French company Total SA today posted a 2011 net profit of 12.3 billion euros ($16.3 billion).
Fourth quarter and full-year 2011 results
Commenting on the results, Chairman and CEO Christophe de Margerie said:
« In a period of economic slowdown, ongoing tensions on the global oil supply supported the Brent price above 110 $/b in 2011. This environment has been favorable for the Upstream, but it was difficult for the Downstream activities, notably in Europe. In this context, the Group posted a 17% increase in earnings, expressed in dollars, compared to 2010. With its track record of operational excellence, the Group also confirms its constant improvement in safety performance.
The successful start-up of the Pazflor field in Angola was the crowning achievement of an important year for Total. This start-up and the ones to follow will ensure a return to production growth in 2012 and the years to come. All the segments realized notable advances, including a bolder exploration program that yielded three giant discoveries in 2011, the formation of a new, more competitive structure for the Downstream, and the further strengthening of leading positions in LNG and deep-offshore.
Finally, the increased asset sale and acquisition activity in 2011 continued to demonstrate the dynamic rebalancing of the portfolio in favor of Upstream assets with strong growth potential. Total is confident in its model for delivering sustainable growth, and, with a strong balance sheet, the Group announces a 2012 net investment budget of 20 billion dollars while remaining committed to a competitive return for shareholders .»
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LNG World News Staff, February 10, 2012