French oil giant Total S.A. saw its revenue decline by 36.1% in the third quarter of 2020, compared to the same period of last year, according to its financial results statement released on Friday.
The company's revenue in the July-September period of this year fell to $27.18 billion, down from $42.53 billion the same period of last year.
The firm also posted a net income of $202 million in the third quarter of 2020, down 93% from a net income of $2.8 billion the same quarter of last year, but rebounding from a loss of $8.4 billion in the second quarter.
The company said the oil market environment remains uncertain and will depend notably on the speed of the global demand recovery, affected by the COVID-19 pandemic.
'The group maintains strong discipline on spending. The group's operating cost reduction program will surpass its objective with savings of more than $1 billion in 2020. Net investments will be less than $13 billion in 2020, including $2 billion for renewables and electricity,' the statement read.
'After a second quarter in which the group faced exceptional circumstance with oil prices falling below $20 per barrel and a very strong slowdown of global activity linked to the health crisis, the group benefited during the third quarter from a more favorable environment, with oil prices above $40 per barrel thanks to strong OPEC+ discipline as well as the demand recovery for petroleum products for rad transportation,' Chairman and CEO Patrick Pouyanne was quoted as saying in the statement.
By Firdevs Yuksel and Sibel Morrow