French oil and gas giant Total SA (TTA.L, TTFNF.PK, TOT) Wednesday said second-quarter profit declined from the prior year, amid exceptionally heavy maintenance in the Upstream business. Hydrocarbon production fell 10 percent from last year.
Total said it performed relatively well in the downstream, despite an unfavorable environment for refining and marketing in Europe and scheduled turnarounds for maintenance on several sites.
Net income group share fell to $3.104 billion from last year's $3.364 billion.
Adjusted net income was $3.15 billion, while it totaled $3.58 billion in the prior year, essentially due to maintenance in the Upstream.
Adjusted net operating income from the business segments fell 5 percent to $3.824 billion, mainly due to weaker performance from Refining & Chemicals, which faced a deteriorated refining environment in Europe, and less favorable conditions for certain Marketing & Services activities.
Sales rose 2 percent to $62.56 billion from the prior year's $61.35 billion. Revenue from sales advanced to $56.21 billion from $55.51 billion.
Hydrocarbon production fell 10 percent to 2.054 million barrels of oil equivalent per day. While Liquids production declined 15 percent, gas production dropped 5 percent from the prior year.
Refinery throughput decreased 8 percent in the quarter, reflecting the turnarounds at Leuna and Vlissingen as well as voluntary shutdowns in response to weak refining margins in Europe.
Separately, the company's Board of Directors approved a second quarter interim dividend of 0.61 euros per share, an increase of 3.4 percent from the prior year.
The stock fell 1.25 percent in early morning trade in Paris at 50.63 euros.
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