PARIS: French oil major Total took a US$6.5bil writedown in the fourth quarter, mainly on its North American oil sands and shale assets, and announced cost cuts across the board to cope with weaker oil prices.
The company said its net adjusted profit fell 17% to US$2.8bil in the quarter, compared with the same period a year ago, a lower drop than analysts had expected. Its revenue fell 19% to US$52.5bil.
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