Total CEO: We will get by without layoffs

Energy company Total will not resort to layoffs in spite of the low oil price hurting the group's result, says Total CEO Patrick Pouyanne according to Rigzone.

Photo: Hjalmar Otto Fjøsne/Aker Solutions

The low oil prices have reduced the 2015 result by 20 percent at the French energy company Total, but this will not result in layoffs as is otherwise the case for many of the company's competitors, Total CEO Patrick Pouyanne tells French media Europe 1 according to Rigzone.

"We have the financial capacity to withstand the price volatility in crude. We know that in commodities, there are cycles. Yes, this cycle is very violent, down 20 percent in less than a month, 60 percent in a year," he says, according to Rigzone.

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