In quarter 1, 2015 Total’s net profit dropped by 20%

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totalIn quarter 1, 2015 net profit of French oil and gas company Total S.A. decreased by 20% against last year to $2,663,000,000, reads the company’s report.

            The corrected net profit decreased by 22% to $2,602,000,000 and the analysts questioned by FactSet agency expected it to be $2,014,000,000. The corrected net profit per share totaled $1.13 against $1.46 a year earlier.

            In quarter 1, 2015 Total’s sales dropped by 30% to $42,313,000,000. Reduction of the company’s profit is explained by reduction of oil prices, in particular North Sea Brent  oil brand by 50%.

            Total volume of hydrocarbons production reached about 2,395,000 barrels of oil equivalent a day, up 10% against quarter 1, 2014. The company believes that the volume of production has increased, because of beginning of the new projects in the North Sea and Nigeria, growth of production in Angola and the recently signed agreement with Abu Dhabi.

            Total has been working mainly at the oil and gas markets, it is the third biggest oil maker in Europe, it takes part in five projects in Russia and owns 12% share in the biggest independent gas maker in Russia NOVATEC, reported http://www.1prime.ru.

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