March 23, 2020 / 7:48 AM / 13 days ago

French energy group Total steps up cost cuts, suspends buybacks

FILE PHOTO - The logo of French oil giant Total is pictured at a petrol station in Laplume, France January 16, 2020. REUTERS/Regis Duvignau

PARIS (Reuters) - French energy group Total (TOTF.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.

Reporting by Sudip Kar-Gupta; editing by Jason Neely

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