Total 1Q Net Profit Fell; Cuts 2020 Production Forecast
May 05 2020 - 3:33AM
Dow Jones News
By Giulia Petroni
Total SA said Tuesday that net profit fell in the first quarter
due to falling commodity prices and cut its production forecast for
the full year.
The French energy major said net profit in the period was $34
million, down from $3.11 billion a year earlier, a 99% fall on
year. On an adjusted basis, profit came in at $1.78 billion, up
from a FactSet-compiled consensus that forecast the figure at $1.49
billion.
Total's hydrocarbon production ticked 5% higher on year to 3.09
million barrels of oil equivalent a day compared with 2.95 million
BOE/D in the year-earlier period. Production was partly boosted by
the start-up and ramp-up of projects in the U.K., Nigeria, Norway
and Australia, as well lower prices and portfolio effects.
The company said it expects production at between 2.95 million
BOE/D and 3 million BOE/D for 2020, a 5% reduction compared with a
previous forecast due to curtailment measures in Canada, the
Organization of the Petroleum Exporting Countries' exceptional
quotas, lower demand for gas and the situation in Libya.
Sales in the third quarter amounted to $43.87 billion, compared
with $51.21 billion in the previous year, it said.
Total said it would propose the distribution of a 2019 final
dividend of 68 European cents (74 U.S. cents) a share and the
option to receive the dividend in new shares of the company with a
discount. It also approved a 2020 first interim dividend at EUR0.66
a share, stable on year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
May 05, 2020 03:18 ET (07:18 GMT)
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