Total’s Q2 LNG sales lower 21 pct
Total of France said its LNG sales in the second quarter of this year dropped 21 percent to 2.34 million tonnes, as compared to the same quarter in 2014.
The company sold 5.11 million tonnes of LNG in the second half of 2015, a drop of 16 percent as compared to a year ago.
Total’s adjusted net income in the second quarter was $3.085 billion, down just by two percent despite the significant decline in crude oil prices.
“Oil prices recovered slightly in the second quarter to about $60/b but remain more than 40% lower than a year ago. Despite the sharply lower oil price, Total reported a decrease of only 2% in adjusted net income thanks to productivity gains in all the business segments,” Total’s CEO Patrick Pouyanné said.
“The 12% increase in production over the past year to 2,299 kboe/d demonstrates that our growth strategy is working, in spite of the shutdown of Yemen LNG for security reasons,” Pouyanné said.
Total expects to exceed its 2015 objective to cut operating costs by $1.2 billion in 2015 and conﬁrmed the announced reduction of 2015 Capex to $23-24 billion.