French oil giant Total S.A. saw its revenue decline by 52.3% in the second quarter of 2020, compared to the same period of last year, according to its financial results statement released on Thursday.
The company's revenue in the April-June period of this year fell to $21.58 billion, down from $45.26 billion the same period of last year.
The firm also posted a net loss of $8.37 billion in the second quarter of 2020, down from a net income of $2.75 billion the same quarter of 2019.
Chairman and CEO Patrick Pouyanne said in the statement that Total faced 'exceptional circumstances' during the second quarter, noting that the novel coronavirus (COVID-19) had a significant impact on the global economy, and the oil market saw a sharp drop in crude prices.
In the second quarter of 2020, price of Brent crude averaged $29.6 per barrel, down 57% from an average of $68.9 a barrel the same period of 2019, Total noted in the statement.
The international benchmark averaged $40.1 a barrel in the first half of 2020 -- down 39% from the average level of $66 per barrel in the first six months of 2019.
By Ovunc Kutlu