France's Total said earnings recovered in the fourth quarter as oil prices stabilised, although a hit from writedowns on assets due to the Covid-19 pandemic plunged it to a $7.2 billion net loss for 2020 as a whole.
Like its rivals, the oil and gas major suffered as fuel consumption plummeted during the pandemic.
Total had already recorded the worst of the charges in the first half of last year.
On an adjusted basis, Total said its net income came in at $4.06 billion for the year.
The group said the outlook remained uncertain and it would target another $500m in cost cuts in 2021, after saving $1.1 billion last year.
Total, however, maintained a stable dividend.
It and also said it planned to change its name to TotalEnergies, reflecting a major push to pivot away from its dependence on oil and gas and grow its renewable energy production.
It said it would propose a payout of €0.66 per share for the October to December period, in line with previous quarters in 2020.
Adjusted net income for the fourth quarter, which strips out some one off items, was down 59% from the year earlier period to $1.3 billion.
