Faced with the collapse in crude oil prices, Total announced a new tightening on Tuesday. “The group is facing quite exceptional circumstances,” said CEO Patrick Pouyanné in a press release. The Covid-19 health crisis, which is affecting the world economy and creating major uncertainties, and the crisis in the oil markets with an oil price that has fallen sharply since March ”. Total’s adjusted net income fell 35% to $ 1.8 billion in the first quarter.
Patrick Pouyanné had already announced an “action plan” at the end of March to deal with the plunge in the price of black gold: reduction of investments, strengthening of the savings program, hiring freeze … These measures have been judged insufficient, and an additional effort is announced today.
–
