PARIS (Reuters) - Total (PA:TOTF) on Friday trimmed its investment target for 2020 after a sharp drop in third-quarter net profit though the French oil and gas producer maintained its dividend.
It cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating cost cuts, too.
It reported net income of $202 million (155 million pounds), down 93% from a year earlier, but rebounding from a loss in the second quarter when it wrote down the value of assets. Adjusted net income fell 72% to $848 million.
Energy companies were hit hard by the impact of COVID-19 lockdowns and a collapse in fuel demand.
The price of Brent crude has largely stayed above $40 a barrel since June, though Total on Friday said the market remained uncertain.
While rivals such as Shell (LON:RDSa) and Eni have cut their dividends, Total has stuck with its payouts and said it would maintain a dividend of 0.66 euros per share for the third quarter.