Oil major Total’s full-year profit falls 66% as Covid pandemic hits fuel demand

SourceCNBC
SectorFinancial Markets
CountryGulf

An employee of the 'Total' oil refinery stands in front of a large tank with the company's logo in Leuna, Germany. LONDON — France's Total on Tuesday reported a massive drop in full-year profit, following a tumultuous 12 months in which commodity prices collapsed amid the coronavirus pandemic. The energy major said full-year 2020 net profit came in at $4.06 billion, beating expectations of $3.86 billion, from analysts polled by Refinitiv. It compared with $11.8 billion for the 2019 fiscal year, reflecting a drop of 66% year-on-year. Total also posted fourth-quarter net profit of $1.3 billion, beating analyst expectations of $1.1 billion. Shares of Total are up around 0.8% year-to-date, having tumbled more than 28% last year. The oil and gas industry was sent into a tailspin last year, as the coronavirus pandemic coincided with a historic demand shock, falling commodity prices, evaporating profits, unprecedented write-downs and tens of thousands of job cuts. Last week, U.K.-based oil and gas major BP reported its first full-year net loss...read more...