Total’s Q4 results improve as it plans name change

France-based Total said Tuesday its fourth-quarter results “rebounded” as oil prices stabilized, while also revealing plans to change its name to focus on LNG and renewable power.

Total’s adjusted net income declined by 51 percent to $1.3 billion in the fourth quarter, improving on the previous quarter and beating analysts’ expectations.

Total attributed the decline to lower oil, gas, and LNG prices when compared to the last year, and the effects related to the Covid-19 coronavirus pandemic.

For the full-year of 2020, the firm logged a $7.2 billion net loss hit by $10 billion of impairments.

On the other side, Total’s 2020 LNG sales increased 12 percent to 38.3 million tonnes.

Total said LNG sales rose thanks to the start-up of three trains at Cameron LNG in the US, the ramp-up of Yamal LNG in Russia and Ichthys LNG in Australia but also an increase in trading activities.

New name

The energy giant said it would rebrand as TotalEnergies as it plans to reduce oil products to a third of its sales from over half now in the next decade.

“2020 represents a pivoting year for the group’s strategy with the announcement of its ambition to get to net zero, together with society. The group affirms its plan to transform itself into a broad energy company to meet the dual challenge of the energy transition: more energy, less emissions,” CEO Patrick Pouyanne said.

In addition, Total will base the growth of its energy production on two pillars, LNG and renewables & electricity, while oil products would fall to 30 percent of sales.

“To anchor this transformation, the group will propose to its shareholders at the annual general meeting on May 28, 2021, changing its name to TotalEnergies. They will hence have the opportunity to endorse this strategy and the underlying ambition to transition to carbon neutrality,” Pouyanne said.

- Advertisements -

Most Popular

Hoegh LNG says Australian FSRU contract confirmed

Floating LNG player Hoegh LNG said on Friday that Australian Industrial Energy (AIE) has confirmed a long-term FSRU charter...

Tellurian: early works progress at Driftwood LNG site

US LNG firm Tellurian and compatriot engineer Bechtel are moving forward with early site works for the Driftwood LNG...

Cheniere takes FID on Corpus Christi LNG expansion project

US LNG exporting giant Cheniere said on Wednesday it has taken a financial investment decision on Stage 3 expansion...

More News Like This

Kogas, TotalEnergies strenghten LNG ties

South Korean LNG importing giant Kogas said it has signed a deal with France's TotalEnergies to boost liquefied natural...

TotalEnergies takes stake in giant Qatari LNG expansion project

France's TotalEnergies said it had secured a stake in QatarEnergy's giant LNG expansion project which will boost Qatar's LNG...

TotalEnergies inks long-term LNG supply deal with South Korea’s Hanwha Energy

France’s TotalEnergies said it has signed a long-term deal to supply liquefied natural gas (LNG) to South Korea's Hanwha...

TotalEnergies’ Q1 profit, LNG sales up

France’s TotalEnergies said Thursday its first-quarter earnings rose on the back of higher oil and gas prices, while the...