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Total's revenue down 36% in third quarter of 2020

- Firm posts net income of $202 million in third quarter of 2020, down 93% from year earlier

home > News from companies, World, Europe 30.10.2020 13:37

Total's revenue down 36% in third quarter of 2020

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

Anadolu Agency

energy@aa.com.tr


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- Firms vow to deliver more energy with less carbon taking into account profound changes shaping ‎global energy transition
05.02.2021 Oil , News from companies , World

ConocoPhillips posts $2.7 billion loss in 2020

- Company also posts fourth-quarter 2020 loss of $0.8 billion compared with fourth-quarter 2019 earnings of $0.7 billion
03.02.2021 Oil , News from companies

BP posts $20.3 billion loss in 2020

- Despite huge loss in 2020, firm recorded $1.4 bln. profit in 4th quarter of 2020 compared to $0.5 bln. loss in 3rd quarter
03.02.2021 Oil , News from companies , World

BP to sell 20% stake in Oman’s Block 61

- BP says agreement marks significant step in its divestment plan
02.02.2021 Oil , News from companies , World

Total's exit from API politically motivated: Experts

- Total, citing "partially aligned" divergences with those of API, announced last week it would not renew its API membership
21.01.2021 Oil , International Organization , News from companies , World

Chinese investors in talks for Turkey mine investments

- BDY Group's purchase of Petgaz, Turkey’s largest storage capacity LPG terminal, in 2020 attracted foreign investors
12.01.2021 News from companies , Turkey , Asia

Total to operate new offshore exploration in Egypt

- International consortium, including Shell, KUFPEC and Tharwa, will carry out 3D seismic campaign in first 3 years
05.01.2021 Oil , News from companies , World

Lukoil, Gazprom to cooperate to develop 2 fields

-Companies to establish joint venture to carry out project
23.12.2020 Oil , News from companies , World , Eurasia

Revenues of oil giants decline 35.8% in 3Q20

- Royal Dutch Shell records highest year-over-year decline in revenue
22.12.2020 Oil , News from companies , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

ExxonMobil makes first discovery offshore Suriname

- Evaluation of Sloanea-1 exploration well in offshore Block 52 is ongoing to determine its resource potential, says company
13.12.2020 Oil , Upstream , Downstream , News from companies

Equinor joins Europe’s biggest green hydrogen project

- NortH2 aims to produce green hydrogen using renewable electricity from offshore wind off coast of Netherlands
09.12.2020 Wind , News from companies , World , Europe

US, Saudi firms to form joint venture in MENA region

-Saudi Aramco, Baker Hughes will each own 50% share to manufacture non-metallic, composite materials, says Turkish Competition watchdog
03.12.2020 News from companies , World , Turkey , Americas , Middle East-Africa

ExxonMobil plans reduction of staffing levels in Canada

-Company will slash up to 300 jobs in Canada including Imperial Oil Limited, ExxonMobil Canada and ExxonMobil Business Centre Canada
27.11.2020 Oil , News from companies , World , Americas

Aramco signs oil and gas deals with 8 firms

-Company expects deals to support growth in employment and development of workforce in Saudi Arabia
19.11.2020 Oil , News from companies , World , Middle East-Africa

Stocks of energy firms on rise over vaccine hopes

- Shares of oil giants, including Chevron, ExxonMobil and Equinor, rise by at least 5%
18.11.2020 Oil , Stock Market , News from companies , World , Americas

Saudi Aramco reveals plans to sell bonds

- Oil price slump from coronavirus pandemic makes it hard for Aramco to meet $75 billion shareholder commitment
18.11.2020 Oil , News from companies , World , Middle East-Africa

ConocoPhillips posts $450 million loss in 3Q2020

- Earnings decrease due to lower prices and volumes, company says
30.10.2020 News from companies , World , Americas

Total's revenue down 36% in third quarter of 2020

- Firm posts net income of $202 million in third quarter of 2020, down 93% from year earlier
31.10.2020 News from companies , World , Europe

BP posts $0.5 billion loss in third quarter of 2020

- Figure is significantly lower from net loss of approximately $16.8 billion in second quarter
28.10.2020 Oil , News from companies , World , Europe

Petrobras increases oil sales despite pandemic crisis

- Petrobras’s export of oil and oil by-products increases by 5% compared to second quarter, company says
23.10.2020 Oil , News from companies , World , Americas

Algeria's oil firm Sonatrach may post $10B revenue loss

- Sonatrach's exports decline by 41% in September, says country's energy ministry
21.10.2020 Oil , News from companies , World , Middle East-Africa

Total, Google Cloud join forces for Solar Mapper tool

- Via new AI algorithms, Solar Mapper allows fast and accurate estimates of household solar potential
15.10.2020 Solar , News from companies , World , Europe

Chevron announces acquisition of Noble Energy

- Move comes after Chevron announced its decision to buy Noble Energy for $5 billion in July
07.10.2020 Oil , News from companies , World , Americas

Shell revises down 3rd quarter peak production by 6%

- Damages from recent hurricanes in the Gulf of Mexico mainly affects production outlook
01.10.2020 News from companies , World , Europe

Shell to slash up to 9,000 jobs by 2022

- Company CEO says Shell aims for sustainable annual cost savings of between $2-2.5 billion
30.09.2020 News from companies , World

Total signs solar deal to increase green power in Spain

- Company aims to power all its industrial sites in Europe with renewable electricity by 2025
26.09.2020 News from companies , World , Europe

