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

LNG freight rates continue to drop in both basins

Spot charter rates for the global LNG carrier fleet are continuing to drop in both basins as vessel availability...

Germany’s Wilhelmshaven FSRU terminal gets another US LNG cargo

Germany’s first FSRU-based import facility in Wilhelmshaven has received another liquefied natural gas (LNG) cargo from the US, according...

Freeport LNG gets FERC approval to begin restart of Texas plant

Freeport LNG, the operator of the three-train 15 mtpa liquefaction plant in Texas, has secured approval from US FERC...

More News Like This

Shell, TotalEnergies launch gas production from onshore field in Oman

Shell and TotalEnergies have launched natural gas production from Oman's Mabrouk North-East field in the onshore Block 10, which...

Oman LNG inks supply deals with TotalEnergies and PTT

State-owned producer Oman LNG has signed long-term liquefied natural gas supply deals with France's TotalEnergies and Thailand's PTT. Under the...

TotalEnergies expects higher cash flow from its LNG business in Q4

France-based TotalEnergies, one of the world’s largest LNG players, is expecting higher cash flow from its LNG business in...

PitPoint.LNG launches new German fueling station

PitPoint.LNG and TotalEnergies have launched a new liquefied natural gas fueling station for trucks in Germany. The Netherlands-based PitPoint.LNG is...