French oil giant Total sees Q1 profit fall 20 percent amid global oil price slump
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French energy giant Total SA says its net profit slid 20 percent in the first quarter despite a rise in production as slumping oil prices took their toll.
The company says Tuesday that net profit for the quarter was $2.66 billion, down from $3.34 billion a year earlier. That fall came despite a 10 percent rise in hydrocarbon production to 2.4 million barrels a day.
CEO Patrick Pouyanne said Total is "demonstrating its resilience and profiting from its integrated model" in the face of a 50 percent drop in the average Brent crude oil price over the last year.
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Total said its Termokarstovoye gas field in Russia's far north will start up during the second quarter. Four other fields are scheduled to start production in the second half.