Total's profit for the third quarter of 2019 fell by 24% to $3.02 billion compared to a year earlier due to lower oil and gas prices, the company announced on Wednesday.
“The group continues to achieve solid results despite a third-quarter environment compared to a year ago that was marked by an 18% decrease in the Brent price to $62 per barrel and gas prices that fell by about 55% in Europe and Asia,” the company’s CEO Patrick Pouyanne stated.
Production increased 8.4% in the third quarter by over 3 million barrels of oil equivalent per day compared with the same period of 2018.
The French company says it is on track to hit 9% output growth this year due to new projects in Russia, Angola, Nigeria, Norway and Britain.
Total’s debt-adjusted cash flow slumped 2% year-on-year to $7.4 billion, while adjusted net profit fell 24% to $3.02 billion.
Adjusted net income amounted almost $9 billion in the first nine months of 2019.
$1 equals 5.73 Turkish liras
By Talha Yavuz