Total Warns Output Will Be Dented By North Sea, Nigerian Leaks
27 April 2012 - 5:10PM
Dow Jones News
Total SA (TOT, FP.FR) Friday warned that production in the
second quarter will be impacted by leaks at its North Sea and
Nigerian operations as well as planned maintenance as it reported a
slight drop in earnings in the first quarter.
The group posted a 1% drop in adjusted net profit for the first
quarter, due to the disposals of assets, the loss of Syrian output
and due to the deterioration of the refining and chemicals
performance.
Adjusted net income, an earnings benchmark that strips out
non-performance-related inputs that is closely watched by
investors, was down at EUR3.07 billion, from EUR3.1 billion a year
earlier. The figure was fully in line with expectations as analysts
polled by Dow Jones Newswires had expected EUR3.07 billion. Net
profit for the period was down 7% at EUR3.66 billion compared with
EUR3.95 billion a year earlier.
Output in the first quarter was marginally up at 2,372 million
barrels of oil equivalent per day, from 2,371 mboe/d a year earlier
and missed analysts' expectations of 2.378 mboe/d.
The group didn't provide any outlook for the rest of the year
nor did it give any specific figure of the total cost so far of the
Elgin platform gas leak in the North Sea.
- By Geraldine Amiel, Dow Jones Newswires; +33 1 40171767;
geraldine.amiel@dowjones.com
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