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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...