French oil giant Total's net profit plummets to $34 million in the 1st quarter of 2020, a 99% drop from the $3.1 billion a year earlier. coronavirus
"The group is facing exceptional circumstances: The COVID-19 health crisis which is affecting the world economy and creating major uncertainties, and the oil market crisis, with the sharp drop in oil prices since March," chief executive officer Patrick Pouyanne said in a statement.
Investments would now be less than $14 billion for this year, down a quarter from what the group had announced in February. Also on Tuesday, Spanish oil group Repsol reported a deep loss for the 1st quarter, citing similar factors as its French peer for the downturn.
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