French oil giant Total posted a profit of €7.8 billion in 2009, a drop of 44% from the previous year due to falling oil prices.
Fourth-quarter net income fell 28% to €2.1 billion, slightly higher than the analysts' estimate of €1.986 billion.
Total was hit head-on by the drop in oil prices to an average of $61.7 a barrel in 2009. That was, on average, $35.6 a barrel less than in 2008. Oil reached the historic high of $147 a barrel in July 2008.
Total said it planned in 2010 to 'pursue its strategy of growth with an investment budget of $18 billion', the same amount earmarked for 2008.
Sales in 2009 totalled $131.327 billion, a 27% drop from nearly $180 billion in 2008. France's biggest company said it was also hurt by low margins on refinery products.
