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.
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
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.