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Total records better-than-expected 2Q18 profits

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Oilfield Technology,

As reported by Reuters, Total has reported an increase of 44% on its adjusted net profit for 2Q18. The oil and gas major said its profit for the period was US$3.6 billion, surpassing analysts’ expectations of US$3.4 billion.

Oil production rose by 8.7% to 2.717 million boe/d, the highest ever produced in a quarter – this was attributed to the early completion of its acquisition of Maersk Oil this year and the ramp-up of several projects, including Yamal LNG in Russia and Moho Nord in Congo.

Total also raised its oil production growth target to 7% in 2018 from 6% previously, expecting a strong boost from the commencing of production in Angola’s Kaombo North, Nigeria’s Egina and Ichthys LNG in Australia.

Total also said that its cost savings measures were on course to reach US$4.2 billion over the 2014 - 2018 period.

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