Total 3Q Profit Fell; Maintains Dividend
October 30 2020 - 4:07AM
Dow Jones News
By Giulia Petroni
Total SE said Friday that its profit fell in the third quarter
of the year but that results benefited from a more favourable
environment.
The French oil-and-gas major said quarterly net profit came in
at $202 million, down from $2.80 billion in the same period last
year. On an adjusted basis, profit was $848 million, above a
FactSet-compiled consensus that had forecast the figure at $472.6
million.
Quarterly results were positively affected by oil prices above
$40 a barrel as well as a strong recovery in petroleum products for
road transportation, Total said. However, natural gas prices and
refining margins continued to suffer due to excess production
capacity.
Total's hydrocarbon production decreased 11% on year to 2.72
million barrels of oil equivalent a day partly due to compliance
with the Organization of the Petroleum Exporting Countries' quotas
and portfolio effects. The company said it expects full-year
production below 2.9 million boe/d.
Sales in the third quarter fell to $33.14 billion, compared with
$48.59 billion for the year-earlier period.
Total maintained its third interim dividend payment at 0.66
euros ($0.77) a share and reaffirmed its sustainability in a
$40/Bbl Brent environment.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 30, 2020 03:52 ET (07:52 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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