Total Q1 profits up on higher oil prices

French oil company, Total, today said profits for the first three months of the year were up 14% as a result of higher oil prices.

The oil giant said profits totalled €2.61 billion (£2.27 billion) in the three month period – up from €2.29 billion a year earlier.

Oil companies have been benefiting from rising crude oil prices, which were around the $76 a barrel mark in the first three months of the year – compared with an average $40 in the same period a year ago.

This week, Exxon Mobil, which is the world’s largest oil company, said profits for the first three months of the year were up 38% as a result of higher oil prices.

Meanwhile, Conoco which is the third largest US oil company by market share, said profits grew to $2.1 billion.

Royal Dutch Shell reported a 49% rise in first quarter profit, while BP said profits more than doubled to $5.6 billion (£3.6 billion).

Meanwhile, Total said its combined production of oil and gas grew by 4.5% in the three month period to 2.43 million barrels a day.

In a statement, Total Chief Executive Christophe de Margerie, said: “With the benefit of growing production, we will remain committed to improving profitability and pursuing ongoing development.”