July 29, 2020 / 5:05 PM / 10 days ago

French energy group Total books $8 billion asset impairments

FILE PHOTO: The logo of French oil and gas company Total is seen in a petrol station in Paris, France February 6, 2020. REUTERS/Gonzalo Fuentes/File Photo

PARIS (Reuters) - French energy group Total will book an exceptional impairment charge of $8 billon mainly on its Canadian oil sands and liquefied natural gas projects, it said on Wednesday.

“Overall, the exceptional asset impairments that will therefore be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billon on Canadian oil sands assets alone,” Total said in a statement, adding that this will increase its gearing ratio by 1.3%.

Reporting by Bate Felix; Editing by David Goodman

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