2020, a black year for Total, marked by a net loss of 7.2 billion dollars
Total headquarters in Courbevoie in the Paris region.
Text by: RFI Follow
The Total group announced, Tuesday, February 9, a net loss of 7.2 billion dollars in 2020. In addition to the Covid-19 crisis, which weighed on oil prices, Total also suffered from the fall in oil prices .
However, the group intends to continue with its commitment to energy transition.
Like all the
other players in the oil market
, Total is no exception: 2020 has been a tough year.
The French giant has delivered its figures for the past year: it announced a net loss of $ 7.2 billion in 2020. A year in the red, while in 2019, Total's profit amounted to 11 , $ 2 billion.
The group saw its adjusted net profit fall 66% to $ 4.06 billion.
Not surprisingly, the
is no stranger to it.
But it is not the only one to explain these figures: the depreciation of the
price of the barrel
also had a significant impact.
The year 2020 saw two major crises: that of the Covid 19 pandemic which strongly affected global demand, and that of oil which drove Brent prices to a level below 20 dollars per barrel during the second quarter
”, explains CEO Patrick Pouyanné in a press release.
Total will become TotalEnergies in May 2021
In 2020, Total saw its production of hydrocarbons fall by 5%.
The group, which wants to take the name of TotalEnergies to better reflect the energy transition, also sees its net results suffer: in July 2020, it announced asset write-downs of $ 8.1 billion, which was explained by the low prices and new climate targets.
In this regard, Patrick Pouyanné confirmed that these new objectives were still on the agenda: “
The group affirms its desire to transform into a multi-energy company to meet the double challenge of energy transition: more energy , less emissions.
The new name of TotalEnergies will therefore be proposed to the general meeting of shareholders, scheduled for May.
😊 @Total will change its name to become #TotalEnergies.
This name will anchor our strategy of #transformation into a multi-energy group.
TotalEnergies is Total, it is all energies, it is all our energies at the service of our customers!
👉 https://t.co/Np4z01fZqa pic.twitter.com/byiTKgIFBp
- Patrick Pouyanné (@PPouyanne) February 9, 2021
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