PARIS (AP) — Lagging oil prices pushed first quarter profits down 40 percent at France's Total SA, though cuts in costs and investments cushioned the blow.
The energy company on Wednesday announced net income of $1.6 billion in the quarter, down from $2.66 billion in the same period last year. Sales fell to $32.8 billion from $42.3 billion in the first quarter of 2015.
The profit drop echoes the pattern at oil companies worldwide over the past year and a half. Prices have recovered slightly since January to the $45 range but remain much lower than last year.