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Total Quarterly Profit Beats Estimates, Helped by Refining

  • Company plans to limit capex to less than $19 billion in 2016
  • Total maintains interim dividend; says cost cuts on target
Bloomberg business news

Total 1Q Adjusted Net Beats Estimates

Updated on

Total SA posted first-quarter profit that beat analysts’ estimates as cost cuts, rising production and resilient refining earnings helped the French company offset the slump in crude prices.

Adjusted net income fell 37 percent from a year earlier to $1.64 billion, the company based in Courbevoie near Paris said in a statement Wednesday. Analysts had expected a profit of $1.25 billion, according to the average of 10 estimates compiled by Bloomberg.