PARIS, Feb 7 (Reuters) - French energy major Totalsaid its net adjusted profit rose 10 percent in the finalquarter of 2018, lifting its full year earnings by more than aquarter after record oil and gas production.
Total said on Thursday that output reached an all-time highof 2.8 million barrels of oil equivalent per day in 2018 thanksto the start-ups of various operations and increased productionin Australia, Angola, Nigeria and Russia.
It reported a 28 percent rise in full-year profit to $13.6billion, following on the heels of strong results from other oilmajors.
"These excellent results reflect the strong growth of morethan 8 percent of the group's hydrocarbons production," Total'sChief Executive Officer Patrick Pouyanne said in a statement.
On Tuesday, BP reported a doubling of profits, drivenby strong growth in oil and gas output following a large U.S.shale acquisition.
Royal Dutch Shell, Exxon Mobil and Chevronalso reported stronger-than-forecast earnings, driven byhigher production in U.S. shale basins where Oil Majors haveinvested billions in recent years.
Total said its results would enable it to continue itsshareholders' return policy announced last year. Afterincreasing dividends by 3.2 percent in 2018, it plans a 3.1percent rise in 2019.
It will also buy back $1.5 billion of its shares in 2019after buying back the same amount last year.
Total added it would eliminate its scrip dividend schemefrom June 2019.(Reporting by Bate Felix;Editing by Sudip Kar-Gupta and Susan Fenton)
BP (BP.)
