FRENCH oil firm Total raised its dividend yesterday and confirmed it would cut capital spending even though output was stalling, falling into line with industry peers by reducing investment to try to boost shareholder returns.
Fourth-quarter adjusted net profit fell 19 per cent to €2.47bn (£2.04bn), missing analysts' forecast for €2.69bn, hit by shrinking refining margins, lower oil prices and delays at key fields such as
Full-year output edged down to 2.299m barrels of oil equivalent (boe) a day from 2.3m in 2012 - a figure that will not help the fifthbiggest global oil company shake off a reputation for missing production targets.
Production delays at some projects where Total is not operator, including
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