Total’s second-quarter adjusted net income falls 30%

Total SA recorded second-quarter adjusted net income of $2.17 billion, down from $3.01 billion during second-quarter 2015. First-half net income was $3.81 billion, down from $5.69 billion in the year-ago period.

Adjusted net operating income during the quarter from the upstream division was $1.13 billion compared with $1.56 billion a year earlier. Upstream’s first-half adjusted net operating income was $1.63 billion compared with $2.92 billion a year earlier.

Companywide second-quarter hydrocarbon output averaged 2.42 million boe/d, up from 2.3 million boe/d in second-quarter 2015.

The multinational firm’s refining and chemicals units took second-quarter adjusted net operating income of $1.02 billion, down from $1.35 billion a year earlier. First-half adjusted net operating income from refining and chemicals was $2.15 billion, down from $2.45 billion in the year-ago half.

“Efforts to reduce operating costs are continuing to bear fruit and we will surpass the $2.4-billion cost reduction target for this year,” said Patrick Pouyanne, Total chairman and chief executive officer. “In the first half, organic investments were $8.7 billion, and are expected to be $18-19 billion for the year.”

The firm maintains its goal to generate $2 billion in asset sales during the year.

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