French oil and gas firm Total reported better-than-expected fourth-quarter results on Thursday and announced further cost reductions and asset sales in 2016 to enable it to weather low oil prices.
Oil prices have fallen by 70 percent since mid-2014 due to global oversupply and slow economic growth, hitting oil and gas company profits and forcing them to cut costs, reduce capital spending, delay projects and cut jobs.
"The resilience in a downgraded environment demonstrates the effectiveness of the group's integrated model," Total's Chief Executive Officer Patrick Pouyanne said in a statement.