Pumping and prices make for Total success

The logo of French oil giant Total is pictured at a petrol station in Latresne near Bordeaux, France, November 19, 2018. — Reuters pic
The logo of French oil giant Total is pictured at a petrol station in Latresne near Bordeaux, France, November 19, 2018. — Reuters pic

PARIS, Feb 7 — French oil giant Total said today its net profit climbed 33 per cent in 2018 thanks to a rise in oil prices and production.

Net profit attributable to share holders rose to US$11.4 billion, Total said in a press release.

Stripping out exceptional items, the increase was 28 per cent US$13.6 billion, slightly less than expected by analysts surveyed by FactSet.

Like its competitors, the group benefitted from high global oil prices in 2018, which were up by nearly a third from the previous year.

Production grew 8 per cent as Total brought new projects into operation and acquired the Danish group Maersk Oil.

The firm expects production will increase by more than 9 per cent this year.

Total said it plans to continue the cost-cutting drive it started after global oil prices plunged in 2014, and aimed to make savings of US$4.7 billion.

Other oil giants, BP, Royal Dutch Shell, ExxonMobil and Chevron have also reported profit rises in 2018 thanks to high crude prices and their efforts to contain costs. — AFP

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