Unsurprisingly, Total, the French oil company Total has reached in 2010 a net profit of 10.3 billion euros, up 32% year on year, boosted by rising oil prices, said the leadership in a statement. In the fourth quarter alone, the average price of a barrel of Brent crude reached 86.5 dollars, or 12% higher than the previous quarter and 16% higher than the average for the fourth quarter of 2009. Explain what the 23% increase in adjusted net income over the period, to 2.56 billion euros. Between 2009 and 2010 the average price increase per barrel of Brent crude as high as 29% to 79.5 million.
Over the full year, sales of the oil giant rose 21% to 159.27 billion euros."Beyond a more favorable environment than in 2009, earnings growth in 2010 reflects the significant improvement of performance of the group, including a production growth of over 4%," said Christophe de Margerie in a release, before a more precise details of the results expected by late morning. Note however that the production of hydrocarbons was further supported by the gas (+15% over the year), than by oil (-3%).
No targets for 2011
The group gave no figures for 2011 outlook for its results, but said he will bring to 20 billion euros investment for the current year against 18 billion a year earlier. About 80% of this budget will be spent on upstream and exploration budget would rise to 2.1 billion dollars against 1.8 billion in 2010.
Despite this favorable pricing environment for the oil company CEO, Christophe de Margerie, is booked on the current inflationary trend in oil prices, and rising too fast courses. Late January on the sidelines of the Davos Economic Forum, he called "a mistake" a barrel of oil beyond $ 100. "Go beyond the $ 100 today would be a mistake." "It's too high and too fast," he explained at the time. The leader of the first French tanker had also advocated a reduction in consumption, to prevent an excessive rise weighs on prices.
Bigger profits in the Paris index
The management has remained prudent for the months to come, explaining that in the first quarter of 2011, "the environment of European refining margins remained difficult with recessed relative to the fourth quarter of 2010."The group added it would continue its "targeted asset acquisitions and disposals of non-strategic assets."
Despite improving results, the group will not increase the proposed dividend for the year 2010, since in case of approval at the general meeting of shareholders May 13, 2011, it will remain stable, 2 , 28 euros.
With the publication in line with expectations, the group also found its first place ranking of the largest profits made by companies in the CAC 40. Ousted by Sanofi-Aventis in 2009 he had suffered in particular the impact of the falling price of a barrel of oil, with adjusted net income of 7.78 billion euros.
At the Paris stock exchange, these results did not surprise investors. Half an hour after opening, the title clinching 0.18%, to 43.55 euros in a bear market.
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