By Giulia Petroni 
 

Total SA (FP.FR) said Thursday that net profit in the fourth quarter of 2019 more than doubled and increased its dividend for the year.

The French oil major said quarterly net profit was $2.60 billion compared with $1.13 billion in the year-earlier period. Adjusted net income was $3.17 billion, ahead of analysts' expectations of $2.65 billion, according to a FactSet-compiled consensus.

Total's hydrocarbon production increased to 3.11 million barrels of oil equivalent a day compared with 2.88 million barrels of oil equivalent a day in the year-earlier period.

The company attributed the increase mainly to the startup and ramping-up of new projects, including Yamal LNG in Russia, Egina in Nigeria, and Johan Sverdrup in Norway.

Full-year production rose by 9%.

Production at Total's integrated gas, renewables and power business rose 34% in the quarter to 624 million barrels of oil equivalent a day.

"The environment remains volatile, given the uncertainty about hydrocarbon demand related to the outlook for global economic growth and a context of geopolitical instability," the company said.

Sales in the fourth quarter were down to $49.28 billion compared with $52.5 billion the previous year, Total said.

The company proposed a dividend increase for 2019 to 68 European cents ($0.75) a share.

Total said it projects $2 billion of share buybacks in 2020 in a $60-a-barrel environment.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

February 06, 2020 03:25 ET (08:25 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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