TOTAL NET INCOME $6.7 BLN
Total SA (ADR) (NYSE:TOT) announced its third quarter fiscal year 2015 (3QFY15; ended September 30) results on Thursday, before the opening bell. Revenue for the integrated oil and gas major came in at $34.90 billion, a massive dip when compared to revenue of $54.22 billion posted in the same quarter last year.
Adjusted net income for Total clocked in at $2.75 billion, beating the consensus estimate of $1.96 billion. Adjusted net income, however, saw a 22% year-over-year (YoY) decline. Despite the decline in adjusted earnings, the company's efforts must be commended as it still managed to beat the consensus. An increase in oil and gas production and robust performance of the downstream refining segment were the main drivers for the beat.
Oil and gas production increase was driven by new projects in Australia and Canada. Production increased by 10% YoY to 2.34 million barrels of oil equivalent per day. Operating profits from the refining and chemical segment of the company doubled to $1.43 billion.
Total CEO Patrick Pouyanne, pleased with the results, said in the company press release: "In a context where the oil price has fallen by 50% in one year, Total was able to demonstrate its resilience." He further added how the integrated model had helped Total to record such results.
Total stock closed Wednesday's trading at $48.59, up 0.79%. It went down 0.72% to $48.24 during after-market trading, as of 5:16 PM EDT.
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