Falling oil and gas prices have pushed Total’s second-quarter net income down 54% but the French oil giant has nonetheless beaten analyst predictions.
Total said that it proposed an interim dividend of €1.14 ($1.60) a share, unchanged from last year, because it was confident of the outlook.
The world’s fourth-largest non government-controlled oil group by market value also said that it would continue investing to find and produce new resources while reducing costs.
Total said that second-quarter net profit, stripping out unrealised gains or losses related to changes in the value of fuel inventories, fell to €1.72bn, hurt by a sharp drop in oil prices, lower output and tight refining margins.
This compared to the €3.72bn Total reported for the second quarter of 2008, and the average forecast of €1.66bn from a Reuters poll of 12 analysts, the news agency reported.
Total said that its oil and gas production had fallen 7% to 2.182 million bpd equivalent, missing analysts’ 2.224 million boepd. This was mainly due to Opec output cuts and production stoppages in Nigeria related to security matters, said Reuters.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData