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Economy

Total profits soar as production, oil price rise

media Total boss Patrick Pouyanne Reuters/Benoit Tessier

French oil giant Total's net profits soared 40 percent in the third quarter of this year due to rising global oil prices and increased production.

Total's net profit leapt to 2.3 billion euros, the company announced on Friday.

Adjusted net profit, which excludes volatile and exceptional items, climbed by 29 percent to 2.29 billion euros, slightly higher than analysts predicted.

Chief executive Patrick Pouyanne praised the firm's performance, noting the 29 percent increase in adjusted net profit was more than double the 14 percent rise in the price of Brent crude, the main international oil contract.

Total, like the other main oil companies, has ben trying to cut costs over the last few years because of plunging global oil prices.

It said cost reduction will be more than three billion euros this year, above target.

"This allows the implementation of the strategy for profitable growth, taking advantage of the low cost environment, notably by launching high-return projects," added Pouyanne.

Total also boosted its production by six percent in the third quarter to 2.58 million barrels of oil equivalent per day thanks to launch of new projects.

The firm expects a five percent gain in output for the year overall.

 

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