Total announced financial results for the first quarter of 2011.
Highlights since the beginning of the first quarter 2011
• Agreement to sell the 48.83% interest in CEPSA held by Total to IPIC (Abu Dhabi) and entry into a cooperative agreement with IPIC for oil and gas development Acquired 12.08% of the Russian company Novatek and agreed to acquire a 20% stake in the Yamal LNG project
• Acquired a 33.33% interest in Blocks 1, 2 and 3A in Uganda
• Acquired several permits in Argentina to evaluate the shale gas potential
• New discoveries on the Moho Bilondo permit offshore Congo and near the Laggan and Tormore fields offshore in the UK
• Launched the development of the GLNG project in Australia to extract and liquefy coal seam gas
• Agreement with CNPC on the development program for unconventional gas in the South Sulige field in China
• Started gas and condensate production on the Itau field in Bolivia
• Solar energy : launched a public offer for up to 60% of the U.S. company SunPower and entered into an agreement to acquire 50% of Tenesol
First quarter 2011 results
Commenting on the results, Chairman and CEO Christophe de Margerie said :
“ Growing geopolitical tensions and the aftermath of the earthquake in Japan will shift the balance of the global energy markets. In the face of these new challenges, Total confirms its strategy of investing to increase its production to better respond to changes in energy demand and in the energy mix .
In a context of rising hydrocarbon prices, the quality and diversity of the asset portfolio allowed adjusted net income to increase by 35% compared to the first quarter 2010. All of the segments contributed to this increase, particularly the Upstream, which benefited from its leverage to the increase in the price of hydrocarbons .
Leveraging its industrial expertise and financial strength, Total demonstrated during the first quarter its ability to finalize strategic operations. Following major transactions in Canada and Australia, Total entered into partnerships in Russia and in Uganda to create two major new production zones for the company. In addition, by agreeing to sell its interest in Cepsa and by offering to acquire SunPower, Total is actively managing its portfolio, orienting it mainly toward the Upstream, with more competitive Downstream-Chemicals and a more important new energies sector .
By continuing to adapt its integrated model to changes in the market, the development of the Group is mainly in growth areas. For this development to be sustainable and profitable for all its stakeholders, everyone at Total must continue to incorporate safety and acceptability into their daily operations .”
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Source: Total, May 1, 2011;