Total profits soar on record production and higher oil prices
French oil giant Total saw profits soar in the third quarter on higher oil prices and raised its production growth target for the year.
The company reported its net income rose by 48 per cent to $4bn (£3.1bn) in the third quarter compared with the previous year.
Chief executive Patrick Pouyanne said oil prices increased by 44 per cent to $75 per barrel due to supply tensions and geopolitical tensions.
Production rose 8.6 per cent to 2.8m barrels of oil per day, which Pouyanne said was supported by major project start-ups in Angola, Australia and progress with its Yamal LNG project in Russia.
Total has also secured a retail network in Saudi Arabia through deal with Saudi Aramco, which the chief executive revealed at the controversial Future Investment Initiative in Riyadh earlier this week.
Pouyanne said: “These results confirm the group's ability to take full advantage of the favourable environment and to deliver on its objectives for production growth and cost discipline thanks to very good operational efficiency.”