Total ADRs Up 13%; Cutting Capex More Than $3 Billion
March 23 2020 - 11:08AM
Dow Jones News
By Michael Dabaie
Total S.A. ADRs were up 13% to $28.66 in morning trading.
The French energy company said that due to the sharp decrease in
oil prices, it will cut organic capital expenditures more than $3
billion, or more than 20%, reducing 2020 net investments to less
than $15 billion.
The company said it would have $800 million of savings in 2020
on operating costs compared with 2019, instead of the $300 million
it previously announced.
Total said it would suspend its buyback program. The company
said it previously unveiled a $2 billion buyback for 2020 in a $60
a barrel environment. Total bought back $550 million in the first
two months.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
March 23, 2020 10:53 ET (14:53 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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