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Total's profit declines significantly

The French oil and gas supermajor now expects to cut costs worth a total of USD 4.7 billion this year and highlights a fine beginning for its Maersk Oil acquisitions – both of which are presented as positive aspects in an otherwise weak quarter.

Photo: CHARLES PLATIAU/Reuters / X00217

This autumn has in a general sense been a weak period for oil companies, and French oil and gas supermajor Total is no exception.

The company's consolidated financial statement shows its bottom line retreating by a whopping 30.4 percent, landing at USD 2.8 billion and outpacing the decline in revenue, which fell 11.2 percent to USD 46.6 billion relative to the same period last year.

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