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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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.