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The French energy giant, Total, announced Thursday that it would sell badets worth about $ 5 billion, mainly for exploration and development. upstream production, in order to focus on low-level projects aimed at reducing the gap between revenues and expenditures to cope with low oil prices.
The Company recorded a 19% decrease in adjusted net income for the second quarter, which was $ 2.9 billion compared to the same period last year due to the combination of adverse the market.
These factors include lower oil prices compared to the second quarter of 2018, a 7% drop, sharp declines in gasoline prices and lower margins for refining operations.
"Markets remain volatile with an average price per barrel of $ 69 per barrel in the second quarter, up 9% from the previous quarter, but natural gas prices fell 36% in Europe and 26%," said Patrick Boyan, chairman of Total's board of directors. % in Asia".
The company, which has been conducting a series of acquisitions and expansions, particularly in the gas and electricity market under the leadership of Bojan, said that it was preparing for its future by focusing on its core business in the gas and deepwater sectors.
This strategy will be complemented by the exit of non-revenue-generating badets, except in the case of high oil and gas prices, such as the recent sale to Britain of mature offshore badets. North, Total said in a statement.
"The active portfolio management policy will continue with the sale of badets worth $ 5 billion over the 2019-2020 period, the majority coming from exploration and development. production, "Bojan said.
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