French oil giant Total SA (TTA.L, TTFNF.PK, TOT) Friday announced a 58 percent drop in the first-quarter profit, amid lower production and decreased prices. Adjusted earnings in U.S. dollar terms missed estimates.
Consolidated net income attributable to group share decreased to 1.54 billion euros from last year's 3.67 billion euros.
Special items hurt the latest results by 1.28 billion euros, largely due to a net loss of 1.25 billion euros relating to the sale of a 49 percent interest in the Voyageur upgrader project in Canada.
Adjusted net income was 2.9 billion euros or 1.26 euros per share, while it was 3.1 billion euros or 1.36 euros per share last year.
In U.S. dollar terms, adjusted earnings were $1.67, compared with $1.78 last year. On average, 4 analysts polled by Thomson Reuters expected earnings of $1.69 per share for the quarter. Analysts' estimates typically exclude special items.
Sales declined 6 percent to 48.13 billion euros from 51.17 billion euros in the prior year quarter.
Upstream production slid 2 percent to 2,323 thousand barrels of oil equivalent per day or kboe/d in the quarter. Brent price fell 5 percent and average hydrocarbons price was 6 percent lower.
Liquids output fell 3 percent from last year while gas production was lower by 1 percent.
In the Downstream business, consolidated sales slipped 2 percent to 3.41 billion euros.
Total refinery throughput decreased 4 percent, mainly due to the turnaround of the Normandy refinery for the first part of the quarter, maintenance at the Donges refinery and the closure of the Rome refinery.
Refined products sales volume fell 1 percent from last year.
Further, Total announced first-quarter interim dividend of 0.59 euros per share, payable in September.
The stock is currently down 0.8 percent in Paris in early morning trading at 37.78 euros.
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