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Total net adjusted profit $3.085 billion, will sell gasfields for $900 million

Staff writer ▼ | July 29, 2015
Total reported $3.085 billion in net adjusted profit, a 2 percent drop from the same period a year ago. Crude oil prices collapsed by 44 percent over the same period.
Total   Output was slightly lower than in the first quarter
Profits at its "downstream" refining and chemicals sector tripled, while oil and gas production rose from a year ago thanks to new start-ups and the return of barrels from an Abu Dhabi concession.

At 2.299 million barrels of oil equivalent, output was slightly lower than in the first quarter, however, due to the shutdown of a liquefied natural gas plant in war-torn Yemen.

Total said it was expecting to exceed its cost reduction target of $1.2 billion (770 million pounds) this year, which it had already raised from a previous $800 million goal. It confirmed its objective to cut capital expenditure to $23-24 billion this year.

Total kept its dividend unchanged for the second quarter, at 0.61 euros per share.

The company will sell a stake in UK’s natural gasfields to SSE in a deal worth nearly $900 million. SSE has agreed to buy a 20 percent share in Laggan-Tormore, a deepwater project 125km west of the Shetlands.