The upstream segment in particular suffered a sizeable year-on-year percentage regression in terms of operating profit but downstream was much better.
Adjusted net profit for the three months to the end of June was EUR 2.7 billion ($3.59 billion) as against EUR 2.79 billion in the comparable period a year ago. It was also down on the EUR 2.86 taken in the first quarter this year.
Total sales came off 4% from EUR 49.14 billion to EUR 46.97 billion with the upstream segment dropping 7% from EUR 2.51 billion to EUR 2.33 billion.
Chairman and chief executive Christophe de Margerie said the profit “demonstrated (Total’s) strong resilience in the upstream despite lower hydrocarbon prices”.
The average Brent price slipped 5% in the quarter to $102.4 per barrel from $108.3 per barrel while the average gas price slumped 7% from $7.10 per thousand British thermal unit to $6.62 per Mbtu.
The European refining margin indicator sank 37%. “The environment for petrochemicals was stable in Europe and improved slightly in the United States compared to the same period last year,” Total said.
Total actually managed to increased overall production by 1% from 2.26 million barrels of oil equivalent per day to 2.29 MMboepd. However, total liquids production was down 5% to 1.16 million barrels per day while total gas production was up 8% to 6.17 million cubic feet per day.
*Eoin O’Cinneide, Upstreamonline