Total plans $5 billion in asset sales as second quarter profit slips on lower oil prices

French oil and gas company Total posted a 26% drop in 2Q net profit as a result of lower oil and gas prices. Total has said it plans to sell about $5 billion worth of assets, mostly from its Exploration & Production business.

The company on Thursday posted adjusted net profit of $2.9 billion, a 19% decrease from the adjusted net profit of $3.6 billion in the same period last year.

Total’s net income was $2.8 billion in 2Q 2019, a 26% decrease compared to 2Q 2018 and net income of $3.7 billion.

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