Total Q2 profit rises 15% on high oil prices
The company's debt is ranked Aa1 by Moody's Investors Service and AA by Standard & Poor's. "Investors are looking for production growth momentum," said Gene Pisasale, who helps manage $25 billion at Mercantile Bankshares in Baltimore. "Any improvement is a positive and the opposite is negative."
The company on Feb. 15 said production would grow "close to" 4% from 2005 to 2010 as fields in Angola, Nigeria and Norway are tapped. BP Plc, Europe's biggest oil company, on July 25 said Q2 earnings rose 30% to a record $7.27 billion while production fell 2.3%. Royal Dutch Shell Plc, the region's second-largest oil company, on July 27 said Q2 profit climbed 40% to $7.32 billion as production slid 7.7% to 3.25 million barrels of oil equivalent a day. Total last month reported crude-processing margins in the Q2 fell to $38.30 a ton from $45 a ton a year earlier. The average gas price in Q2 was $5.75 per million British thermal units, 31% higher than a year earlier and down 0.6% from the first quarter, Total said. Total's results are the first since spinning off the Arkema chemicals unit to investors in May. Total holds about 173.3 million shares in Sanofi, the world's third-largest drugmaker, according to stock exchange filings from May. (Bloomberg)
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