV and bioNGV filling station is a source of pride for our teams,” Total Marketing France Guillaume Larroque said. “Our ambition is clear: to become a leader in NGV and bioNGV distribution in Europe, with 450 Total-operated stations by 2025 including 110 in France. This station is also a model for our future developments in Europe where Total is committed to achieve carbon neutrality by 2050 or sooner, for the products used by our customers. Our objective of a 50% rate of biomethane incorporation will directly contribute to it,” he added.

Sem Sigeif Mobilités President Jean-Jacques Guillet said this station within the Port of Gennevilliers is an essential infrastructure, fitting into the ongoing plan to improve air quality in the Île-de-France region. “The companies located at the Port have now the possibility to use a clean fuel for their urban deliveries in Paris and its western neighboring cities, all to be covered by a Low-emission Zone currently under implementation,̶1; he said.

Djebbari hailed the opening of France’s largest NGV and bioNGV filling station for trucks.

“Companies dedicated to the transportation by road of goods and people are in constant search for alternatives solutions to diesel for their own energy mix. Beyond the steep reduction in CO2 emissions, the advantage of NGV and bioNGV technologies is their immediate availability, widespread among all segments. We have renewed the support policies for these vehicles until end-2024, in order to provide companies with visibility and to allow them to engage in this transition,” he said.

[ariane] 11/2/2021 09:40

Global Oil Market's Cautious Rebalancing Is Underway, IEA Says
11 February 2021 - 09:29AM
Dow Jones News

--The IEA has increased its non-OPEC 2021 supply forecast

--The oil market is set for "rapid stock draw" in the second half of the year, the IEA says

--The agency says North American production is rebounding



By David Hodari



The global supply and demand of crude oil are on course to continue rebalancing this year, after the turmoil brought by the pandemic in 2020, the International Energy Agency said Thursday.

Despite increasing its estimates for the world's oil output in 2021, the IEA said in its closely-watched monthly market report that a recovery in demand will outstrip rising production in the second half of the year to prompt "a rapid stock draw" of the glut of crude built up since the outbreak of the coronavirus.

The agency significantly increased its forecast for producing nations outside of the production pact between the Organization of the Petroleum Exporting Countries and allies such as Russia, upping non-OPEC supply by 290,000 barrels a day to an increase of 830,000 barrels a day this year.

At the same time, the IEA trimmed its forecast for global oil demand by 200,000 barrels a day to 96.4 million barrels--around 3% less than in 2019, before the coronavirus pandemic--although added that part of that change came thanks to a change to historic data.

Even so, with much of the developed world grappling with fresh Covid-19 variants and renewed lockdown restrictions, a brightening economic outlook and strict supply discipline from OPEC-plus are hastening the drawdown in global oil inventories, the IEA said. It added that "the prospect of tighter markets ahead" has been responsible for a sharp rally in oil prices in recent weeks.

Crude prices slipped early Thursday, giving up a fraction of their recent gains. Brent crude, the global benchmark, was last down 0.6% at $61.13 a barrel after climbing for nine straight sessions to notch gains of 11% so far in February and break through the $60-a-barrel level for the first time in a year. West Texas Intermediate futures, the U.S. benchmark, fell 0.6% to $58.31 a barrel.

The beginning of February saw Saudi Arabia--one of the world's largest producers--unilaterally cut an additional 1 million barrels of crude a day in a move that surprised the world when it was announced the month prior.

Along with resilient demand in developing-world powerhouses, such as China and India, as well as hopes of a large U.S. stimulus bill and ecstatic trading in broader financial markets, Riyadh's move has helped fuel a recovery in oil prices.

The so-far successful efforts of OPEC-plus to hold back supply, the hoped success of coronavirus vaccination programs, and the prospect of weaker travel restrictions remain the basis for cautious forecasts of an oil-market recovery, the IEA said.

In that context, the production of non-OPEC producers will be in focus in the coming months. Those countries, particularly the U.S. and Canada, are responding to those higher prices, "albeit cautiously and from a low level," the IEA said.

Drilling and well completion-rates in the Permian Basin have steadily risen in recent months and, while U.S. oil companies are under pressure to reward shareholders and retain financial discipline, current oil prices mean "there is clearly potential for some producers to respect those engagements and modestly increase their capital expenditures," the report added.

Canada, meanwhile, is now pumping at record rates, having restored nearly all the production shut during the nadir of the collapse of the global oil market in April.

If balances continue to tighten and non-OPEC producers ramp up production, that could fray the cohesion of OPEC-plus cuts, the IEA said. That might have consequences for the oil-price rally.



