French oil giant Total's net profits soared 40$ in the 3rd quarter of this year due to rising global oil prices and increased production. Total's net profit leapt to $2.7 billion, the company announced on October 27, 2017.
Production climbed 6% during the 3 months while net operating income from upstream was up 84% thanks to higher Brent crude prices.
Total said its cost reduction for the year will be more than $3.6 billion, surpassing the target for the year.
The company plans to continue to cut operating costs, targeting $5 billion in savings by 2020, and aims to increase production by 5 % per year until 2022.
3rd quarter sales totaled $43 billion, up from $37.4 billion last year.
Its net adjusted profits came to $2.7 billion, which was 29% higher than a year ago.
Total CEO Patrick Pouyanne said: «The group took full advantage of the favourable environment thanks to the performance of its integrated model and its strategy to reduce its breakeven point.»