Total Swung to 2Q Net Loss Due to Impairments
30 Juillet 2020 - 9:00AM
Dow Jones News
By Giulia Petroni
Total SE said Thursday that it swung to net loss in the second
quarter following exceptional asset impairments.
The French energy major said posted a quarterly loss of $8.37
billion from a profit of $2.76 billion in the year-earlier period.
On an adjusted basis, profit came in at $126 million.
On Wednesday, Total said it booked exceptional impairments of
$8.1 billion in the second quarter as it revised price assumptions
for the coming years downward and slashed the value of some of its
oil assets. Impairments are expected to impact its gearing ratio by
1.3%.
Hydrocarbon production for the quarter decreased 4% on year to
2.85 million barrels of oil equivalent a day compared with 2.96
million BOE/D in the year-earlier period, mainly due to OPEC+
productions restraints. The company said it expects production in
the range of 2.9 million BOE/D and 2.95 million BOE/D in the full
year.
Sales in the second quarter amounted to $25.73 billion compared
with $51.24 billion a year earlier, it said.
Total said the board has decided to maintain the second interim
dividend for 2020 at EUR0.66 a share and reaffirmed its
sustainability in a $40 a barrel Brent environment.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 30, 2020 02:45 ET (06:45 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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