Total profits down but 'resisting' oil price slump
French oil giant Total saw its results dip in the third quarter but performed better than expected due to restructuring measures and a rise in production, which the company said showed it was resisting the oil price slump.
"In a context where the oil price has fallen by 50 percent in one year, Total was able to demonstrate its resilience by limiting to 23 percent the decrease in its third-quarter adjusted net income of $2.8 billion," CEO Patrick Pouyanne said.
Like its British competitor BP, Total said in September it would trim investment plans and cut costs in order to protect its dividend.
Total's net profits fell 69 percent to $1.08 billion between July and September on turnover down 33 percent to $40.58 billion.
But Pouyanne said Total had fared better than its competitors in the first nine months of 2015, with adjusted net income down by 16 percent at a time when the oil price had plummeted 48 percent.
In line with those competitors, Total had reduced its "organic" investment for the whole of 2015 by more than 10 percent to between $23 billion and $24 billion.
Next year, it plans to shave it further, to between $20 billion and $21 billion.
Total shares were down 0.92 percent at 43.60 euros in morning trading in Paris.
© 2015 AFP