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Total reportedly to cut exploration costs by 30% in 2015

Jan. 30, 2015 8:07 AM ETTotalEnergies SE (TTE) StockTTEBy: Carl Surran, SA News Editor
  • Total (NYSE:TOT) CEO Patrick Pouyanne says the company plans to cut exploration spending by 30% in 2015 after spending $2.8B over the past two years, Le Monde reports.
  • Overall investment reportedly would be trimmed by ~10%, or $2B-$3B from $26B in 2014.
  • Pouyanne says all employees would be retained and although its industrial sites in France could be restructured, none will be closed.
  • TOT -0.6% premarket.

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