French oil and gas company Total has seen its earnings plummet in the first quarter. Like its peers, the company is suffering from a drop in demand due to the corona crisis and declining oil prices due to oversupply. Nevertheless, Total maintains its dividend.
Total had first-quarter revenues of $ 43.9 billion from $ 51.2 billion a year earlier. Under the line, partly due to substantial depreciation, $ 2 million remained. Net profit was more than $ 3.1 billion a year ago.
Despite the difficult quarter, Total’s shareholders will receive an interim dividend of $ 0.66 per share, the same as in the first period of last year. Total also offers the possibility to have the final dividend paid out in shares last year.
Due to the difficult market conditions, Total is cutting its investments. These now amount to a maximum of $ 14 billion this year, a quarter less than previously planned. Cost savings for this year are also ramping up to $ 1 billion, in addition to previously planned $ 1 billion in energy cost savings.
Lesley Woutersen, one of the co-founders of the EconomicInform gives away all of his free time to the project. He is interested in stock exchange and digital assets. Lesley can be reached by lesley.woutersen@economicinform.com.
