Patrick Pouyanne prepares Total for era of growth after severe cost-cutting
Paris/London — When Patrick Pouyanne took over as the head of Total’s loss-making refinery division in 2011, he demanded a breakdown of costs for every single unit. He was told such details did not exist. Frustrated, he sent his lieutenants to produce numbers showing which units of the French oil major were performing well and which needed urgent cost cuts to stop haemorrhaging profit. Brutal cost-cutting became Pouyanne’s trademark and has served him well ever since — he turned around the refining unit, more than doubling net income in just three years. Today Pouyanne, who took over as Total’s CEO in 2014, is emerging from the worst oil price slump in a generation with his firm making more money than any of its peers except its much larger rival, US oil giant ExxonMobil. Pouyanne’s relentless fight to cut costs has earned him respect from investors who want to see strong results in a poor market while pressing him for future growth plans. "We are happy with Total’s progression. Low...
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