France: Total Net Income Climbs 2 Percent

Total of France said its adjusted net income was 2,858 M€ in the second quarter 2012 compared to 2,794 M€ in the second quarter 2011, an increase of 2%.

Hydrocarbon production was 2,261 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2012, a decrease of 2% compared to the second quarter 2011.

Commenting on the results, Chairman and CEO Christophe de Margerie said :

“Despite a decline in crude prices, the Group reported adjusted net income of 2.9 billion euros in the second quarter, a modest increase compared to the same quarter last year.

In contrast, Refining & Chemicals enjoyed an improved environment and was able to capitalize on higher refining margins in Europe.

In Upstream, the Group was impacted by incidents in the UK North Sea. Nigeria, and Yemen. Total responded to these events responsibly and transparently, demonstrating the priority it places on safety and the environment.

The second quarter was also marked by successes. The Group started-up production on Islay, Bongkot South, and Halfaya. New offshore exploration licenses acquired in Uruguay, Kenya, and most recently Bulgaria add to Total’s portfolio of high-potential acreage.

Finally, by increasing its share of the Ichthys project in Australia, Total strengthened its already prominent role in fast- growing Asian markets and solidified its position among the worldwide leaders in LNG.

Amid a challenging economic environment, it is with confidence that Total faces the second half of 2012, supported by the strength of its balance sheet and the dedication of its teams which allow the Group to develop and execute high-value projects in each segment. “

[mappress]

LNG World News Staff, July 27, 2012; Image: Total