The major recorded income of $2.8 billion for the period, a 17% fall from the $3.4 billion earned in the same period in 2013.
As part of its cuts, the company also plans to reduce its workforce by 2000, mainly through natural attrition by not hiring any new workers.
The company will also pursue a significant ramp-up in its divestment program, aiming for $US5 billion ($A6.45 billion) of sales over 2015, knocking off half of its $10 billion target for the years up until 2017.
"In response to the recent fall in the oil price, Total has launched an ambitious mitigation plan. The plan includes significant reductions to organic investments, operating costs and the exploration budget, as well as an acceleration of its asset sale program," the company said in its quarterly report.
The group plans to lower its organic investments by more than 10% from $26.4 billion in 2014 to $23-24 billion in 2015, by reducing investments in brownfield developments and stopping certain projects that have become less profitable.
"The exploration budget has been reduced by about 30%, to $1.9 billion in 2015.
"In the upstream segment, the group is focused on the execution and delivery of its major projects and plans eight start-ups this year, of which three already started production in January.
"As it has demonstrated in the past, Total will make the adjustments necessary to successfully adapt to this period of low prices, while at the same time being prepared to take advantage of a recovery, for the benefit of its shareholders."
While the Inpex-led Ichthys project didn't crack a mention in the French producer's quarterly, recent reports have cast doubt over the scheduled start-up date of the $US34 billion ($A44 billion) LNG project.
Earlier this month, Reuters reported that Inpex managing executive officer Masahiro Murayama had told a news conference that the project had been delayed to start production in late 2016.
This was in stark contrast to brokerage firm Sandord Bernstein's predictions early last year that the project would reach completion in September 2017.
