By Michael Dabaie

 

Total S.A. ADRs were up 13% to $28.66 in morning trading.

The French energy company said that due to the sharp decrease in oil prices, it will cut organic capital expenditures more than $3 billion, or more than 20%, reducing 2020 net investments to less than $15 billion.

The company said it would have $800 million of savings in 2020 on operating costs compared with 2019, instead of the $300 million it previously announced.

Total said it would suspend its buyback program. The company said it previously unveiled a $2 billion buyback for 2020 in a $60 a barrel environment. Total bought back $550 million in the first two months.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

March 23, 2020 10:53 ET (14:53 GMT)

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