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Total to cut spending amidst weaker financial results in Q4

by ChemOrbis Editorial Team -
  • 11/02/2016 (15:00)
Total announced its financial results for the last quarter of 2015 in a statement on its official website. According to the statement, the company’s adjusted net income in the fourth quarter declined 26% to $2.1 billion compared with the same period of 2014. However, the decrease was smaller than Reuters analysts ‘expectations, which called for a net profit of $1.931 billion for the quarter.

The company’s hydrocarbon production was reported at 2.3 million barrels of oil equivalent per day, up 5.5% from a year earlier.

Total also reported that they plan to cut capital spending to around $19 billion in 2016 while targeting asset sales of about $4 billion.
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