Total Profit Beats Estimates as Cost Cuts Deepen Amid Slump

Updated on
  • Company will surpass $2.4 billion cost-reduction target
  • Oil and gas production grew 5 percent in second quarter

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.

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