French oil giant Total said Thursday its net profit climbed 33 percent in 2018 thanks to a rise in oil prices and production. Net profit attributable to share holders rose to $11.4 billion (10.1 billion euros), Total said in a press release. Stripping out exceptional items, the increase was 28 percent $13.6 billion, slightly less than expected by analysts surveyed by FactSet.
Like its competitors, the group benefitted from high global oil prices in 2018, which were up by nearly a third from the previous year.
Production grew 8 percent as Total brought new projects into operation and acquired the Danish group Maersk Oil. The firm expects production will increase by more than 9 percent this year. Total said it plans to continue the cost-cutting drive it started after global oil prices plunged in 2014, and aimed to make savings of $4.7 billion.