Total Q1 Profit Surges, Sales Edge Down; Declares Dividend; Backs FY21 Production View

French energy major Total SA (TTA.L, TTFNF.PK,TOT) reported Thursday that its first-quarter net income (Group share) was $3.34 billion, significantly higher than last year's $34 million.

Earnings per share were $1.23, compared to last year's loss of $0.01.

Adjusted net income (Group share) was $3.00 billion, compared to $1.78 billion in 2020. Adjusted earnings per share were $1.10, versus $0.66 in the first quarter 2020. In euro terms, adjusted earnings per share were 0.91 euro, compared to 0.60 euro a year ago.

Adjusted net operating income from the business segments was $3.49 billion, an increase of 52 percent year-on-year due to the increase in oil and gas prices.

Sales were $43.737 billion, slightly lower than last year's $43.870 billion. Revenues from sales grew to $38.63 billion from $38.58 billion a year ago.

Hydrocarbon production was 2,863 thousand barrels of oil equivalent per day in the first quarter 2021, a decrease of 7 percent year-on-year.

Further, the Board of Directors decided to distribute a first interim dividend for fiscal year 2021 stable at 0.66 euro per share.

Looking ahead, the company maintained its expectation for stable hydrocarbon production in 2021 compared to 2020, benefiting from the resumption of production in Libya.

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