Total defies the odds
Succession of acquisitions and project ramp-ups help strengthen the company’s portfolio in a tough environment for the sector
Last year was an ordeal to test the finances of any commodity-focused energy producer—global prices stubbornly resisted all but the most short-term bullish triggers while grinding lower on fears of stuttering oil demand growth. Intensified tensions in the Middle East brought a double whammy of only the briefest price spikes while injecting volatility and investor uncertainty. But, while economic conditions were challenging, full-year financial results from Total show that not every international oil company (IOC) must necessarily suffer, if an individual firm is correctly positioned to cope with a rapidly changing industry and prolonged uncertainty. The French major recorded $28.5bn in free

Also in this section
11 June 2025
Petroleum Economist analysis shows OPEC bringing back some barrels in May, but fewer than expected, while OPEC+ continues to see output fall
10 June 2025
The bloc may find it very difficult to replicate Japan’s approach due to fundamental differences in policy and the markets
10 June 2025
Scapegoating foreign buyers will not solve country’s gas shortages
10 June 2025
US gasoline consumption is at its highest level since before COVID, but while stocks remain healthy, the hurricane season threatens