French oil major TotalEnergies on Wednesday reported a sharp drop in full-year earnings, against a backdrop of lower crude prices and weak fuel demand.

French oil major TotalEnergies reported a 15% drop in fourth quarter earnings on Wednesday, closing out a year marked by low oil prices and weak fuel demand which were partially offset by higher electricity sales and liquefied natural gas (LNG) trading.

The oil-and-gas company reported a 72% rise in net profit on strong earnings in its integrated LNG and integrated power divisions, but missed analyst expectations.