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Bloomberg
Total SA boosted cash flow in the first quarter as record hydrocarbon output and so-aring sales of liquefied natural gas compensated for a drop in crude prices.
The French energy giant’s earnings are the latest sign of the industry’s recovery from a deep downturn, with Total benefiting from the start of giant LNG projects from Australia to the Arctic and offshore oil fields
in West Africa. Thanks to cost cuts and improvements in efficiency, the company can thr-ive even as global markets remain volatile, said Chief Executive Officer Patrick Pouyanne.
Total’s cash flow, which is closely watched by investors as a measure of oil majors’ ability to keep paying generous dividends and investing in growth, was lifted
by “the ramp-up of highly cash-generative projects,†Pouyanne said in a statement.
Operating cash flow before working-capital changes rose to $6.03 billion from $5.37 billion a year earlier, the company based near Paris said.