Total plunges into red in 2020 and wants to change its name

Total wishes to take the name of TotalEnergies to better reflect the energy transition. The new name will be proposed to the general meeting of shareholders in May.

Total announced Tuesday a net loss of $ 7.2 billion in 2020, against a profit of 11.2 billion in 2019, due to the Covid-19 crisis which weighed on oil prices and depreciations already announced. The group, which wants to take the name of TotalEnergies to better reflect the energy transition, saw its adjusted net profit – which excludes exceptional items and serves as a benchmark – fall 66% to 4.06 billion.

«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. trimester», Recalled the CEO Patrick Pouyanné, quoted in the press release. Like all its competitors, the oil and gas group thus suffered from these circumstances. It also saw its production of hydrocarbons fall by 5% last year. The bottom line is also weighed down by asset write-downs of $ 8.1 billion – including $ 7 billion in the oil sands in Canada – announced in July due to low prices and new climate targets.

«The group affirms its desire to transform into a multi-energy company to meet the double challenge of energy transition: more energy, less emissions», Underlined Patrick Pouyanné. It is for this reason that the new name of TotalEnergies will be proposed to the general meeting of shareholders in May, he explained.


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