Total said capacity at the Lindsey refinery in Lincolnshire would be halved France’s Total said on Thursday it would sell $5bn of assets this year and cut capacity at Britain’s Lindsey oil refinery as the European energy group reported billions of dollars in asset writedowns and slashed capital spending. The more than 50 per cent plunge in international oil prices sent adjusted net income for the fourth quarter of last year 17 per cent lower, to $2.8bn, against the same period in 2013. Total’s shares fell 1 per cent in early trading in Paris. The result was at the top end of analysts’ forecasts. However, the company took a $6.5bn impairment charge on its Canadian oil sands business, US shale gas and troubled European refining operations. That charge and other one-off items led to a headline loss of $5.7bn for the quarter, against a profit of $2.2bn the previous […]