The French oil and gas company Total has unveiled its 2017 results, reporting a 28% rise in net profit. Total's hydrocarbon production increased by 4.6% to 2.57 mb/d for the full-year 2017. Liquids production rose by around 6% in 2017 to 1.35 mb/d for liquids, due to the ramp-up of several key projects such as Moho Nord, Kashagan, Edradour-Gellivet, Angola LNG and Yamal LNG, and due to the taking over of the Al-Shaheen oil field concession in Qatar. These positive results were also supported by the Brent price hike (+24% in 2017) and the rise of oil demand over the past year. Gas production also grew by 3% to 6.7 mcf/d (188 mcm/d). Total's refinery throughput declined by 7% in 2017 to 1,827 kb/d, as a result of the closure of the La Mède (France) and Lindsey (UK) refineries and due to the temporary shutdown of Gulf of Mexico refineries in the United States (Hurricane Harvey).
The company now forecasts a hydrocarbon production growth of 6% in 2018, in line with the 5% growth objective over the 2016-2022 period. Besides, the company also set aside some US$2bn for acquisitions in 2018. The cost-cutting strategy will be maintained throughout 22018 with a US$4bn savings target. Investments are expected to range between US$13-15bn.
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