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Total in growth mode, seeks 5% annual oil production growth through 2022

Published 09/25/2017, 08:49 AM
Updated 09/25/2017, 08:49 AM
© Reuters.  Total in growth mode, seeks 5% annual oil production growth through 2022

© Reuters. 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: The Nest Egg Portfolio: What About Glencore (LON:GLEN)'s Tax-Free Dividends?

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