Total's Earnings Slide, but Cash Flow Targets Intact
Total reported a slump in third-quarter earnings as a decline in oil and gas prices offset growth in production volumes and previously strong refining market conditions continued to deteriorate. Adjusted earnings fell to $2.1 billion from $2.8 billion a year ago. Production volume grew 4% from the year before, but lower commodity prices resulted in upstream operating earnings falling to $877 million from $1.1 billion last year. Refining and chemicals segment operating earnings fell to $917 milli...
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