Write to David Hodari at [e-mail]



(END) Dow Jones Newswires

February 11, 2021 04:14 ET (09:14 GMT)

[waldron] 10/2/2021 15:32

-Total plans to change its name to reflect its strategy toward decarbonization

--The French major is boosting its renewables spending, allocating 20% of its 2021 budget toward low carbon

--Analysts see the player as well-positioned to sustain its climate ambitions



By Giulia Petroni



Total SE's rebranding plan to underscore its shift toward cleaner energy is supported by a credible strategy and a string of deals that have recently put the French oil-and-gas major at the forefront of the industry's pivot away from fossil fuels, analysts say.

The new name, TotalEnergies, aims to represent a broader energy company focused around four pillars--liquefied natural gas, renewables and electricity, liquids, and carbon sinks. It will be proposed to shareholders at the next annual general meeting on May 28.

"We are entering a decade of transformation," Chief Executive Patrick Pouyanne said at the 2020 results presentation on Tuesday. "We propose to anchor this new strategy into our identity," he said.

To accelerate the shift, Total said it will allocate 20% of its $12 billion budget, or about $2.4 billion, this year toward low-carbon electricity in a bid to drive growth and shareholder returns while reducing emissions.

"A combination that is well supported within the current financial framework and one that--along with valuation--keeps this as a core holding in an energy portfolio," Citi analyst Alastair Syme says. "A name change signifies the intent, with plenty of disclosure around the renewables part of the growth strategy to help give investors comfort," Mr. Syme says.

Total said it spent around $2 billion in acquisitions in the renewables sector in 2020 and is on track to meet its renewable capacity target of 35 gigawatts by 2025, with part of it already in operation and the rest under construction or development.

"The company has made a strong start to 2021 in terms of meeting its targets for renewable capacity growth, securing more than 10 gigawatts of future projects already this year via the Adani JV and acquisitions in the U.S.," Henry Tarr, analyst at Berenberg, says.

So far this year, Total has received lease rights to develop an offshore wind project of up to 1.5 gigawatts in the U.K. with Macquarie Group Ltd.; acquired a development pipeline of 2.2 gigawatts of solar projects in the U.S., as well as set up a joint venture to develop 12 projects with a cumulative capacity of 1.6 gigawatts in the country; and struck a $2.5 billion deal to acquire a minority stake in the world's largest solar developer, Adani Green Energy Ltd.

The oil giant isn't the first company aiming to rebrand for the climate-change era--a move which has historically faced the critiques of environmentalist groups and the charge of "greenwashing," or marketing oneself as an environmentally-friendly company while keeping fossil fuels at the heart of its portfolios.

After BP PLC in the early 2000s, the industry has seen Denmark's state energy company DONG Energy--which stood for Danish Oil and Natural Gas--change its name to Oersted AS in 2017, after the scientist who discovered electromagnetism. A year later, Norway's Statoil switched to Equinor ASA.

However, analysts say that Total was one of the first companies to incorporate emission-reduction targets into its strategy and started early to develop low-carbon businesses compared to peers, with a competitive profile especially when it comes to natural gas.

"Versus European integrated oil companies, we see Total offering a better balance sheet and/or portfolio," Mr. Syme says. "Versus U.S. integrated oil companies, the direction of travel around lower-carbon is clear," he adds.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

February 10, 2021 08:47 ET (13:47 GMT)

[ariane] 10/2/2021 08:04

In a research note published by Lydia Rainforth, Barclays advises its customers to buy the stock. The target price remains set at EUR 50.

[waldron] 09/2/2021 22:46

The French oil giant Total reports a big loss, but analysts are pleased.



By Stanley Reed

Feb. 9, 2021, 11:02 a.m. ET

After a terrible year for oil companies because of the pandemic, Total of France reported what analysts said were relatively good financial results.

For the fourth quarter of 2020, Total reported that adjusted net income, a metric followed by investors, declined by 59 percent compared with the period a year earlier, to $1.3 billion. Profit for 2020 declined by 66 percent to $4.1 billion.

Analysts applauded the company for beating its own earnings forecasts, and for not cutting its dividend.

“In a quarter of volatile results and disappointing cash flow for the supermajors, Total delivers a good set of numbers,” Giacomo Romeo, an analyst at Jefferies, an investment bank, said in a note to clients.


When including write-offs on the value of oil fields, Total’s net loss amounted to $7.2 billion for the year.



The company also said it was changing its name to TotalEnergies, a signal that it is increasingly investing in clean energy businesses like wind and solar energy.

“The writing is on the wall,” said Patrick Pouyanné, the company’s chief executive. Low carbon energy is the future, he said.

He also said that at present oil remained “at the core” of Total’s business and that the cash produced by oil can be used to finance its investments in cleaner technologies.

The company is based in Paris but global in scope with strong positions in Europe but also in Africa, the Middle East and Russia.


