Total to Sell $5 Bln Worth of Assets as Earnings Drop

French energy company Total has announced plans to sell $ 5 billion worth of assets after a 19 percent drop in profits in this year's second quarter.

Analysts had expected Total's earnings to fall to $ 2.98 billion, however, the company's results showed a net profit decline of 19 percent at $ 2.88 billion in April-June, compared to $ 3.55 billion in the corresponding period last year.

Total's decline came as oil prices fell by about 7 percent in the second quarter as well as a sharp drop in the price of natural gas.

The French company said it aims to sell assets, mainly in the sectors of exploration and production of about $5 billion between the years 2019-20.

Revenues also fell to $ 51.30 billion in the second quarter of the year, down from $ 52.51 billion last year.

The French company said that in the face of geopolitical uncertainty, it 'will maintain control of spending this year.'

Total plans to increase distributions by 3.1 percent this year and will support a $ 1.5 billion repurchase plan this year.

In the meantime, the company said that its oil-equivalent production increased by about 9 percent to 2.95 million BPD.

It is worth mentioning that Total has offered a 3.1 percent increase in compensation and an additional €1,500 bonus to employees in France last year, taking into account the company’s good results in 2018.