LOC14:43
11:43 GMT
PARIS, Oct 28 (KUNA) -- French oil giant Total said on Friday it was reporting USD 2.1 billion in adjusted net income for the third quarter of 2016 and a 4.3 percent increase in oil and gas production for the same period.
Despite efforts at cost cutting and investment reduction, the third quarter net income figure is still 25 percent lower than in the same three-month period in 2015.
A statement from the company also said that Total's cash flow for the period has risen 13 percent compared with the previous quarter in 2016, despite a sharp 27 percent cut in European refining margins. Operating cash flow was now put at USD 4.5 billion.
The statement said that total sales fell to USD 107.5 billion in the first nine months of 2016 compared with USD 127.6 billion in the same period in 2015.
Overall production during the July-September period was given at 2.44 million barrels of oil equivalent, corresponding to a four percent increase on the year-earlier quarter.
Total said the performance this quarter was "solid" and it vowed to continue cost-cutting and reduce operating costs by USD 2.7 billion this year. (end)
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