Total announced on Tuesday that its adjusted fully-diluted earnings per share tumbled 61% on an annual basis to land at $0.46 in the year's final fiscal quarter. The company's adjusted net income stood at $1.3 billion in the same trimester, dropping 59% compared to the same period last year. For the entire years, the two figures plummeted 67% and 66%, to amount to $1.43 and $4.05 billion, respectively.
The French firm's cash flow from operations came in at $5.6 billion for the quarter and $14.8 billion for the entire 2020, marking a 14% fall in regard to the trimester, and 40% for the whole year. In the fourth quarter, Total's revenues from sales dived 25.4% to $32.3 billion.
"The Group's fourth quarter results rebounded from the previous quarter in a context where oil prices stabilized above $40 per barrel, thanks to strong OPEC+ discipline, and where gas prices rose sharply in Europe and Asia, but where refining margins remained depressed, still affected by low demand and high inventories," CEO Patrick Pouyanne commented.
