About: http://data.cimple.eu/news-article/85840e69b7782ed8ad9b30d68fb8656406a371a935c1663bd7209b7b

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rdf:type	schema:NewsArticle
schema:articleBody	French energy giant Total posted a sharp increase in quarterly profits on Thursday, outstripping pre-pandemic levels as oil prices rebounded from the doldrums of the coronavirus crisis. The company reported a net profit of $3.3 billion (2.7 billion euros) in the first three months of the year compared to just $34 million a year earlier. The performance was even better than in the first quarter of 2019, when it booked profit of $3.1 billion. Total's rebound mirrors that of other oil majors, with Royal Dutch Shell and BP reporting strong results this week after a disastrous 2020. "Total has already returned to the pre-crisis pace of high results," chief executive Patrick Pouyanne told the daily Sud Ouest newspaper. "All is well." With investment in renewables, including acquiring a 20-percent stake in India's Adani Green Energy, "the group is accelerating its transformation into a broad energy company," Pouyanne said in the group's earnings statement. After lockdowns began to spread towards the end of last year's first quarter, oil prices dropped off a cliff, even briefly turning negative. Prices then rebounded sharply, with the benchmark Brent North Sea oil contract currently trading around $67 per barrel. Total plans investments of up to $13 billion this year, part of which will go to renewables and electricity. But the company is remaining cautious as it maintained an operating cost savings target of $500 million this year. "The oil environment remains volatile and dependent on the global demand recovery, still affected by the Covid-19 pandemic," Total said. jmi/pn/lth/spm
schema:headline	Total's profits surge past pre-pandemic levels
schema:mentions	Sud Ouest (newspaper) Royal Dutch Shell World energy consumption Patrick Star Barrel BP Adani Group Pandemic France India Coronavirus disease 2019 North Sea oil Brent North (UK Parliament constituency)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-04-29 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	70 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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