Jul. 29, 2015, 4:36 AM
- French oil major Total (NYSE:TOT) posted a better-than-expected profit in the second-quarter, helped by increased refining margins in Europe and accelerated cost-cutting efforts.
- Despite the heavy drop in crude prices, adjusted net profit came in at $3.085B, only a 2% decrease from the same period a year ago.
- Total also announced it would sell a 20% stake in its North Sea Laggan-Tormore project to Britain's SSE (OTCPK:SSEZY) for $881M, in a deal that could herald a fresh wave of North Sea asset sales.
SSE is one of the largest and fastest growing energy companies in the UK.
Industry: Water Utilities
Country: United Kingdom
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