Profits jump on record production

- REUTERS, PARIS

Feb 8, 2019-

French oil and gas major Total’s net adjusted profit rose 10 percent in the last quarter of 2018, enabling it to report a full year profit rise of 28 percent to $13.6 billion, buoyed by record oil and gas production during the year.

Total said output reached 2.8 million barrels of oil equivalent per day in 2018 thanks to the start-ups of various operations and increased production in Australia, Angola, Nigeria and Russia.

“These excellent results reflect the strong growth of more than 8 percent of the group’s hydrocarbons production,” Chief Executive Officer Patrick Pouyanne said in a statement. Total said the results will enable it to continue its shareholders’ return policy announced last year.

Published: 08-02-2019 13:36

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