Total's Quarterly Profit Beats Estimates on Oil Output, Refining
- Energy producer maintains dividend, offers payout in new stock
- Investment target is reduced to $19 billion for 2016
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Total SA posted fourth-quarter earnings that beat analyst estimates as rising oil and gas production, higher gasoline sales and profit from refining helped it weather a slump in crude prices. The company deepened cost and investment cuts.
Adjusted net income fell 26 percent from a year earlier to $2.08 billion, Total said Thursday. That exceeded the average $1.77 billion estimate of nine analysts surveyed by Bloomberg. The company reported a net loss of $1.63 billion after writing down the value of assets in Canada and Nigeria, among others.