Total Q3 Profit Falls

5 November 2009 (Last Updated November 5th, 2009 18:30)

Total's adjusted net income for the third quarter of 2009 declined by 54% to €1.87bn compared with €4.07bn for the third quarter of 2008, on low oil and spot gas prices. The decline was also due to reduced refining margins reflecting steep fall in demand and the resulting oversupply, th

Total's adjusted net income for the third quarter of 2009 declined by 54% to €1.87bn compared with €4.07bn for the third quarter of 2008, on low oil and spot gas prices.

The decline was also due to reduced refining margins reflecting steep fall in demand and the resulting oversupply, the company said in a statement.

Total's adjusted net income for the first nine months ending 30 September 2009 was €5.07bn, representing a 48% drop compared to €11.04bn in the same period last year.

The company's upstream production for the third quarter was 2,243kboe/d, representing a 1% increase compared with 2,231kboe/d recorded in the same period in 2008.

The increase in production was attributed to the commencement of production at Tombua Landana in Angola, Tyrihans in Norway, Yemen LNG and Qatargas II Train B, and the ramping up of Akpo in Nigeria and Tahiti in the Gulf of Mexico.

The company's upstream production for the first nine months of 2009 was 2,249kboe/d, representing a 4% drop compared with 2,336kboe/d posted in the corresponding period in 2008.