{"id":238214,"date":"2021-04-29T11:30:01","date_gmt":"2021-04-29T08:30:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/totals-profits-surge-past-pre-pandemic-levels\/"},"modified":"2021-04-29T11:30:01","modified_gmt":"2021-04-29T08:30:01","slug":"totals-profits-surge-past-pre-pandemic-levels","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/totals-profits-surge-past-pre-pandemic-levels\/","title":{"rendered":"#Total’s profits surge past pre-pandemic levels"},"content":{"rendered":"

“#Total’s profits surge past pre-pandemic levels<\/strong>”<\/p>\n

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\"Total's
\n Total’s first-quarter rebound mirrors that of other oil majors, with Royal Dutch Shell and BP reporting strong results after a disastrous 2020
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French energy giant Total posted a sharp increase in quarterly profits on Thursday, outstrip<\/a>ping pre-pandemic levels as oil prices rebounded from the doldrums of the coronavirus crisis.<\/p>\n

The company reported a net profit of $3.3 billion (2.7 billion euros) in the first three months of the year compared to just $34 million a year earlier.<\/p>\n

The performance was even better than in the first quarter of 2019, when it booked profit of $3.1 billion.<\/p>\n

Total’s rebound mirrors that of other oil majors, with Royal Dutch Shell and BP reporting strong results this week after a disastrous 2020.<\/p>\n

“Total has already returned to the pre-crisis pace of high results,” chief executive Patrick Pouyanne told the daily Sud Ouest news<\/a>paper. “All is well.”<\/p>\n

With investment in renewables, including acquiring a 20-percent stake in India’s Adani Green Energy, “the group is accelerating its transformation into a broad energy company,” Pouyanne said in the group’s earnings statement.<\/p>\n

After lockdowns began to spread towards the end of last year’s first quarter, oil prices dropped off a cliff, even briefly turning negative.<\/p>\n

Prices then rebounded sharply, with the benchmark Brent North Sea oil contract currently trading around $67 per barrel.<\/p>\n

Total plans investments of up to $13 billion this year, part of which will go to renewables and electricity.<\/p>\n

But the company is remaining cautious as it maintained an operating cost savings target of $500 million this year.<\/p>\n

“The oil environment remains volatile and dependent on the global demand recovery, still affected by the Covid-19 pandemic,” Total said.\n <\/p>\n\n

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Shell unveils green strategy after oil output peak\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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Citation<\/strong>:
\n Total’s profits surge past pre-pandemic levels (2021, April 29)
\n retrieved 29 April 2021
\n from https:\/\/techxplore.com\/news\/2021-04-total-profits-surge-pre-pandemic.html<\/p>\n

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