Increased output leads to Total posting a 29% rise in third quarter profits

By Johan De Mulder

Total's net adjusted profits soared by 29% in its third quarter, hitting $2.7bn.

The French oil giant published its latest financial figures on Friday morning and they made good reading for the company as it benefited from increased output.

Income from its upstream exploration and production branch rose by a massive 84%, fired by a 14% rise in Brent crude oil prices.

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Profits were also put down to high refining margins as Total, which recently expressed its interest in acquiring Engie's LNG business, painted a positive picture for its shareholders.

"The group took full advantage of the favourable environment thanks to the performance of its integrated model and its strategy to reduce its breakeven point," said Chief Executive Patrick Pouyanne.

There was further positive news as it increased its cost reduction target for the year up to $3.6bn from the originally-forecast $3.5bn.

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