Total earnings slip in Q2 as lower oil, gas prices offset higher production

  • Updated: July 26, 2013 - 4:35 AM

PARIS — French oil company Total SA said its core earnings slid 3 percent in the second quarter as lower crude and gas prices offset slightly higher production.

Adjusted net income slipped to 2.7 billion euros from 2.8 billion euros a year earlier. The average price of Brent crude oil fell 5 percent in the quarter to $102.40 per barrel. Total's oil and gas production meanwhile rose 1 percent to 2.29 million barrels a day.

Total's net profit — including one-off charges and profits or losses on the value of held assets — rose 67 percent to 2.54 billion euros in the second quarter. The gain was attributed to a lower after-tax inventory effect as well as a large gain on the sale of its stake in an Italian oil field.

Revenue in the April-June period fell 4 percent to 47 billion euros from a year ago.

Total says it expects to see the first oil extraction from its giant Kashagan project in Kazakhstan during the second half of this year. It is also studying the launch of two major projects before year's end: the Yamal liquified natural gas project in Russia and the Fort Hills oil sands project in Alberta, Canada.

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