Drop in global oil price hurts profit at French oil company Total

NEWYou can now listen to Fox News articles!

French oil company Total SA says its earnings fell in the third quarter due to the falling global price of oil.

Total said Wednesday that its replacement cost profit, a key gauge of earnings for oil companies, slid 2 percent to $3.56 billion in the three months to September from $3.63 billion in the same period a year earlier.

Total's oil and gas production slumped 8 percent in the quarter to 2.122 million barrels a day, which the company blamed on the expiration of a license in the United Arab Emirates and a natural decline of older wells. The company aims to lift daily production to 2.6 million barrels by 2015 with new fields being developed.

Crude has fallen $28 in the past four months to around $86 a barrel.