ABERDEEN (Reuters) – French energy major Total (TOTF.PA) said on Thursday that its net adjusted profit for the fourth quarter of 2019 was steady at $3.2 billion compared with the same period a year ago, supported by strong cash flow, despite low oil prices.
“The group reported solid fourth quarter 2019 results with DACF (debt-adjusted cash flow) at $7.4 billion, an increase of more than 20% compared with the fourth quarter of 2018,” Total’s Chief Executive Officer Patrick Pouyanne said in a statement.
Total’s oil and gas production grew by 9% in 2019 compared with the previous year thanks to a ramp up in projects, while its liquefied natural gas (LNG) business doubled.
Pouyanne said the group rewarded shareholders with a 6% increase of the final dividend for 2019 to 0.68 euros per share. It bought back $1.75 billion of its shares in 2019 and plans to buy back $2 billion of its shares in 2020 with oil at $60 per barrel.
Reporting by Bate Felix; Editing by Alexander Smith