Sept 22 French oil and gas company Total
said on Thursday that it was increasing its savings
target from $3 billion to $4 billion by 2018.
* Total Said 2017 cash flow from operations will cover its
capital investments, including resource renewal, and dividend
cash out at 55 $/Brent
* Total said it was committed to delivering shareholder
value and improve profitability with return on equity objective
above 10 percent with Brent $60 per barrel.
* Total said discounted scrip dividend will be ended in 2017
if Brent is at $60 per barrel.
* Total said excess cash flow will be allocated in priority
to lowering gearing and to buy back scrip shares.
* Total said delivering growth with capex at a sustainable
level of $15 to $17 billion per year from 2017.
* Total said growing production by an average rate of 5
percent per year from 2014 through to 2020 rather than to 2019
in previous guidance
* Total says lowering breakeven of oil portfolio, both
upstream and downstream
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(Reporting by Bate Felix)