Results Reflecting Strong Performance Across All Segments Adding to the Good News Coming out of the Oil and Gas Sector
On October 31, the French oil and gas producer Total SA (NYSE:TOT, LON:TTA, EPA:FP) released its results for the third quarter of 2012, reporting an increase in adjusted net income, reflecting good performance across all sectors.
Total Posts €3.3 Billion Net Income for Q3
As noted in the company’s press release, Total’s total adjusted net income for the third quarter of 2012 was €3.3 billion (£2.7 billion), marking an increase of 20 percent, relative to the same quarter in 2011. Total’s Chairman and CEO, Christophe de Margerie, noted that the increase in adjusted net profit reflected the “good performance across all segments.”
The company said it benefited particularly from a sharp increase in refining margins, with results from its Refining and Chemical segment increasing by as much as 54 percent.
Together with its quarterly results, Total announced its Q3 interim dividend at €0.59 per share, unchanged from the previous quarter, and 3.5 percent up relative to third quarter of 2011.
“These good results and the Group’s discipline reinforced its strong financial position this quarter,” noted Mr de Margerie in Total’s press release.
Norwegian Oil Discovery
Total also recently made an oil discovery in the Garantiana Well in the Norwegian North Sea, as reported by Reuters, with resource volume estimates still pending analysis. In its press release, Total notes that the third quarter of 2012 was marked also by an increased stake in the Ichthys LNG project in Australia, as well as by acquired exploration licences in several countries, including Iraq, Bulgaria and Indonesia.
“Total is improving its competitiveness across all operational segments and remains focused on creating value through the Group’s new dynamic for growth,” noted Mr de Margerie.