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

Tellurian says Shell, Vitol LNG supply deals terminated

US LNG firm Tellurian, the developer of the Driftwood LNG export project in Louisiana, said on Friday that its...

DSME bags order for LNG carrier duo

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering has secured an order for two new liquefied natural gas (LNG)...

Cheniere’s third Sabine Pass LNG jetty almost complete

US LNG exporting giant Cheniere and compatriot Bechtel have almost completed the third jetty project at the six-train 30...

More News Like This

TotalEnergies takes stake in QatarEnergy’s NFS LNG project

France’s TotalEnergies said it had secured a stake in QatarEnergy’s North Field South (NFS) expansion project which will boost...

Novatek becomes sole owner of Russian gas field after TotalEnergies deal

Russian LNG producer Novatek will become the sole owner of the Termokarstovoye gas and condensates field in Russia following...

Saipem does not expect Mozambique LNG work to resume this year

Italian contractor Saipem does not expect work on the TotalEnergies-led Mozambique LNG project to resume in 2022, according to...

TotalEnergies’ Q2 profit jumps, LNG sales up

France’s TotalEnergies said on Thursday its second-quarter earnings jumped due to higher oil and gas prices, while the energy...