Total rides high on oil surge
French giant Total said first quarter net profits leapt 9% to €3.25 billion
($5.04 billion) as record oil prices helped make up for a slight dip in the
outfit’s oil and gas production.
Total said first quarter adjusted net profit for 2007 came in at €2.99
billion.
The rise in profits was attributed to record crude prices that have increased
56% over the past year to an average price of $98.78 a barrel.
The energy group’s first quarter sales hit €44.2 billion, up 19% compared with
the same time last year.
In February, Total forecast a significant rise in oil and gas production this
year, but since then the group has been hit by a one-month output
interruption at its North Sea Elgin-Franklin gas field.
The Elgin shutdown was mainly responsible for a small dip in Total’s
hydrocarbon production to 2.426 million barrels of oil equivalent, from
2.431 million boe in the first quarter last year.
Meanwhile, the French outfit said Patrick de la Chevardiere will replace
Robert Castaigne as its chief financial officer from 1 June.
Chevardiere, 51, joined Total in 1982 and has been deputy chief financial
officer since September 2003.
Castaigne, 62, is due to retire on 31 May.
07 May 2008 07:12 GMT
| last updated:
07 May 2008 10:48 GMT
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