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

Sarah Bairstow named as CEO of Mexico Pacific

Mexico Pacific, the developer of the planned 15 mtpa Saguaro Energia LNG export project, has appointed Sarah Bairstow as...

India’s Chhara LNG terminal gets first cargo

India’s Hindustan Petroleum, a unit of state-owned ONGC, has received the first cargo of liquefied natural gas at its...

CNOOC to supply LNG cargo to First Gen’s Batangas FSRU terminal

Power producer First Gen has awarded a contract to a unit of China's state-owned energy giant CNOOC to supply...

More News Like This

TotalEnergies: average LNG price down in Q1

French energy giant TotalEnergies, one of the world’s largest LNG players, reported a drop in its average price for...

TotalEnergies pushes back Papua LNG FID to 2025

French energy giant TotalEnergies and its partners have postponed a final investment decision on the planned Papua LNG export...

TotalEnergies expands its US natural gas production

France's TotalEnergies has agreed to buy the 20 percent interest held by Lewis Energy in the Dorado leases operated...

NextDecade expects FID on fourth Rio Grande LNG train in H2 2024

US LNG firm NextDecade still expects to take a final investment decision to build the fourth liquefaction train at...