TOT TOTAL SE

By Giulia Petroni

Total SA (FP.FR) reported its fourth-quarter results on Thursday. Here is how the results came in:

NET PROFIT: Total's net profit in the fourth quarter more than doubled to $2.60 billion from $1.13 billion in the year-earlier period. Adjusted net income came in flat quarter-on-quarter at $3.17 billion, ahead of a FactSet-compiled consensus that had forecast it at $2.65 billion.

PRODUCTION: Total's fourth-quarter production rose to 3.11 million barrels of oil equivalent a day, compared with 2.88 million barrels of oil equivalent a day in the year-earlier period. Production was boosted by a number of projects, including the Yamal liquefied natural gas project in Russia, Ichthys in Australia, Egina in Nigeria and Johan Sverdrup in Norway. Full-year production rose by 9%.

WHAT WE WATCHED:

- DIVIDEND: Total increased the full-year 2019 dividend by 5% to 2.68 euros ($2.95) per share.

- SHARE BUYBACKS: The French company bought back $1.75 billion of its shares in 2019 and it projects a $2 billion of share buybacks in 2020 assuming a $60-a-barrel environment. This would allow it to reach its $5 target for the 2018-20 period, according to analysts.

- DOWNSTREAM: In spite of a decrease in refining and petrochemical margins, the division performed well, partly thanks to its noncyclical business. Adjusted net operating income for refining and chemicals came it at $580 million, above market consensus.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 06, 2020 05:53 ET (10:53 GMT)

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