Unlike its European rivals Royal Dutch Shell and BP, which cut their dividends during the year, Total is holding its dividend steady. Mr. Pouyanné said that this policy strengthened the company’s relationship with investors, who expect the company to maintain its payouts through ups and downs.

[waldron] 09/2/2021 20:10

Total SE reported fourth quarter and full-year 2020 results.



"The Group's fourth quarter results rebounded from the previous quarter in a context where oil prices stabilized above $40 per barrel, thanks to strong OPEC+ discipline, and where gas prices rose sharply in Europe and Asia, but where refining margins remained depressed, still affected by low demand and high inventories," Chief Executive Patrick Pouyanne said.



On crises the company faced last year:

"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."



On Total's strategy:

"The Group affirms its plan to transform itself into a broad energy company to meet the dual challenge of the energy transition: more energy, less emissions. Thus, the Group's profile will be transformed over the 2020-30 decade: the growth of energy production will be based on two pillars, LNG and Renewables & Electricity, while oil products are expecting to fall from 55% to 30% of sales."



On LNG sales:

"Total LNG sales increased by 12% in 2020 compared to 2019 thanks to the start-up of three trains at Cameron LNG in the United States, the ramp-up of Yamal LNG in Russia and Ichthys LNG in Australia and the increase in trading activities."



On European refining margins:

"European refining margins remain fragile, with low demand for jet fuel weighing on the recovery of distillates. However, thanks to the resilience of Marketing & Services, the Group expects Downstream to contribute more than $5 billion of cash flow in 2021, assuming refining margins of 25 $/t."



Write to Michael Dabaie at [e-mail]



(END) Dow Jones Newswires

February 09, 2021 11:15 ET (16:15 GMT)

[waldron] 09/2/2021 19:05

Total SE ADRs fell about 4% to $41.86 in late morning trading.

The French company, which engages in the exploration and production of fuels, natural gas and low carbon electricity, said fourth quarter sales were $37.9 billion, down from $49.3 billion a year earlier.

Adjusted profit came to 46 cents, above the FactSet consensus for 42 cents.

"The Group's fourth quarter results rebounded from the previous quarter in a context where oil prices stabilized above $40 per barrel, thanks to strong OPEC+ discipline, and where gas prices rose sharply in Europe and Asia, but where refining margins remained depressed, still affected by low demand and high inventories," Chief Executive Patrick Pouyanne said.

Total said it 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.

Total said over the 2020 to 2030 decade the growth of energy production will be based on LNG and Renewables & Electricity, while it expects oil products to fall from 55% to 30% of sales.

"Supported by OPEC+ quota compliance, oil prices have remained above 50 $/b since the beginning of 2021. However, the oil environment remains uncertain and dependent on the recovery of global demand, still affected by the Covid-19 pandemic," Total said.

The company said it anticipates 2021 production will be stable compared to 2020, benefiting from the resumption of production in Libya.

"TOT earnings beat consensus in a difficult quarter for peers, though today's outlook call will likely be more impactful to equity performance," Cowen said in an analyst note. Cowen maintained the stock at Market Perform with a $48 price target.



Write to Michael Dabaie at [e-mail]



(END) Dow Jones Newswires

February 09, 2021 11:58 ET (16:58 GMT)

[gibbs1] 09/2/2021 12:32

NSENERGY



Total plots rebrand as TotalEnergies, confirms $7.2bn 2020 loss



By Andrew Fawthrop 09 Feb 2021

The French oil firm says the name change will underscore its transition towards clean energy as it targets net-zero emissions by 2050




French oil major Total plans to rebrand as TotalEnergies, in a move it says will underscore its shift towards cleaner energy over the coming decade and its long-term goal of reaching net-zero emissions by 2050.

Sales of oil products in the company’s business are expected to fall over the next ten years from 55% to 30%, with future energy growth focused on liquefied natural gas (LNG) and renewables.

The name change will be proposed to shareholders at an annual general meeting on 28 May, giving them opportunity to “endorse this strategy and the underlying ambition to transition to carbon neutrality”.

The announcement comes as Total reported a 66% drop in adjusted full-year earnings for 2020 to $4.1bn, reflecting the pandemic-triggered market shocks that sustained low fuel demand and crude prices throughout most of the year.

Including accounting charges and exceptional asset impairments – largely taken on Canadian oil sands projects earlier in the year – the group posted a $7.2bn net loss for 2020.

Rivals BP, Shell, Exxon and Chevron have all reported multibillion-dollar full-year losses of their own in recent days, underlining a devastating year for the global oil industry.

For the fourth quarter of 2020, Total’s adjusted earnings were down 59% year-on-year to $1.3bn, although outperformed analyst expectations and showed improvement from the third-quarter result of $848m.

