Total to Suspend Buyback, Cut Costs Amid Oil-Price Decline
March 23 2020 - 04:21AM
Dow Jones News
By Kim Richters
Total SA said Monday that it is implementing an "action plan" in
light of the decline in oil prices.
The measures include organic capital expenditure cuts of over $3
billion and lowering its net investments in 2020 to less than $15
billion, the French oil company said.
Total's plan also entails increasing its operating costs savings
for the year to $800 million from $300 million and suspending its
$2 billion buyback plan for 2020.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
March 23, 2020 04:06 ET (08:06 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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