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Total’s net income falls 17% in Q4

by ChemOrbis Editorial Team - content@chemorbis.com
  • 19/02/2015 (17:29)
French oil giant Total’s adjusted net income slumped 17% on the year in the last quarter of 2014, according to a press release on the company’s website. The company’s adjusted net income decreased to $2.80 billion from $3.38 billion reported in the same period of 2013. Lower crude oil prices which lost more than 50% of their value since June, 2014 were cited as the main reason behind the company’s weaker quarterly results. The company posted a $5.66 billion net loss in the last three months.

For the full year of 2014, the company’s adjusted net income fell 10% on the year to retreat to $12.8 billion compared with $14.29 billion posted in the same quarter of the preceding year. Sales decreased 6% year over year to $236.12 billion while adjusted net operating income from business segments slipped 10% to $14.24 billion.

Among the business segments, the company’s adjusted net income in the upstream segment dropped 48% to $1.59 billion in the last three months ending December when compared to $3.06 billion in the same period of 2013.

Meanwhile, Total announced cuts in costs and investments as well as in the workforce after posting significantly weaker financial results in 2014. The company will also accelerate asset sales. Accordingly, the oil giant will lower its investments to $23 billion from $26.4 billion and cut its workforce by 180 employees at its Lindsey refinery in the UK.
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