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Pumping and prices make for Total success

Published February 7, 2019 Updated February 7, 2019 08:50am

Net profit attributable to share holders rose to $11.4 billion (10.1 billion euros), Total said in a press release.

Stripping out exceptional items, the increase was 28 percent  $13.6 billion, slightly less than expected by analysts surveyed by FactSet.

Like its competitors, the group benefitted from high global oil prices in 2018, which were up by nearly a third from the previous year.

Production grew 8 percent as Total brought new projects into operation and acquired the Danish group Maersk Oil.

The firm expects production will increase by more than 9 percent this year.

Total said it plans to continue the cost-cutting drive it started after global oil prices plunged in 2014, and aimed to make savings of $4.7 billion.

Other oil giants, BP, Royal Dutch Shell, ExxonMobil and Chevron have also reported profit rises in 2018 thanks to high crude prices and their efforts to contain costs.

Copyright AFP (Agence France-Press), 2019