Total Raises Production Target As Profits Soar

French oil and gas major Total raised its production growth target for 2018 after a new record output and high oil prices during the third quarter enabled it to report its highest net income in a quarter since 2012.

“Total’s third quarter adjusted net income increased by 48 percent from last year to $4 billion, while oil prices increased 44 percent to $75 per barrel supported by supply tensions and the geopolitical context,” Total’s CEO Patrick Pouyanne said in a statement.

The net income figure was above an average analyst forecast of $3.75 billion.