Total’s income jumps as LNG sales decline

Total's income jumps as LNG sales decline
Illustration purposes only (Image courtesy of Total)

French gas and oil giant Total reported a 14 percent increase in its adjusted net income for the second quarter of 2017.

According to the company’s quarterly report, the adjusted net profit reached $2.5 billion compared to $2.1 billion in the corresponding period in 2016.

Commenting on the results, Total’s chairman and CEO Patrick Pouyanné said, that despite a volatile price environment with operating cash flow increasing 33 percent to $5.3 billion, while Brent only increased by 9 percent.

Hydrocarbon production reached 2.5 million barrels of oil equivalent per day (kboe/d) during the second quarter of 2017, a 3 percent increase compared to the corresponding period in 2016, due to a 5 percent increase in project ramp ups, including the Angola LNG project.

Total’s LNG sales during the quarter dropped 6 percent from 2.81 million tons in the second quarter of 2016 to 2.64 million tons in the second quarter this year.

 

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Posted on July 27, 2017 with tags .

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