Total Profit Beats Estimates as It Boosts Output, Cuts Costs
- Cash flow held firm even as gas prices slumped, oil fell
- Oil and gas output rose 8.4% as new projects ramped up
The Total headquarters in La Defense, Paris.
Photographer: Christophe Morin/BloombergThis article is for subscribers only.
Total SA’s third-quarter profit beat analyst estimates and cash flow held firm, as the French giant offset lower oil and gas prices by boosting production and cutting costs.
The positive result mirrors that of British rival BP Plc, which also used a strong refining performance to offset weaker crude prices caused by the U.S.-China trade war and a flood of American shale output.