Total profit nearly doubles on higher oil prices

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.

Source: Read Full Article