French gas and oil giant Total reported on Wednesday a drop of 37% in its adjusted net income in the first quarter of this year.
Total’s adjusted net profit stood at $1.6 billion, as compared to $2.6 billion in the same quarter a year before, Total said in a statement.
“ Despite a 37% fall in the Brent price to 34 $/b since the first quarter 2015, the Group’s net income was at $1.6 billion. Operating cash flow before working capital changes was $3.7 billion, a decrease limited to 20% due to resilience of our integrated model ,” Patrick Pouyanné, CEO of Total said in the statement.
Total’s hydrocarbons production increased by 4 percent to 2.479 million barrels of oil equivalent per day compared with the same quarter last year.
LNG sales down
Paris-based Total posted a drop of 6% in its first-quarter liquefied natural gas sales.
Total said it sold 2.64 million tonnes of chilled gas in the quarter, as compared to 2.82 million tonnes in the same period in 2015.
LNG World News Staff