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Total SA Q3 Profit Down On Weak Prices, Despite Higher Production

French energy giant Total SA (TTA.L,TTFNF.PK,TOT) reported Wednesday that its third-quarter net income Group share declined 29 percent to $2.80 billion from last year's $3.96 billion.

Adjusted net income Group share was $3.02 billion, compared to $3.96 billion a year ago. Adjusted earnings per share were $1.13, compared to $1.47 last year.

In euro terms, adjusted earnings per share were 1.01 euros, compared to prior year's 1.26 euros.

Adjusted net operating income from business segments declined 19 percent from last year to $3.67 billion.

The weak earnings reflected a third quarter environment that was marked by an 18 percent decrease in the Brent price to $62/b and gas prices that fell by about 55 percent in Europe and Asia.

Sales for the quarter declined to $48.59 billion from $54.72 billion a year ago.

Hydrocarbon production, however, increased 8.4 percent to 3,040 thousand barrels of oil equivalent per day or kboe/d from 2,800 kboe/d last year.

Looking ahead, the company said the environment remains volatile, with uncertainty about hydrocarbon demand growth related to the outlook for global economic growth and in a context of geopolitical instability.

Production growth should reach 9 percent in 2019, thanks mainly to ramp-ups on projects started in 2018.

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