France’s Total managed to beat fourth quarter analyst targets on Thursday thanks to a strong performance from its refining and chemical segment.

The company earned $2.1 billion in adjusted net income for the fourth quarter, or $0.88 per share, down 26 percent from the same quarter last year.

Full year adjusted net operating income dipped 18 percent from 2014 to $10.5 billion, or $4.51 per share.

Despite the income slide, Total still managed to beat analyst expectations that had forecast an adjusted net profit of $1.93 billion on about 2.37 million barrels of oil equivalent per day of production, according to Reuters.

Adjusted items for the full year had a negative impact of $5.4 billion on the company’s 2015 net income.

Total’s upstream segment earned an adjusted net operating income of $748 million in the fourth quarter, down from $1.59 billion in the year ago period,.

Full year upstream adjusted net operating income dipped 55 percent year-over-year to $4.77 billion in 2015.

The refining and chemical segment saw adjusted net operating income grow 5 percent to $1 billion for the fourth quarter while full year income for the segment skyrocketed by 96 percent year-over-year to $4.88 billion.

Fourth quarter adjusted net operating income for the company’s marketing and services segment grew more than two-fold from the prior year to $530 million while full year income for the segment jumped 35 percent from 2014 to $1.69 billion.

Fourth quarter cash flow from operations fell to $4.83 billion from $7.35 billion during the same period last year and full year 2015 cash flow from operations declined 22 percent from the previous year to $19.94 billion.

Total produced about 2.35 million barrels of oil equivalent per day in the fourth quarter, up 5.5 percent from the previous year, and 2.34 million barrels  of oil equivalent per day for the full year, a record  9.4 percent gain courtesy of nine project startups.

The company’s board has decided to propose an annual divided of $2.77 per share at the company’s annual shareholders meeting to be held on May 24, 2016.

Total plans to trim its organic capital expenditure to $19 billion, a 15 percent decline compared to 2015.

The company said that it plans to sell about $4 billion in assets in 2016, the same level as 2015.

Total added it expects to achieve its targeted 20 percent reduction in European refining capacity by the end of 2016, one year ahead of its initial schedule.


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