Total's 4Q Net Profit Soars on Higher Prices, Production -- Update

02/08/18 03:10 AM EST

(Adds dividend, share buyback proposals.)

   By Marc Bisbal Arias 

Total SA (FP.FR) said Thursday that its fourth-quarter net profit soared 86% on year as production increased and it benefited from higher oil prices.

Net profit was $1.02 billion, compared with $548 million in the year-earlier period. In adjusted terms, net profit rose 19% to $2.87 billion, against estimates of about $2.89 billion from a poll conducted by FactSet. Sales rose to $47.35 billion from $42.28 billion.

The French oil-and-gas company said that adjusted net operating profit rose 79% to $1.8 billion at its exploration and production business. In refining and chemicals, adjusted net operating profit fell 22% to $886 million.

Financial discipline was maintained in 2017, Total said, with organic investments reaching $14.4 billion--within the estimated range of $13 billion to $15 billion--and cost savings of $3.7 billion, $200 million more than it had targeted.

Total said that production costs also fell to $5.4 for a barrel of oil equivalent, compared with $9.9 for a barrel of oil equivalent in 2014.

The company proposed an annual dividend of 2.48 euros ($3.06) a share for 2017, 1.2% higher than in 2016.

As a result of strong cash-flow growth, the company said that it will propose dividend increases and share buybacks for the next three years.


Write to Marc Bisbal Arias at


(END) Dow Jones Newswires

February 08, 2018 03:10 ET (08:10 GMT)

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