• 4 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 minutes The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 15 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 2 hours The Plastics Problem
  • 5 hours Coal Boom in Asia is Real and a Long Trend
  • 13 hours Hydrogen FTW... Some Day
  • 15 hours GM Considering Electric Hummer
  • 5 mins Solar Panels at 26 cents per watt
  • 2 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 1 day Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 11 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 1 day OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 23 hours China's President Xi To Visit North Korea This Week
  • 2 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 22 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .

Breaking News:

Oil Stabilizes On Small Crude Draw

Are Oil Markets At A Turning Point?

Are Oil Markets At A Turning Point?

Oil prices rebounded on Tuesday…

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

Total

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

Oilprice - The No. 1 Source for Oil & Energy News