Total of France today said that its adjusted net income was 9,280 M€ in the first nine months of 2012, an increase of 7% compared to 8,699 M€ in the first nine months of 2011.
Commenting on the results, Chairman and CEO Christophe de Margerie said: « Total reported adjusted net income of 3.3 billion euros for the third quarter 2012, an increase of 20% compared to the third quarter 2011, reflecting good performance across all segments.
In Upstream, the Group reaffirms its confidence in its outlook for profitable growth thanks to the ramp-up of recent start-ups and the progress of major projects in development.
Notably, Total launched the development of the Tempa Rossa field in Italy this quarter. In exploration, the Group is entering a period rich with high-potential wells, notably in the Gulf of Mexico, Iraq, Ivory Coast, Kenya and Gabon, and is increasing its acreage in promising plays.
The quarter was also marked by a sharp increase in refining margins. The results of Refining & Chemicals increased by 54%, despite a turnaround at the Normandy refinery which is part of the modernization of one of the Group’s major integrated platforms and key to its strategy for the segment.
In line with the announced asset sale program, Total continued to optimize its portfolio during the quarter and, in particular, sold Upstream assets in the UK and Nigeria.
The total proceeds for asset sales since the beginning of the year reached about 5 billion dollars, including the sale of the Group’s remaining shares of Sanofi.
These good results and the Group’s discipline reinforced its strong financial position this quarter. In a responsible and sustainable manner, Total is improving its competitiveness across all operational segments and remains focused on creating value through the Group’s new dynamic for growth .»
[mappress] LNG World News Staff, October 31, 2012