Total’s chief executive Patrick Pouyanné said “strong discipline on investments and costs” had helped the company maintain resilience during the year.

“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,” he added.

“In this particularly difficult context, the group implemented an immediate action plan and proved its resilience thanks to the quality of its portfolio and its integrated model with cash flow generation of nearly $18bn.”

The company confirmed plans to maintain its final dividend of the year at $0.66 per share, equal to the previous three quarters.


TotalEnergies rebrand follows up growing investment focus on renewables and electricity

In May, Total launched a major strategic overhaul focused on transitioning away from its historical focus on oil production in favour of low-carbon assets and achieving net-zero emissions by mid-century.

It has since made a series of investments in clean-energy projects, most recently including a $2.5bn acquisition of a stake in India’s Adani Green Energy as well as successful bids for seabed leasing rights to develop offshore wind capacity in the UK, in partnership with Macquarie’s Green Investment Group.

Last month, the company quit the American Petroleum Institute (API) trade organisation, citing “divergences” between the pair’s positions on climate change.

For the year ahead, Total plans to direct 20% of its $12bn capital budget into renewables and electricity projects.

Capital spending was reduced industry wide last year in response to the financial constraints of low oil prices and depressed fuel demand. However, crude markets have shown signs of recovery in recent weeks, with Brent above $50 per barrel since the start of the year and yesterday edging above $60 per barrel for the first time since January 2020.

Total said it is “preserving the flexibility to mobilise additional investments should the oil and gas environment strengthen”.

[ariane] 09/2/2021 10:01

-Total reported a drop in net profit for the fourth quarter

-The French energy major set the dividend for 2020 at EUR2.64 a share

-The company plans to change its name to TotalEnergies


By Giulia Petroni


Total SE on Tuesday said net profit dropped in the fourth quarter of 2020, but results rebounded from the previous quarter as oil prices stabilized above $40 a barrel.

The French oil-and-gas major said quarterly net profit was $891 million, compared with $2.60 billion a year earlier. On an adjusted basis, net profit was $1.30 billion, above analysts' expectations of $1.16 billion, according to a FactSet-compiled consensus.

"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 a barrel in the second quarter," the company said.

Hydrocarbon production in the fourth quarter decreased to 2.84 million barrels of oil equivalent a day, compared with 3.11 million BOE/D a year earlier, the company said. The company attributed the fall partly to portfolio effects, compliance with OPEC quotas, maintenance and unplanned outages--notably in Norway--and the natural decline of fields.

Sales in the fourth quarter fell to $37.94 billion from $49.28 billion a year earlier, the company said.

The company's gearing--net debt as a percentage of total capital and debt--including leases rose to 25.9% at the end of 2020.

For 2021, Total anticipates production will be stable compared with the previous year, benefiting from the resumption in Libya. The company said it expects liquefied-natural-gas sales to increase by 10% in the year.

As the environment remains uncertain, the company projects net investments for the year at $12 billion, with more than 20% allocated to renewables and electricity. It also aims to achieve an additional $500 million in savings after having reduced its operating costs by $1.1 billion last year.

Total said it will propose a final dividend of 66 European cents ($0.80) a share, in line with those in the previous three quarters, and set the dividend for 2020 at EUR2.64 a share, compared with EUR2.68 a share for 2019.

At the next annual general meeting on May 28, the company said it will propose changing its name to TotalEnergies to reflect its ambition to transition toward carbon neutrality.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

February 09, 2021 04:10 ET (09:10 GMT)

[ariane] 09/2/2021 08:27

Total SE said Tuesday that net profit dropped in the fourth quarter of 2020 but that its results rebounded compared to the previous quarter as oil prices stabilized above $40 a barrel.

The French oil-and-gas major said quarterly net profit was $891 million, compared with $2.60 billion in the year-earlier period. On an adjusted basis, net profit was $1.30 billion.

Hydrocarbon production in the quarter decreased to 2.84 million barrels of oil equivalent a day, compared with 3.11 million BOE/D in the year-earlier period. The company attributed the fall partly to portfolio effects, compliance with OPEC quotas, maintenance and unplanned outages--notably in Norway--and the natural decline of fields.

Total said it expects production to be stable in 2021 and benefit from the resumption of production in Libya.

Sales in the fourth quarter were down to $37.94 billion compared with $49.28 billion the previous year.

The company said it will propose a final dividend of 66 European cents ($0.80) a share, in line with the previous three quarters, and set the dividend for 2020 at EUR2.64 a share.

It added it will propose to change its name to TotalEnergies at the next annual general meeting on May 28.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

February 09, 2021 02:52 ET (07:52 GMT)