Total Adjusted Net Income Drops (France)

French energy giant Total said it adjusted net income was 2,699 M€ in the second quarter 2013 compared to 2,7 91 M€ in the second quarter 2012, a decrease of 3%.

Cash flow from operations was 3,706 M€ in the second quarter 2013, compared to 6,167 M€ in the second quarter 2012.

Commenting on the results, Chairman and CEO Christophe de Margerie said: “With adjusted net income of 2.7 billion euros this quarter, the Group demonstrated its strong resilience in the Upstream desp ite lower hydrocarbon prices.

“The restart of production at Elgin/Franklin in the UK and the first cargo from Angola LNG were not able events of the quarter.

“Regarding our Upstream projects, the launch of the Egina deep – offshore project and the progress on Yamal LNG illustrate our ability to prepare for the future in a sustainable manner by developing competitive and diverse projects.

“In this way, the Group expects to benefit from an extended series of start – ups over the next several years.

“Th e Downstream reaped the initial benefits of the restructuring program even though further changes are still necessary to strengthen our position.

“The modernization of the Antwerp platform announced this quarter is yet another step in this program and demonstrates again that our economic performance is inextricably linked with our social and environmental commitments.”

LNG World News Staff, July 26, 2013; Image: Total

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