Total’s profit down, LNG sales up
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. Totalcaptured 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.