Total suffers first quarterly loss since 2015 vanguardnews
The $8.4 billion loss included $8.1 in writedowns in asset values due to the drop in oil prices, in particular for its oil sands investments in Canada where production costs are high.
“During the second quarter, the Group faced exceptional circumstances: the COVID-19 health crisis with its impact on the global economy and the oil market crisis,” said the company’s chief executive Patrick Pouyanne in a statement. While crude prices have recovered somewhat as economic activity resumes, oil companies are reporting massive losses as lower prices make it difficult to operate profitably and accounting rules force them to take huge charges to the value of their assets.Nigeria single-handedly pays $1.177bn to ECOWAS in 16yrs as 12 countries pay $897.7m in total
The company’s board of directors decided to maintain an interim quarterly dividend of $0.66 per share, reaffirmed its sustainability at $40 per barrel oil and said that the breakeven point on its energy assets is below $25 per barrel.In response to the loss and volatile situation, Total said it aims to cut operating costs by $1 billion and keep investments below $14 billion this year.
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