PARIS: The new head of Total will embark on a tour to meet crucial contacts at oil-rich countries in the next few weeks and will forge ahead with cost cuts in the face of the falling oil prices that squeezed third-quarter profits.
Europe’s second-largest oil company elevated former refining head Patrick Pouyanne to the CEO position following the sudden death of its charismatic chief executive Christophe de Margerie earlier this month in a plane crash in Russia.
In a statement unveiling a 2 percent drop in net profit in the third quarter on Wednesday, the new CEO said he would carry out de Margerie’s plan to reduce capital expenditure and operating costs, aimed at returning more cash to shareholders.
