TOT TOTAL SE

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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