French energy group Total steps up cost cuts, suspends buybacks

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© Reuters. The logo of French oil giant Total is pictured at a petrol station in Laplume© Reuters. The logo of French oil giant Total is pictured at a petrol station in Laplume

PARIS (Reuters) – French energy group Total (PA:) announced plans on Monday to step up cost cuts and suspend its share buyback program in order to deal with a slump in oil prices.

Total CEO Patrick Pouyanne said that given oil prices at $30 per barrel, Total would now target organic capital expenditure cuts of more than $3 billion.

The company will also target $800 million in 2020 savings on operating costs compared to 2019, instead of the $300 million previously announced, and suspend its share buyback program.

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