Total reports drop in profit
PARIS, July 28, 2016 – France’s Total reported a 30% fall in profit over the second quarter of 2016 on Thursday. The company also said it would be investing USD 19 billion this year.
Building on USD 8.7 billion in investment this year so far, Total envisions between USD 9.3 billion and USD 10.3 billion for the remainder of 2016. The company’s net profit over the past three months came out at USD 2.09 billion, down from USD 2.97 billion over the same quarter in 2015. Revenue was down 17% year-on-year, reaching USD 37.22 billion.
Total recorded net production of 2.42 million boepd, a 5% rise over last year on account of operations Argentina, Australia, Congo-Brazzaville, Russia and the UK. Production was down across the Middle East and North Africa, as well as in the Americas.
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