Positive yearly results and optimistic outlook for Total

Positive yearly results and optimistic outlook for Total

/ Financial News / Thursday, 07 February 2019 13:37

French oil giant Total said its net profit climbed 33 percent in 2018 thanks to a rise in oil prices and production.

Net profit attributable to shareholders 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.

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