Total’s Q2 net income down 2%, but beat estimates
The higher than expected net income was attributed to stronger refining margins in Europe and the company’s cost-cutting efforts in the face of low oil prices. Total is planning to raise its cost reduction target to $1.2 billion this year from its previous goal of $800 million.
During the second quarter of this year, the company’s sales declined 29% to $44.715 billion from $62.561 billion in the same period of last year, according to the press release.
Among the main business segments, the company’s adjusted net operating income in the upstream sector slumped 49% year over year to $1.56 billion from $3.05 billion in the second quarter of the last year while Total’s adjusted net operating income in the refining and chemicals segment tripled compared with the same period of the last year. The company posted an adjusted net operating income of $1.34 billion, up from $401 million in the second quarter of 2014.
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