Total SA reported first-quarter net income of $1.61 billion, up from a $1.63-billion net loss in fourth-quarter 2015 but down from earnings of $2.66 billion in first-quarter 2015.
Adjusted net operating income from its upstream segment was $498 million compared with $748 million in fourth-quarter 2015 and $1.36 billion in first-quarter 2015.
Hydrocarbon production was 2.48 million boe/d, an increase of 5% from fourth-quarter 2015 and 4% year-over-year primarily due to new project startups and ramp-ups—notably Termokarstovoye (OGJ Online, May 20, 2015); Laggan-Tormore (OGJ Online, Feb. 8, 2016); Surmont (OGJ Online, Sept. 1, 2015); Lianzi (OGJ Online, Nov. 2, 2015); Gladstone LNG (OGJ Online, Sept. 24, 2015); and Moho Phase 1b (OGJ Online, Dec, 11, 2015).
Total says second-quarter production will continue to benefit from the recent startups, but will be impacted by normal levels of seasonal maintenance. Production is expected to increase 4% in 2016, with startup of Angola LNG and Incahuasi expected by midyear (OGJ Online, Sept. 25, 2013); and Kashagan by yearend.
The refining and chemicals segment took adjusted net operating income of $1.13 billion, up from $1 billion in fourth-quarter 2015 and $1.1 billion in first-quarter 2015.
Total refinery throughput was 2.11 million b/d compared with about 2.01 million b/d in both fourth-quarter 2015 and first-quarter 2015.
A utilization rate of 94% in the first quarter “was a significant achievement and refinery throughput increased by 5% compared to the first quarter 2015,” the firm says. “The segment benefited from fewer units being shut down and continues to take advantage of the improved availability of its sites.”
The firm says its organic investment of $4.6 billion during the first quarter is in line with its objective of limiting capex to less than $19 billion in 2016.