French gas and oil giant Total reported on Thursday a drop of 30% in its adjusted net income in the second quarter of this year.
Total’s adjusted net profit stood at $2.2 billion, as compared to $3.1 billion in the same quarter a year before, Total said in a statement.
“Although still volatile, the Brent price has recovered since the start of the year and averaged $46 per barrel in the second quarter of 2016. Total captured the benefit of this rebound, and adjusted net income rose to $2.2 billion in the second quarter of 2016, an increase of 33 percent compared to the first quarter 2016,” said Patrick Pouyanne, Total CEO.
Total’s hydrocarbons production increased by more than 5 percent to 2.424 million barrels of oil equivalent per day compared with the same quarter last year.
LNG sales rise
Paris-based Total posted an increase of 15% in its second-quarter liquefied natural gas sales.
Total said it sold 2.76 million tonnes of chilled gas in the quarter, as compared to 2.39 million tonnes in the same period in 2015.
LNG World News Staff