Total SA (FP.FR) said Friday that its third-quarter net income rose almost 40% compared with a year earlier, citing higher Brent oil prices and a low-cost environment.
Net income was $2.72 billion compared with $1.95 billion in the year-earlier period, while revenue increased 15% to $43.04 billion, the company said.
Continue Reading Below
Total said that adjusted net operating income in its exploration and production division increased by 84% to $1.43 billion. Adjusted net operating income from refining and chemicals was 11% higher than the year-earlier period at $1.02 billion, while the marketing and services division's adjusted net operating income rose 14% to $506 million, Total said.
Hydrocarbon production during the third quarter was 2.58 million barrels of oil equivalent a day, the company said.
The French oil-and-gas company generated $2.1 billion of cash flow after investments, said Chief Executive Patrick Pouyanne, adding that Total took "full advantage" of the favorable market environment thanks to its strategy aimed at reducing its break-even point.
Mr. Pouyanne said that Total's organic investments were $3.1 billion, in line with its target of $14 billion for the year. He added that the company's cost reduction will amount to more than $3.6 billion, surpassing the target for the year.
Total declared a dividend of EUR0.62 per share, payable in April 2018.
Write to Marc Bisbal Arias at email@example.com
(END) Dow Jones Newswires
October 27, 2017 03:05 ET (07:05 GMT)