French oil company Total said on Tuesday that it expected 2015 profits to be down by more than 20 percent from a year earlier because of falling oil prices.

Total CEO Patrick Pouyanne told Europe 1 radio that Total's earnings were supported by its transformation, refining and distribution businesses. Total officials, contacted by Agence France-Presse (AFP), said Pouyanne's remarks were based on results for the first nine months of 2015, but that the full-year results were headed for a similar drop, as predicted by analysts.

Total in September announced cuts in spending and investment, citing the weak oil price. It expects to invest between $20 billion and $21 billion this year, and $17 billion to $19 billion in 2017, against $23 billion to $24 billion in 2015.

Operating costs are to be cut by $3 billion and Total wants to sell $10 billion worth of assets as well as cut its payroll by 2,000 out of 100,000 employees, it said.