French oil and gas company Total said it had met its cost saving target ahead of schedule as it reported a better-than-expected rise in second quarter net profit led by increased output and a rebound in oil prices.
Total said it had achieved $900 million in savings so far this year. On top of $1.5 billon saved last year and hopes to make further savings by year end.
Chief Executive Officer Patrick Pouyanne said that while oil prices remained volatile, Brent crude had recovered from the start of the year to average $46 per barrel in the second quarter.
"Total captured the benefit of this rebound, and adjusted net income rose to $2.2 billion in the second quarter 2016, an increase of 33 percent compared to the first quarter," Pouyanne said in statement.
Total kept its dividend unchanged for the second quarter, at 0.61 euros per share to be paid in January.
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