Falling oil prices and lower than expected third quarter profits will be top of Patrick Pouyanne’s list of priorities as he embarks on a business boosting tour of his most senior contacts, according to new site Reuters.
Total’s new CEO will meet with the company’s key customers and partners in the coming weeks to look at ways in which the French company can reduce capital expenditure and boost returns to shareholders.
“The recent decrease in the price of Brent highlights the importance of the programs we launched to reduce costs and control investments to strengthen the resilience of the group,” Pouyanne said.
Pouyanne’s priority is to build contacts with key oil-producing countries and he will embark on a “mini-roadshow” to meet shareholders in Europe and the United States before the end of the year, Total’s FINANCE head said in a call with reporters.
“He is going to take up his pilgrim’s staff and meet all the important people in our industry abroad,” Chief Financial Officer Patrick de La Chevardiere said in the call.
De Margerie had built close relationships with the leaders of oil and gas producing countries such as Qatar, Saudi Arabia and Russia.
Russia, which the French oil firm forecast in April would become its biggest source of oil and gas output by 2020, is likely to be high on the list of countries to visit.
