Total Targets Cost Savings of $4.7 Billion in 2019
September 24 2019 - 1:25PM
Dow Jones News
By Giulia Petroni
French energy giant Total SA (FP.FR) said Tuesday it is
targeting cost savings of $4.7 billion this year, which will
increase to $5 billion in 2020, with an additional $1 billion by
2023.
The oil and gas company said production will grow at a rate of
over 5% per year between 2018 and 2021, and that after 2023 it will
continue to generate growth of more 3% per year mainly driven by
liquefied natural gas, or LNG, projects. Total forecasts its cash
flow to increase by more than $5 billion by 2025, an average
increase of around $1 billion per year. Return on equity is
expected to be 12%.
Capital investment for 2019-2023 will be maintained at $16
billion to $18 billion per year, with more than $1.5 billion
invested in low-carbon electricity across Europe.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
September 24, 2019 13:10 ET (17:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
TotalEnergies (EU:TTE)
Historical Stock Chart
From Mar 2024 to Apr 2024
TotalEnergies (EU:TTE)
Historical Stock Chart
From Apr 2023 to Apr 2024
