Total’s profit, LNG sales up in Q3
French gas and oil giant Total reported an adjusted net income of $2.7 billion during the third quarter, jumping 29 percent compared to the same period last year.
Speaking of the results, chairman and CEO Patric Pouyanne said that compared to a year ago, the Brent price increased 14 percent.
“This solid performance was also reflected in a return on equity of close to 10 percent and strong cash flow generation, with the company generating $2.1 billion of cash flow after investments in the third quarter 2017 and $5.2 billion in the first nine months,” he said.
Hydrocarbon production was 2.9 million barrels of oil equivalent per day during the third quarter, 6 percent up on the third quarter in 2016, due to the project ramp ups.
For the nine-month period, hydrocarbon production increased over 4 percent to 2.5 mboe/d.
Paris-based Total posted an 8 percent increase in LNG sales during the third quarter. Total’s LNG sales reached 2.95 Mt during the quarter as compared to 2.74 Mt in 2016.
For the first nine months, Total’s LNG sales reached 8.56 Mt, 4 percent up on 8.24 Mt in the corresponding period in 2016.