Total beat forecasts Thursday by keeping net adjusted revenue for the fourth quarter firm at $3.2 billion and achieved its promise to boost dividends regardless of low oil prices, lifting the French energy giant’s shares by 3%.
Analysts had estimates net profit of nearly $2.7 billion.
Total Chief Executive Officer Patrick Pouyanne stated the group reported robust fourth-quarter 2019 outcomes with debt-adjusted cash flow (DACF) at $7.4 billion, a rise of over 20% in contrast with the fourth quarter of 2018.
Total’s oil and gas production rose by 9% in 2019 in contrast with the previous year because of to start-ups and ramp-ups of projects, while its liquefied natural gas enterprise doubled, boosting its cash circulation.
Pouyanne stated the exceptional production growth was unlikely to proceed in the future years, and output growth for this year was seen at 2% to 4%, an average level in the industry.
Pouyanne stated the company rewarded shareholders with a 6% enhance in the last dividend for 2019 to 0.68 euros a share. It purchased back $1.75 billion of its shares last year and now plans to buy back $2 billion of its stocks this year with oil at $60 a barrel.