Highlights of global energy market in 2019

- Tensions between US and Iran, oil tanker attacks in Middle East and the climate crisis were hot topics in 2019
22.12.2019 Electricity , Natural Gas , Oil , Nuclear , Thermal , Lng/Lpg , Refining/Petro Chemistry , Wind , Solar , Hydro , Geothermal/Biomass , Projects , Oil , Natural Gas , Electricity , Energy Diplomacy , Energy Security , International Relations , News from companies , World , Turkey , Europe , Eurasia , Americas , Middle East-Africa , General

Saudi regulator approves Aramco's request to list

-CMA approved Aramco's request for initial public offering
04.11.2019 Oil , Finance , News from companies , Middle East-Africa , General

Vestas secures 97 MW wind order in Brazil

- Danish company's firm order intake for V150-4.2 MW turbines in country surpasses 1 gigawatt-mark in seven months
03.06.2019 Wind , News from companies , Americas , General

Enel sells 540 MW of renewable capacity in Brazil

- China's CGNEI buys solar plants Nova Olinda (292 MW) and Lapa (158 MW), and 90 MW Cristalandia wind farm for around €660 million
03.06.2019 Wind , Solar , News from companies , Americas , General

Iraq says ExxonMobil to resume operations in Basra

- US oil company had evacuated around 30 employees to Dubai as 'precautionary measure' less than a month ago
03.06.2019 Upstream , News from companies , Middle East-Africa , General

European consortium launches carbon capture project

- Industrial-scale project has €19.3 milion budget and is part of Horizon 2020, EU’s research and innovation program
30.05.2019 Projects , Energy Projects , News from companies , Europe , General

German Nordex to supply 198 MW wind farm in US

- Wind turbine manufacturer to install 63 AW125/3150 turbines in spring 2020
29.05.2019 Wind , News from companies , Americas , General

Petrofac secures two North Sea contract extensions

- British oilfield services provider awarded two Operations and Maintenance contract extensions worth around $32M
28.05.2019 Upstream , News from companies , Europe , General

Shell starts output at Appomattox in Gulf of Mexico

- Appomattox currently expected to produce 175,000 barrels of oil equivalent per day
25.05.2019 Upstream , News from companies , Americas , General

Scatec Solar signs up for 485 MW in Vietnam

- Norwegian company partners with MT Energy to develop, finance, construct and operate solar projects
25.05.2019 Solar , News from companies , Asia , General

Enel starts build of its first wind farm in Russia

- Rostov region's first renewable project, 90-MW Azov wind farm, is set to enter into service in 2020
25.05.2019 Wind , News from companies , Europe , Eurasia , General

Saudi Aramco signs deal to buy LNG from US' Sempra

- Sempra LNG and Aramco Services Company sign heads of agreement for Port Arthur LNG
24.05.2019 Lng/Lpg , News from companies , Americas , General

Vestas secures 44 MW order for Chinese wind project

- Danish company to supply 20 V120-2.2 MW turbines with tall tower solution
24.05.2019 Wind , News from companies , Asia , General

Nordex to supply further 29 turbines for Ukraine's largest project

- German manufacturer receives order for final construction phase of 245.7 MW Syvash wind farm
05.05.2019 Wind , News from companies , Europe , Eurasia , General

Eni begins build of 10 MW solar plant in Tunisia

- Project awarded to ETAP-Eni consortium following public tender and will supply national grid with 20 GW/h/year of electricity
05.05.2019 Solar , News from companies , Middle East-Africa , General

Vestas secures 71 MW wind projects in Finland

- Danish company to supply 17 V150-4.2 MW turbines for French Valorem's first projects in country
05.05.2019 Wind , News from companies , Europe , General

Germany's Nordex Group joins Global Wind Organisation

- Group, which creates safety training standards for wind turbine industry, now boasts 17 members
02.05.2019 Wind , News from companies , World , Europe , General

Eni to explore oil in Block 1 offshore Bahrain

- Italian energy company signs exploration and production sharing agreement with Bahrain's oil and gas authority
02.05.2019 Upstream , News from companies , Middle East-Africa , General

Abu Dhabi launches bid round 2 for 5 exploration blocks

- Three offshore, two onshore blocks cover nearly 34,000 sq. km. and have substantial oil and gas potential, ADNOC says
02.05.2019 Upstream , Shale/Unconventional , Upstream , News from companies , Middle East-Africa , General

Orsted invests in Taiwan's largest offshore wind farm

- Changhua 1 and 2a will have capacity of approx. 900 MW, enough to supply around 1 million households with green power
30.04.2019 Wind , News from companies , Asia , General

Repsol, LLOG partner for new Gulf of Mexico projects

- Companies to carry out joint deepwater projects in several blocks comprising Leon and Moccasin discoveries
30.04.2019 Upstream , News from companies , Americas , General

Enel brings online its first solar power plant in Zambia

- Thirtyfour-megawatt Ngonye facility, located in south, will sell energy to state-owned utility ZESCO through 25-year PPA
30.04.2019 Solar , News from companies , Middle East-Africa , General

Engie to sell its German, Dutch coal assets

- French energy group signs agreement with global investment firm Riverstone Holdings LLC
29.04.2019 Coal , News from companies , Europe , General

Occidental makes 3rd Anadarko offer outbidding Chevron

- Texas-based oil and gas company proposes $76 per share against Chevron's deal for $65
26.04.2019 Natural Gas , Oil , Finance , News from companies , Americas , General

ADNOC inks new deal for base oil sales to India

- IndianOil will use ADbase to manufacture high-end engine oil for India's growing automotive sector
24.04.2019 Refining/Petro Chemistry , News from companies , Asia , General

Vestas secures its largest wind order in Poland

- Danish company to supply V126-3.45 MW turbines for 132 MW Jasna project in north
24.04.2019 Wind , News from companies , Europe , General
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