Total Quickens Drilling as $7.3B Campaign Finds Dry Holes
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Total SA began life as Cie Francaise des Petroles, or CFP, almost a century ago. Thirty years since changing its name, the French oil giant is fighting to prevent its “Can’t Find Petroleum” moniker from coming back.
Three years and $7.3 billion into an exploration drive, Chief Executive Officer Christophe de Margerie still finds large discoveries elusive. Better drilling results -- at least 12 “high-impact” wells are planned this year -- are critical to bolster output and profit. Total will say tomorrow adjusted net income fell 11 percent last year to 11.1 billion euros ($15.1 billion), according to the average estimate of 22 analysts surveyed by Bloomberg.