Record Production Lifts Total's Profits

Thursday, February 7, 2019

French energy major Total said its net adjusted profit rose 10 percent in the final quarter of 2018, lifting its full year earnings by more than a quarter after record oil and gas production.

Total said on Thursday that output reached an all-time high of 2.8 million barrels of oil equivalent per day in 2018 thanks to the start-ups of various operations and increased production in Australia, Angola, Nigeria and Russia.

It reported a 28 percent rise in full-year profit to $13.6 billion, following on the heels of strong results from other oil majors.

"These excellent results reflect the strong growth of more than 8 percent of the group's hydrocarbons production," Total's Chief Executive Officer Patrick Pouyanne said in a statement.

On Tuesday, BP reported a doubling of profits, driven by strong growth in oil and gas output following a large U.S. shale acquisition.

Royal Dutch Shell, Exxon Mobil and Chevron also reported stronger-than-forecast earnings, driven by higher production in U.S. shale basins where Oil Majors have invested billions in recent years.

Total said its results would enable it to continue its shareholders' return policy announced last year. After increasing dividends by 3.2 percent in 2018, it plans a 3.1 percent rise in 2019.

It will also buy back $1.5 billion of its shares in 2019 after buying back the same amount last year.

Total added it would eliminate its scrip dividend scheme from June 2019.


(Reporting by Bate Felix; Editing by Sudip Kar-Gupta and Susan Fenton)

Categories: Finance Industry News Production

Related Stories

Petrovietnam, Petronas Extend PSC for Offshore Block

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

CNOOC Starts Production at Two New Oil and Gas Projects

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

MODEC and Samsung Team Up to Install Carbon Capture Tech on FPSO

SLB Names Raman CSO, CMO

CNOOC Starts Production at Offshore Oil Filed Equipped with CCUS Tech

BP Targets 44% Oil, 89% Gas Increase from India’s Mumbai High Field

Saipem’s Castorone Vessel on Its Way to Türkiye’s Largest Gas Field

Current News

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com