The French oil and gas explorer Total has reported a net income (group share) of €1.58bn for the second quarter of 2012, a decrease of 42 per cent compared to €2.72bn for the same period last year.
The company’s sales, meanwhile, improved by 9 per cent to €49.13bn (2011: €45bn). Adjusted net operating income from business segments (upstream, refining and chemicals, supply and marketing) increased by 8 per cent to €3.12bn (2011: €2.9bn).
Net investments were €4bn (2011: €6.2bn), while asset sales were €834m, including the sale of Sanofi shares.
Christophe de Margerie, chairman and CEO of Total, said:
Despite a decline in crude prices, the group reported adjusted net income of €2.9bn in the second quarter, a modest increase compared to the same quarter last year.
In contrast, refining and chemicals enjoyed an improved environment and was able to capitalise on higher refining margins in Europe.
In upstream, the group was impacted by incidents in the UK North Sea. Nigeria, and Yemen. Total responded to these events responsibly and transparently, demonstrating the priority it places on safety and the environment.
The second quarter was also marked by successes. The Group started-up production on Islay, Bongkot South, and Halfaya. New offshore exploration licenses acquired in Uruguay, Kenya, and most recently Bulgaria add to Total’s portfolio of high-potential acreage.
Finally, by increasing its share of the Ichthys project in Australia, Total strengthened its already prominent role in fast-growing Asian markets and solidified its position among the worldwide leaders in LNG.
Amid a challenging economic environment, it is with confidence that Total faces the second half of 2012, supported by the strength of its balance sheet and the dedication of its teams which allow the group to develop and execute high-value projects in each segment.