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Total’s net income falls less than expected in Q1

by ChemOrbis Editorial Team -
  • 28/04/2015 (12:01)
French oil giant Total’s adjusted net income slumped 22% on the year in the first quarter of 2015, according to a press release on the company’s website. The company’s adjusted net income decreased to $2.6 billion from $3.3 billion in the same period of 2014. However, the company’s Q1 results beat analysts’ estimates which called for a $2.05 billion net adjusted profit in a survey conducted by Thomson Reuters as refining margins and growth in the company’s oil and gas production offset crude oil prices that have fallen around 50%.

Among the business segments, the company’s adjusted net income in the upstream segment slumped 56% to $1.35 billion in the first three months when compared to $3.09 billion in the same period of 2014 while adjusted net income in the refining and chemicals segment increased to $1.10 billion from $346 million in the same period of 2014. The stronger financial results in this segment stemmed from maintenance works at Total’s rival refineries in the United States, according to Bloomberg.

Meanwhile, Total’s oil production increased 10% to reach 2.4 million barrels per day (bpd) in the first quarter of this year. The company’s new start-ups, Eldfisk II in Norway, Ofon 2 in Nigeria and West Franklin 2 in Scotland contributed to their improved output in the first quarter. In addition, the company reportedly stated that they are planning to start up Russia’s Termokarstovoye gas field followed by GLNG in Australia, Laggan-Tormore in Scotland, Surmont 2 in Canada and Vega Pleyade in Argentina in the second half of this year.
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