France: Total Net Income Drops

Total of France said its adjusted net income, for the first quarter of 2013, was 2,863 M€ comparted to 3,080 M€ in the first quarter 2012, a decrease of 7 %.

Commenting on the results, Christophe de Margerie, Chairman and CEO said: ”The Group delivered solid results of 2.9 billion euros in adjusted net income for the first quarter, illustrating the Group’s many strengths.”

“In the UK North Sea, the Group internalized lessons learned to successfully restart the Elgin-Franklin fields in March. With the launch of the Moho Nord project, the most significant of its kind in the Republic of Congo, the Group will deploy innovative deep- offshore technologies, further demonstrating the Group’s ability to expand its horizons while respecting the social and environmental commitments inherent to its operations.”

“The Group’s commitment to strict investment discipline was evidenced, in particular, by the sale of its interest in the Voyageur upgrader in Canada following a comprehensive review of strategic options. Finally, in the downstream, the quality of the results generated in the first quarter highlights the progress made in implementing the optimization programs. With this ability to adapt to an evolving environment and opportunity set, Total continues to progress with confidence toward achieving its goals.”

[mappress]
LNG World News Staff, April 26, 2013