Total maintains dividend and iGRP spending despite Q1 flop, sets 2050 climate goal

摘要

Total became the latest energy major to deepen cost cutting measures on Tuesday after posting a Q1’20 consolidated net income of just USD 2 million. The French major’s 2020 capex budget has been now been cut by 25% compared to the original plan and Total’s executives have agreed to take pay cuts to preserve cash during the lower price environment. Total is however sticking to planned spending in gas and low-carbon electricity, in line with a separate announcement on Tuesday to become a net-zero emissions company in Europe by 2050.