Total Announces Strategy To Tackle Short Term Challenges - Quick Facts

(RTTNews) - Total (TTA.L, TTFNF.PK, TOT) said, in an environment where oil and gas prices have fallen significantly and remain volatile, the company is focused on: increasing Opex savings from $3 to $4 billion by 2018; delivering growth with Capex at a sustainable level of $15 to $17 billion per year from 2017, $2 billion less than previous guidance due to further Capex discipline and cost deflation; and growing production by an average rate of 5% per year from 2014 through to 2020, rather than to 2019 in previous guidance.

Total said the company is focused on lowering its cash flow breakeven. In 2017, cash flow from operations will cover Capex, including resource renewal, and dividend cash-out at 55 $/b Brent. The discounted scrip dividend will be ended in 2017 if Brent is at 60 $/b.