French oil major Total saw its profit rise in the second quarter of the year on the back of higher oil prices and production.
The oil company on Thursday posted adjusted net income of $3.6 billion for 2Q 2018, a 44% increase compared to the same period last year and adjusted net income of $2.47 billion.
The company’s second quarter net profit jumped by 83% to $3.7 billion from $2.04 billion in the same period last year.
Adjusted net operating income was $4.17 billion compared to $1.36 billion in the last year’s second quarter.
Commenting on the results, Chairman and CEO Patrick Pouyanné said:”Oil prices continued to increase, averaging 74 $/b in the second quarter, supported notably by inventory reductions and geopolitical tensions. Total benefited fully from this by remaining focused on operational efficiency: adjusted net income was $3.6 billion, a 44% increase from a year ago, and the return on equity for the past 12 months rose to 10.9%.”
Pouyanné also said: “Discipline on spending is resolutely maintained and the organic pre-dividend breakeven continues to decrease, to less than 25 $/b in the quarter.”
He added: “Production strongly increased by 8.7% from a year ago to 2.7 Mboe/d, due to the contribution from Maersk Oil and the ramp up of new projects including Yamal LNG, Moho Nord and Fort Hills.”
Offshore Energy Today Staff