Record third-quarter output boosts Total's cash flow, low prices hit profit

Record third-quarter output boosts Total's cash flow, low prices hit profit
FILE PHOTO: The logo of French oil giant Total is seen on a flag at La Defense business and financial district in Courbevoie near Paris, France. May 16, 2018. REUTERS/Charles Platiau/File Photo -
Charles Platiau(Reuters)
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PARIS (Reuters) – French energy major Total <TOTF.PA> said on Wednesday that record production growth in the third quarter help keep its cash flow steady, as adjusted net profit tumbled due to lower oil and gas prices.

Production rose 8.4% to a record output in a quarter at over 3 million barrels of oil equivalent per day compared with the same period last year. Total said it was on track to hit 9% output growth this year.

“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,” Total’s CEO Patrick Pouyanne, said in a statement.

Total’s debt-adjusted cash flow fell 2% to $7.4 billion, while adjusted net profit slumped 24% to $3.02 billion compared with the same quarter in 2018.

(Reporting by Bate Felix, editing by Louise Heavens)

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