TOTAL NET INCOME $2.5 BLN
TOTAL - TOTAL'S Board of directors met on July 26, 2017, to rewiew the Group's second quarter accounts.
Commenting on the results, Chairman and CEO Patrick Poyanne said:
"In a price environment that remains volatile, Total again delivered an excellent set of quarterly results with adjusted net income of $2.5 billion, a 14% increase compared to a year ago, and operating cash flow before working capital changes of $5.3 billion, a 33% increase, while Brent only increased by 9%. In the first half of the year, the Group generated more than $3.1 billion of cash flow after investments, excluding acquisitions and divestments.
In the Exploration & Production segment, second quarter 2017 operating cash flow before working capital changes increased by almost 50% compared to the same quarter last year, benefiting from production growth of more than 3%, driven by start-ups and ramp-ups of new cash-accretive projects, as well as the cost reduction program, which continues to be implemented with determination. The Group is also continuing to prepare for the future, with the signing of a contract related to the development of Phase 11 of the giant South Pars gas field in Iran, the start-up of operations on the giant Al-Shaheen field in Qatar and the final investment decision for Phase 3 of the Halfaya project in Iraq.
Despite a significant program of shutdown in the Refining & Chemicals segment during the second quarter, the Downstream generated $3.4 billion of cash flow in the first half of the year. The Group continues to grow its profitable petrochemicals business with the start-up its ethane-based ethylene production at Antwerp in Belgium and the launch of major projects at Port Arthur in the United States and at Daesan in South Korea.
In this context, Total has a stronger balance sheet having reduced gearing to 20%. As a result, in line with its strategy, the Group has the flexibility to take advantage of the low-cost environment by being able to launch profitable projects and acquire resources under attractive conditions."
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