- Total (NYSE:TOT) outlines a program to sell another $10B in assets over the next three years as well as target large-scale cost cuts, with the goal of generating $15B in free cash flow in 2017.
- TOT expects organic investments to fall to $25B in 2017 from a peak of $28B in 2013, while operating expenses would fall by $2B/year by 2017.
- Reiterates its earlier target to generate free cash flows of $15B in 2017 but cuts its target for next year to $7B from a prior $10B; it had free cash flows of $2.6B in 2013.
- TOT also lowers its 2017 production outlook to 2.8M boe/day from its previous forecast of 3M boe/day.
- Says it is in talks with Chinese banks to help fund a major project in Russia as Western sanctions tighten.
- TOT +0.7% premarket.