Total to slash over $2.5 billion from E&P business as oil crisis bites

In an effort to alleviate the concequences of the recent oil price plunge, French oil major Total has revealed its plan to reduce the capex for 2020 by more than $3 billion and save about $800 million in operating costs compared to 2019. Total will also suspend its buyback program. 

Patrick Pouyanné, Chairman & CEO of Total, addressed the group’s employees on March 19 to mobilize them in the face of the challenges ahead.

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