April 19, 2018 / 9:14 AM / 7 months ago

Head of oil major Total expects good first-quarter results due to high oil price

FILE PHOTO - The logo of Total oil company is pictured in Abuja, Nigeria October 18, 2017. REUTERS/Afolabi Sotunde

PARIS (Reuters) - French oil major Total (TOTF.PA) expects to report good first quarter results next week, thanks to the impact of high oil prices, said company head Patrick Pouyanne on Thursday.

Asked on the sidelines of an oil summit in Paris if Total would announce more strong results next week, Pouyanne replied: “You know the price of oil is higher, so it should be good.”

“Markets had appreciated the fact that in 2017, all results were quite predictable and we never disappointed them,” he added.

Oil prices rose on Thursday to their highest level since late 2014 as U.S. crude inventories declined, moving closer to five-year averages, and after sources told Reuters that Saudi Arabia is seeking to push oil prices higher.

Pouyanne also said Total could achieve synergies of around 250-300 million euros ($371 million) from its takeover of Direct Energie DIREN.PA.

Reporting by Bate Felix; Editing by Sudip Kar-Gupta

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