CEO: Total’s 2015 results “the best among majors”

French gas and oil giant Total reported on Thursday a decrease of 26% and 18% in its fourth quarter and full-year 2015 adjusted net income.

“Hydrocarbon prices fell sharply in 2015 with Brent decreasing by around 50%. In this context, Total generated adjusted net results of $10.5 billion, a decrease of 18% compared to 2014, the best performance among the majors,” Total’s CEO Patrick Pouyanné said in a statement.

Total’s oil and gas output increased 5.5 percent to 2.3 million barrels of oil equivalent per day in the fourth quarter due to new project start-ups, including the GLNG project in Australia.

“Upstream production increased by a record 9.4% in 2015, driven by the start up of nine projects. At the same time, Total was able to prepare its future with a reserve replacement rate of 107%,” Pouyanné said.

In 2016, Total will reduce its organic capex to around $19 billion, a reduction of more than 15% compared to the year before, the company said.

LNG sales

Paris-based Total posted a drop of 19% in its fourth-quarter LNG sales to 2.48 million tonnes.

Total said it sold 10.22 million tonnes of chilled gas in 2015, down 16% as compared to 2014.

LNG World News Staff