PARIS – French energy giant Total SA says its net profit slid 20 per cent 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 per cent 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 per cent drop in the average Brent crude oil price over the last year.
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.