Total in growth mode, seeks 5% annual oil production growth through 2022
Seeking Alpha
Published Sep 25, 2017 08:49AM ET
Total in growth mode, seeks 5% annual oil production growth through 2022
- Total (NYSE:TOT) says in an investor presentation that it is entering a new phase of “profitable growth” and expects to extend its 5%/year oil production growth target to 2022, as it breaks away from the belt-tightening period that followed the 2014 oil price crash.
- “Today we are in a more growing and ambitious mode,” says CEO Patrick Pouyanné, while TOT still aims to achieve $3.6B in savings by the end of this year and increase targeted savings on operations from $4B in 2018 to $5B in 2020.
- TOT sets its capital investment target, excluding resources acquisition, at $13B-15B during 2018-20 from previous guidance of $14B-$15B in 2017.
- Now read: (LON:GLEN)'s Tax-Free Dividends?
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