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.

See also:


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.

Share
Share

Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology