BLOOOMBERG.COM
Total SA said profit fell 30 percent in the second quarter, beating analysts’ estimates as deeper cost cuts and rising production helped the French company offset the slump in crude prices and strikes at its domestic refineries. Adjusted net income was $2.17 billion in the period, compared with $3.09 billion a year earlier, the company based in Courbevoie near Paris said in a statement Thursday. Analysts had expected a profit of $1.82 billion, according to the average of eight estimates compiled by Bloomberg. “Efforts to reduce operating costs are continuing to bear fruit and we will surpass the $2.4 billion cost reduction target for this year,” Chief Executive Officer Patrick Pouyanne said in the statement. “In the downstream, results and cash generation remained strong at the same level compared to the first quarter of 2016.”
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Total SA said profit fell 30 percent in the second quarter, beating analysts’ estimates as deeper cost cuts and rising production helped the French company offset the slump in crude prices and strikes at its domestic refineries. Adjusted net income was $2.17 billion in the period, compared with $3.09 billion a year earlier, the company based in Courbevoie near Paris said in a statement Thursday. Analysts had expected a profit of $1.82 billion, according to the average of eight estimates compiled by Bloomberg. “Efforts to reduce operating costs are continuing to bear fruit and we will surpass the $2.4 billion cost reduction target for this year,” Chief Executive Officer Patrick Pouyanne said in the statement. “In the downstream, results and cash generation remained strong at the same level compared to the first quarter of 2016.”
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