trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend.
The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too, even as it strives to grow in renewable energy and electricity markets.The price of Brent crude has largely stayed above $40 a barrel since June, though Total on Friday said the market remained uncertain.
Total reported net income of $202 million, down 93% from a year earlier, but rebounding from a loss in the second quarter when it wrote down the value of assets. Adjusted net income fell 72% to $848 million, beating analysts’ average forecast of $572 million, according to Refinitiv data. Total trimmed its oil and gas output forecast for the year to under 2.9 million barrels of oil equivalent per day , from a previous 2.9-2.95 mboepd estimate.Total said oil refining margins were severely depressed, due to excess production, and that European refining margins were on average under $10 per tonne at the start of the fourth quarter and “remained fragile” due to weak demand for jet fuel.
Make them pay for climate change.
Total is totally boycotted in all Islamic countries. Its next financial report will have ultimate losses. Better choose other companies to invest in now.
nice
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