Total May Underspend Capex Target This Year

摘要

France's Total reported a steep drop in net profits for the second quarter, reflecting lower oil prices, reduced output and thin refining margins. It also warned that it might not make its capital spending targets this year. But the 54% fall in adjusted net profit to ?1.72 billion ($2.42 billion) actually came in above analyst expectations as the company showed some resilience in the face of a bleak trading environment. Total followed BP and Royal Dutch Shell in reporting steep falls in quarterly earnings (IOD Jul.31,p1).