Total 4Q Profit Plunges on Year But Bounces on Quarter; Vows to Boost Renewables Investment -- Earnings Review
February 09 2021 - 10:30AM
Dow Jones News
By Giulia Petroni
Total SE reported fourth-quarter and full-year results earlier
on Tuesday. Here's what we watched:
PROFIT: Net profit for the quarter came in at $891 million, down
66% from $2.60 billion in the same period of 2019, but marked an
improvement from the third quarter, when Total booked a net profit
of $202 million. On an adjusted basis, profit was $1.30 billion in
4Q, beating a FactSet-compiled consensus that had forecast the
figure at $1.16 billion.
PRODUCTION: Hydrocarbon production fell 9% year-on-year to 2.84
million barrels of oil equivalent a day in the fourth quarter, from
3.11 million boe/d a year ago, partly due to OPEC quotas,
maintenance and unplanned outages, the natural decline of fields
and portfolio effects. A consensus estimate provided by FactSet had
projected output of 2.86 million boe/d.
WHAT WE WATCHED:
DIVIDEND: The French oil-and-gas major will propose a final
dividend of 66 European cents ($0.80) a share, in line with the
previous three quarters. The dividend for 2020 has been set at
EUR2.64 a share, compared with EUR2.68 for 2019.
NET INVESTMENTS: The company projects net investment of $12
billion for 2021, but said it may mobilize additional investments
if the oil-and-gas environment strengthens. More than 20% of the
budget will be allocated to renewables and electricity.
REBRANDING: The company plans to change its name to
TotalEnergies to reflect its strategy and ambition to transition
toward cleaner forms of energy and eventually carbon neutrality.
The rebranded company will focus on gases, renewables and
electricity, liquids, and carbon sinks. The new name will be
proposed to shareholders at the next annual general meeting on May
28.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
February 09, 2021 10:15 ET (15:15 GMT)
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