Higher global oil prices and a boost in production helped Total earn more in 2018 (DENIS CHARLET)

Paris (AFP) – French oil giant Total said Thursday its net profit climbed 33 percent in 2018 thanks to a rise in oil prices and production.

Net profit attributable to share holders rose to $11.4 billion (10.1 billion euros), Total said in a press release.

Stripping out exceptional items, the increase was 28 percent  $13.6 billion, slightly less than expected by analysts surveyed by FactSet.

Like its competitors, the group benefitted from high global oil prices in 2018, which were up by nearly a third from the previous year.

Production grew 8 percent as Total brought new projects into operation and acquired the Danish group Maersk Oil.

The firm expects production will increase by more than 9 percent this year.

Total said it plans to continue the cost-cutting drive it started after global oil prices plunged in 2014, and aimed to make savings of $4.7 billion.

Other oil giants, BP, Royal Dutch Shell, ExxonMobil and Chevron have also reported profit rises in 2018 thanks to high crude prices and their efforts to contain costs. 

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