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Total plans a name change to TotalEnergies, as it seeks to expand its alternative energy presence

Total had suffered a $7.2 billion loss in 2020 amid the collapse in oil prices and the coronavirus.

Total plans a name change to TotalEnergies, as it seeks to expand its alternative energy presence

Paris, February 10 - Neftegaz.RU. The French company took net losses of $7.2 billion for 2020, down from profits of $11.2 bilion in 2019.
Total, which plans to change its name to Total Energies in line with energy transition efforts, said its adjusted net profit in 2020 stood at $4.05 bilion, down 66% on $11.8 bilion in 2019.

Total´s shareholders will vote on the name change during the Total Annual General Meeting on May 28, giving them opportunity to «endorse this strategy and the underlying ambition to transition to carbon neutrality».
Total has set a goal to be net zero by 2050.

The company had announced an aggressive exploration campaign for 2020, but industry budget cuts and coronavirus-related delays have pushed most of the key wells with significant pre-drill volumes into 2021.

CEO Patrick Pouyanne said:
  • Total faced 2 major crises in 2020: Covid-19 that severely affected global energy demand and the oil crisis that drove the Brent price below $20 in the Q2
  • 2020 represents a pivoting year for the group’s strategy with the announcement of its ambition to get to Net Zero
  • The group affirms its plan to transform itself into a broad energy company to meet the dual challenge of the energy transition: more energy, less emissions
  • The growth of energy production will be based on 2 pillars, LNG and Renewables&Electricity, while oil products are expecting to fall from 55% to 30% of sales
In 2020, Total secured its investments in renewables & electricity, of $2 billion and accelerated the implementation of its strategy to grow renewables, adding 10GW to its portfolio.

With the acquisition of a 20% stake in the world-largest solar developer AGEL and projects in the U.S., Total now has a portfolio of gross installed capacity, under construction and in development of 35 GW by 2025 with more than 20 GW already benefiting from long-term power purchase agreements.

For 2021 Total plans to direct 20% of its $12 billion capital budget into renewables and electricity projects.

To read the article in Russian.

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