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Total picks up the pace in 2Q results

Global oil company Total has announced an adjusted net income of $3.8 billion for the first half of 2016 – an estimated 33% less than the same period of 2015.



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Although oil prices continue to be at a low point, Total has benefited from the slight rise in value of Brent in the second quarter of 2016 with an increase of 33% in adjusted net income, reaching $2.2 billion, compared to the first quarter.

“Although still volatile, the Brent price has recovered since the start of the year and averaged $46 per barrel in the second quarter 2016,” says Chairman and CEO Patrick Pouyanné.

In the downstream segment, the acquisition of retail and logistics assets in Eastern Africa has strengthened its position as the continent´s market leader, according to a company release.

“Efforts to reduce operating costs are continuing to bear fruit and we will surpass the $2.4 billion cost reduction target for this year. In the first half, organic investments were $8.7 billion, and are expected to be $18-19 billion for the year,” explained Pouyanné. 

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