September 24, 2019 / 6:12 AM / a month ago

French energy group Total to accelerate dividend growth

PARIS, Sept 24 (Reuters) - French heavyweight oil and gas group Total raised its dividend outlook on Tuesday, and issued generally upbeat forecasts over its prospects.

Total said it would increase its dividend by 5-6% per year, up from a previous target of 3%, which in turn would result in a third interim dividend of 0.68 euros per share for 2019.

“Delivering on its strategy for sustainable and profitable growth in oil and gas activities as well as investing in growing energy markets, notably LNG and low-carbon electricity, provide stronger visibility on the future of the Group,” Total said in a statement.

“This results notably in a projected increase in the group’s cash flow of more than $5 billion by 2025 in a $60/barrel environment, or an average increase of about $1 billion per year,” added the company.

Reporting by Sudip Kar-Gupta; Editing by Kim Coghill

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