Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend.
The company cut its investment target to $13 billion from $14bn and said it was keeping a lid on operating costs too, even as it strives to grow in renewable energy and electricity markets.
Energy companies were hit hard by Covid-19 lockdowns and the related collapse in fuel demand.
The price of Brent crude has largely stayed above $40 a barrel since June, though Total on Friday said the market remained uncertain.
France entered its second government-enforced lockdown on Friday in a bid to fight a resurgence of Covid-19 infections that is rattling nations across Europe.
Total reported net income of $202 million, down 93 per cent from a year earlier, but rebounding from a loss in the second quarter when it wrote down the value of assets. Adjusted net income fell 72 per cent to $848m, beating analysts' average forecast of $572m, according to Refinitiv data.
Redburn analysts said Total had performed better than expected in activities such as liquefied natural gas, and that its discipline on spending was positive. Total shares were flat in early trading.
While rivals such as Shell, BP and Eni cut their dividends earlier this year, Total has stuck with its payouts throughout the crisis and said it would maintain a dividend of 0.66 euros per share for the third quarter.
Total trimmed its oil and gas output forecast for the year to under 2.9 million barrels of oil equivalent per day (mboepd), from a previous 2.9-2.95 mboepd estimate.
Its output in the third quarter was down 11 per cent to 2.715 mboepd. Cash flow dropped 41 per cent to $4.3bn.
Total said oil refining margins were severely depressed, due to excess production, and that European refining margins were on average under $10 per tonne at the start of the fourth quarter and "remained fragile" due to weak demand for jet fuel.
Total, like many European rivals, is trying to become a major low-carbon power producer, and hiking its budget in renewable energy and electricity even as it cuts elsewhere.
It said its gross renewable installed capacity had reached 5.1 gigawatts (GW) at the end of the third quarter, a 85 per cent jump from a year earlier including after buying solar power assets in Spain.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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Syria v Australia
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Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
