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French oil and gas major Total raised its production growth target for 2018. after a new record output and high oil prices during the third quarter enabled it to report its highest net income in a quarter since 2012.`Total´s third quarter adjusted net income increased by 48 percent from last year to $4 billion. while oil prices increased 44 percent to $75 per barrel supported by supply tensions and the geopolitical context.` said Total´s Chief Executive Officer Patrick Pouyanne in a statement.
The net income figure was above an average analyst forecast of $3.75 billion.
With Brent crude oil prices at around $80 per barrel at the start of the fourth quarter. Total said its exploration and production business will continue to profit thanks to the expected growth in output.
European peer Eni had earlier lowered its production growth target for the year after profits in the third quarter rose to beat expectations.
