French oil major Total SA (FP.FR) said Thursday that its net profit nearly doubled on the back of higher oil prices and higher production.
Net profit was $3.72 billion compared with $2.04 billion a year earlier, as sales increased to $52.54 billion from $49.61 billion the year earlier.
Adjusted net profit rose 44% to $3.55 billion, slightly over analyst expectations of $3.51 billion, according to FactSet.
Total said net operating income rose 52% to $4.18 billion, mostly due to strong performance from exploration and production, which benefited from increasing production with higher hydrocarbon prices and lower costs.
Total said production increased 8.7% on year to 2.7 million barrels of oil equivalent a day, thanks to the contribution from Maersk Oil and the ramp-up of new projects.
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