Total Reports Huge Loss For 2020 ...Middle East

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Total Reports Huge Loss For 2020
source : OILPRICE ( Middle East ) () 8
French supermajor Total reported a net loss of $7.2 billion for 2020, down from a profit of $11.27 billion for 2019, and said it will change its name to reflect its shift to renewable energy. The company said that 2020 had presented it with the dual challenge of the pandemic, which destroyed oil demand, and the oil price crash, which at one point drove Brent crude prices below $20. The supermajor, however, noted its low production costs—as low as $5.1 per barrel of oil equivalent—that helped it weather the crisis. The company said it…

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