France's Total profit falls 30 percent due to oil price drop

By The Associated Press

French energy company Total SA says its net income fell 30 percent in the second quarter to $2.09 billion due to the impact of lower oil prices.

 

PARIS (AP) — French energy company Total SA says its net income fell 30 percent in the second quarter to $2.09 billion due to the impact of lower oil prices.

The Paris-based company said its sales for the April-June period were $37.22 billion, down from $44.72 billion in the year-earlier period.

Chairman and CEO Patrick Pouyanne said the company will continue to focus on reducing costs and expects to "surpass the $2.4 billion cost reduction target for this year."

The company said in its earnings statement that it had been "resilient in a weak environment" but noted that oil prices had recovered somewhat compared with the beginning of 2016. It also confirmed its objective to generate a net $2 billion from the sale of assets over the course of the year.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs