Slashing Capital Spending May Save Total's Dividend [The Motley Fool]
TOTAL SA (TOT)
Last total sa earnings: 2/7 04:01 pm
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US:NYSE Investor Relations:
total.com/en/investors
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Source: The Motley Fool
To say Paris-basedTotal S.A.(NYSE:TOTIMAGE SOURCE: GETTY IMAGES.In an announcement directed toward its workers but given a worldwide public audience likely intended to instill confidence in investors, Total announced it is slashing its CAPEX budget by $. billion. This amount equates to nearly 0% of the capital budget for 00. This $. billion cut to CAPEX was divided up by operating segment, as shown in the pie chart below.CAPEX cut Distribution for Total 00 by Segment. Data Source: Total SA press release. Chart by Author.The majority of the budget cuts were done in the Exploration and Production (E&P), where about $. billion of investments were shelved for this year.The company also announced that it's suspending its share buyback program, reducing cash expenditures by about $. billion for the fiscal year.Total will be targeting an additional $00 million in operating expense cuts this year. That puts its new goal for total operating expense cuts in 00 at $800 million.Where spending is
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