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Total SA's (TOT) Management on Q3 2015 Results - Earnings Call Transcript


Good afternoon, and welcome to the Total third quarter results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Patrick de La Chevardière, CFO. Please go ahead, sir.

Patrick de La Chevardière - CFO

Hello. Patrick de La Chevardière here. As most of you know, we had our Investor Day in London last month, which was followed by a successful series of road show meetings. Our main message is that we are exiting a heavy investment phase that will revitalize the Company with new growth assets and, in combination with this we are placing renew emphasis on operational efficiency and capital discipline.

Our objective is to lower the cash breakeven for the Group, which will allow us to perform more competitively in any environment, and we can accomplish this by starting up the new projects, reducing CapEx, and cutting costs. Compared to last year, we are in a different environment. Brent averaged more than $60 per barrel in the second quarter but fell during the third quarter, hitting a low of less than $45 per barrel and averaging only $50 per barrel for the quarter.

European refining margins have been...