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

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

Norwegian Oil Investment Will Peak in '25

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

BW Opal FPSO Vessel set for Work off Australia

Current News

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

Saipem Marks First Steel Cut for Tangguh UCC Project at Karimun Yard

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

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