The sharp fall in oil and gas prices depressed Total's cash flow from operations by nearly two thirds.
The sharp fall in oil and gas prices depressed Total’s cash flow from operations by nearly two thirds.
The French oil major reported a net profit of $34 million for the first quarter, against $3.1 billion a year earlier. The sharp fall in oil and gas prices depressed Total’s cash flow from operations by nearly two thirds. “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,” CEO Patrick Pouyanne said in a statement.
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