Total to sell $5bn of assets to protect against low oil prices | Financial Times

Total to sell $5bn of assets to protect against low oil prices | Financial Times:

French energy major Total will sell $5bn of assets by the end of 2020 as it looks to concentrate on businesses that can better withstand the low energy prices which hit its second-quarter results.

The planned sales — mostly in exploration and production — were announced as the company said its second-quarter adjusted net income had fallen by 19 per cent over the previous year to $2.9bn, hit by falling energy prices and refining margins. The figure was slightly below the $2.98 billion expected by analysts polled by Bloomberg.

“Markets remained volatile with Brent averaging $69 per barrel in the second quarter, an increase of 9 per cent compared to the previous quarter, but natural gas prices were down 36 per cent in Europe and 26 per cent in Asia,” said chief executive Patrick Pouyanné in a statement.