France’s Total beats profit estimates for Q3
CEO Patrick Pouyanne said in the statement, “In a context where the oil price has fallen by 50 percent in one year, Total was able to demonstrate its resilience. The group is benefiting from its integrated model, production growth and discipline on both investments and operating costs.” The company said it remains on track to exceed its savings target of $1.2 billion this year.
The company also noted that its oil and gas production increased 10% year over year to 2.342 million barrels of oil equivalent a day due to new projects in Australia and Canada.
Pouyanne also said that the refining and chemicals division was “able to take full advantage of favorable margins” in the quarter. The unit’s adjusted net operating income almost doubled from a year earlier to $1.43 billion, the company said.
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