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French energy firm Total said on Thursday its net profit held nearly steady last year as a boost in production helped compensate for lower oil prices.
Net profit dipped just 2.0% to $11.27bn despite the benchmark international crude oil price sliding 10% last year and European gas prices tumbling by 38%, it said in a statement.
A 9% jump in output, thanks in large part to the Yamal liquefied natural gas project in Russia coming on line, helped boost the bottom line.
However its adjusted net income - which strips out exceptional items and is the reference figure for investors and analysts - fell 13% to $11.8bn.
The firm said it intends to keep increasing its dividend by 5% to 6%, having increased it by 5% in 2019.
Total acknowledged "the environment remains volatile, given the uncertainty about hydrocarbon demand related to the outlook for global economic growth and a context of geopolitical instability."
Total's statement did not make an explicit reference to the coronavirus outbreak in China, which analysts and rival energy firms have warned could dent oil demand and depress prices.
