LA DEFENSE (dpa-AFX) - French energy company Total SA (TTA.L, TTFNF.PK, TOT) reported Tuesday that its fourth-quarter net income -Group share declined 66 percent to $891 million from last year's $2.60 billion.
Earnings per share were $0.31, down from $0.97 a year ago.
Adjusted net income (Group share) was $1.30 billion or $0.46 per share, compared to prior year's $3.17 billion or $1.19 per share.
On average, five analysts polled by Thomson Reuters expected earnings of $0.43 per share. Analysts' estimates typically exclude special items.
In euro terms, adjusted earnings per share were 0.39 euro, compared to 1.07 euros last year.
Adjusted net operating income from business segments fell 53 percent from last year to $1.82 billion.
Sales declined to $37.94 billion from last year's $49.28 billion.
Hydrocarbon production was 2,841 thousand barrels of oil equivalent per day or kboe/d in the fourth quarter, a decrease of 9 percent year-on-year.
The company noted that fourth-quarter results, however, rebounded from the sequential third quarter as oil prices stabilized above $40 per barrel, thanks to strong OPEC+ discipline, and as gas prices rose sharply in Europe and Asia.
Further, the company said it will propose at the Annual General Meeting of Shareholders on May 28 the distribution of a final dividend of 0.66 euro per share, equal to the previous three quarters, and set the dividend for 2020 at 2.64 euros per share.
Looking ahead for fiscal 2021, Total anticipates production will be stable compared to 2020, benefiting from the resumption of production in Libya.
The company continues its profitable growth in LNG with sales expected to increase by 10 percent in 2021 compared to 2020, notably due to the ramp-up of Cameron LNG.
Copyright RTT News/dpa-AFX
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