• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 6 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 1 day How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 5 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 5 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Political Crisis Could Thwart Georgia’s Bid For EU Membership

Political Crisis Could Thwart Georgia’s Bid For EU Membership

Political backsliding and “deteriorating relations”…

Total’s Q3 Profit Surges 48% To Highest Since 2012

Total (NYSE:TOT) reported on Friday a 48-percent jump in its third-quarter net profit as increased production and higher oil prices helped the French oil and gas major to book its highest income in a quarter since 2012, beating analyst estimates.  

Total posted an adjusted net income of US$4 billion in Q3, up by 48 percent compared to the third quarter of 2017, and above an average analyst forecast of US$3.75 billion.

“Total’s third quarter adjusted net income increased by 48% from last year to $4.0 billion, while oil prices increased by 44% to 75 $/b supported by supply tensions and the geopolitical context,” Total’s chairman and chief executive Patrick Pouyanné said in a statement, commenting on the Q3 earnings.

Total’s debt-adjusted cash flow (DACF) rose by 37 percent to US$7.5 billion. Cash flow from operations increased by 31 percent on the year to US$5.7 billion in the third quarter.

“These results confirm the Group’s ability to take full advantage of the favorable environment and to deliver on its objectives for production growth and cost discipline thanks to very good operational efficiency,” Pouyanné noted.

Production rose by 8.6 percent annually to 2.8 million barrels of oil equivalent per day (boed) in Q3, thanks to major start-ups including the Kaombo offshore oil field in Angola, and the liquefied natural gas (LNG) projects Ichthys in Australia and the second train of Yamal LNG in Russia.

The upstream business is well-positioned to profit from the rising oil prices, Total said, adding that it expects production growth of around 8 percent this year and 6-7 percent annually between 2017 and 2020. The production increase in the coming months will be mainly driven by the start-up of a third train at Yamal LNG in Russia, a second train at Ichthys LNG in Australia, Egina in Nigeria, and Tempa Rossa in Italy.

Total continues to keep discipline on investments, expecting net investments of around US$16 billion this year and US$15 billion-US$17 billion for each of 2019 and 2020.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News