Total announced results for the third quarter and first nine months of 2011.
Commenting on the results, Chairman and CEO Christophe de Margerie said :
“ Total reported adjusted net income of 2.8 billion euros for the third quarter, stable compared to the second quarter, despite a slightly weaker environment. The Group benefited from improved operational performance in refining and confirmed the solid profitability of its operations, mainly driven by the Upstream .
The successful start-up of Pazflor in Angola, one of the largest deep-offshore oil facilities ever built, shows once again Total’s expertise in operating technologically complex major projects. Pazflor is the first of many major start-ups that will ensure our growth over the coming years.
Also during the third quarter, our new, bolder exploration strategy paid off with three major discoveries in Azerbaijan, French Guyana and Norway. Over the coming quarters, we will continue to pursue this strategy with an active and promising exploration program.
Finally, the Group demonstrated its new dynamic by recently announcing an ambitious 3 reorganization project for the Downstream-Chemicals . This new organization is centered around two main competencies, one industrial and the other commercial, and will make our existing operations more competitive as well as improve the outlook for profitable growth . ”
1 Euro = 1.4185 U.S. dollars
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Source: Total, October 28, 2011