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PARIS, Oct 29 (Reuters) - French oil and gas company Total's net adjusted profit tumbled 23 percent to $2.756 billion in the third quarter compared with the same period a year ago, the firm said on Thursday, hit by a sharp fall in global oil prices. The firm however revised its production growth target higher to more than 9 percent this year from 8 percent previously following a 10 percent jump in production in a third quarter boosted by new projects. Analysts on average had expected $2.391 billion in net adjusted profit, according to Thomson Reuters I/B/E/S estimates. "In a context where the oil price has fallen by 50 percent in one year, Total was able to demonstrate its resilience by limiting to 23 percent the decrease in its third quarter adjusted net income of $2.8 billion," Chief Executive Officer Patrick Pouyanne said in a statement. Record-high margins in the European refining sector boosted profits at Total's downstream division, which were up 82 percent on the previous year in the third quarter. Total said that it was on track to more than beat its target of $1.2 billion in cost reductions in 2015, while organic investments after nine months were $16.6 billion, in line with the objective of $23-24 billion for 2015. Rival BP on Tuesday announced a third round of spending cuts and more asset sales over the coming years to tackle the extended period of low oil prices and help pay for its $54 billion U.S. oil spill settlement. Total said it would pay an interim dividend of 0.61 euro per share in the quarter. (Reporting by Bate Felix; Editing by Michel Rose and Andrew Callus)
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TOTAL
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PRODUCER |
CODE : FP.PA |
ISIN : FR0000120271 |
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TOTAL is a and oil producing company based in France. TOTAL produces natural gas in Trinidad. Its main asset in production is ANGOSTURA GAS in Trinidad. TOTAL is listed in France, in Germany, in United Kingdom and in United States of America. Its market capitalisation is €UR 96.8 billions as of today (US$ 118.3 billions, € 96.9 billions). Its stock quote reached its lowest recent point on June 04, 1993 at €UR 10.01, and its highest recent level on June 02, 2021 at €UR 39.69. TOTAL has 2 440 058 000 shares outstanding. |