Total 2Q Adjusted Profit Ahead of Views, Boosted by Trading -- Earnings Review
30 Juli 2020 - 3:18PM
Dow Jones News
By Giulia Petroni
Total SE reported second-quarter results earlier on Thursday.
Here's what we watched:
PROFIT: The French energy major 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, ahead of
analysts expectations of a loss of $461 million, according to
FactSet.
PRODUCTION: Hydrocarbon production for the quarter was 2.85
million barrels of oil equivalent a day, 4% lower on year mainly
due to OPEC+ production restraints. For the full year, production
is expected in the range of 2.9 million and 2.95 million barrels
daily.
WHAT WE WATCHED:
-IMPAIRMENTS: Total said it booked exceptional impairments
totaling $8.1 billion as it lowered price assumptions for the
coming years and slashed the value of some of its oil-and-gas
assets. The gearing level is expected to rise by 1.3% because of
the lower asset values.
-DIVIDEND: The company maintained its second interim dividend
for 2020 at EUR0.66 a share and reaffirmed its sustainability in a
$40 a barrel Brent environment.
-TRADING: Trading activities outperformed in the quarter,
offsetting the effects of lower demand and historic price lows. The
company didn't disclose exactly how much trading operations made,
but said the performance was able to drive a positive adjusted
income result, solid cash flow and gearing under control.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 30, 2020 09:03 ET (13:03 GMT)
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