US, WASHINGTON (ORDO NEWS) — Net profit of the French Total declined in the first quarter to $ 34 million compared to $ 3.111 billion in the first quarter of 2019. Corrected profit (excluding changes in inventories, purchase or sale of assets) fell by 35% to $ 1,781 billion from $ 2,759 billion a year earlier.
The loss per share was $ 0.01 versus earnings of $ 1.17 per share a year earlier.
Revenues fell in the first quarter by 14.5% to $ 38.6 billion.
The average hydrocarbon production was 3.086 million barrels of oil equivalent (b.a.) per day (+ 5% in annual terms).
Total will reduce the investment program for 2020 by almost 25% to $ 14 billion from previously announced $ 18 billion.
The company expects production to average 2.95-3 million bp in 2020. n e. per day, which is 5% less than the previous forecast.
Total retained the size of interim dividends – 0.66 euros per share.
Total shares rise on Tuesday at 6.4%. Since the beginning of the year, the company’s capitalization has fallen by 34.1% to 78.86 billion euros.
Total is one of the world’s largest oil and gas companies, the second largest LNG supplier among private companies. The staff consists of 100 thousand people in almost 130 countries.
Total has 19.4% in NOVATEK, 20% in the Yamal LNG project and 10% in Arctic LNG-2.
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